eli5: Why is the US commonly called the “wealthiest country” if we have 30T in debt?

Question

eli5: Why is the US commonly called the “wealthiest country” if we have 30T in debt?

In: 5

Answer 1

Cause we print money whenever we feel like it and tell the rest of the world to deal with it. And then that’s exactly what the rest of the world does… I’d say it has to come to a tipping point eventually, but we are so far past the point I thought would be the doomsday amount that I just give up trying to act like the world of economics is actually based on numbers.