The USA and Chin have the highest debt in the world but i don’t understand the concept of them being some of the wealthiest countries, does that debt need paying off? How do they get this debt? Ultimately it just doesn’t make sense to me.
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The debt is how they raise money … buy selling Treasury Bills and Savings Bonds … to you.
Then when the bill or bond is due, and they need to pay it, they take your taxes and pay you with it. Congrats!
So basically the government borrows money from YOU, then pays you back with money they take from you later.
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