eli5: Who does the US owe almost 32 trillion dollars of debt too? If it’s the most powerful nation in the world, can’t it just get rid of it?

Question

eli5: Who does the US owe almost 32 trillion dollars of debt too? If it’s the most powerful nation in the world, can’t it just get rid of it?

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Answer 1

Most of it is owed to us – the American taxpayers.

Between the 2008 Great Recession and the Covid stimulus, more than $15Trillion was added to the US debt. Throw in a few wars and underfunded federal budgets, and you quickly get to $32T.

We basically just print all that money to maintain a comfortable standard of living. Eventually it will come due… whether it’s your kids, or your kids’ kids… somebody will eventually have to pay it.