Why are most countries in debt, who do they owe, and what are the consequences? Why do they go into debt in the first place?

Question

Why are most countries in debt, who do they owe, and what are the consequences? Why do they go into debt in the first place?

In: Economics

Answer 1

Most countries get into debt to pay for stuff like roads, schools, and health care. They owe money to banks, other countries, or investors who buy their bonds. Consequences can include higher taxes or less money for important things.