eli5: Why is the US commonly called the “wealthiest country” if we have 30T in debt?
In: 5
Debt is not a bad thing if you are paying it off. The USA does indeed pay off their debt and in time, all the time. They may owe $30 Trillion, but they pay off about $300 billion per year.
It’s the same with a person buying a house. You can be a wealthy person with a high paying job, but still have hundreds of thousands to pay off on a mortgage. That’s not terrible because you making the money to pay off that house.
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