I’m a middle aged dude with a family, own a house, have four kids, investments, all the adulting things.
However, I’m still not sure how a multi-trillion dollar national defecit seeps down to affect my day-to-day life
In: 492
High national debt is the reault of a long period of unchecked spending and high deficit.
The US, for instance, has $1.5 trillion deficit in 2022. When the gravy train stops, this 1.5T goes away and whatever programs rely on this money will see sustainial cut.
In practice, politicians are nearsighted and whoever proposed a welfare cut won’t get to keep their seats for very long. Programs that will be cut are infrastructure, research grants, crime prevention, etc and things that have been neglected for a long time will just collapse and rebuilding them take x10 as much effort, time and money. Countries that went through bankruptcy like Greece is forever behind.
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