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
We have to pay people back plus interest. These interest fees will soon be the highest line item in our budget after social security. It’s painful knowing your tax dollars are going towards some garbage program that already occurred. If we fail to pay people back, the US will lose it’s credibility and the dollar will fail.
Each year that we have a deficit, the debt increases. In 2024, it’s likely our debt will be 2-3 trillion dollars. We need drastic changes to resolve this growing problem.
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