Like how does it affect the average citizen on a day-to-day basis?
Why do we have a national debt in the first place (as presumably the richest country in the world)? Who lends us the money, and do we have to pay them back?
Also, as I understand it, we can’t really get rid of the national debt, but we can slow down the amount of spending. Why does the rate of our debt accumulation matter?
If we’re already trillions in debt, what difference would it make at this point to spend indefinitely to improve our country?
In: Economics
Because even if you never pay off the principal, the interest must be met.
Because one of the ways to continue meeting interest obligations is to cause inflation, devaluing the debt, *and* the wealth and incomes of regular Americans, and another is to raise taxes.
Because taking on debt to finance expenditures now is taking opportunities away from future generations who must service the both the debt and the decaying remains of what it purchased.
Because debt based spending encourages stupid, reckless spending, waste and corruption.
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