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US Government is collecting donations to help pay off its $39 trillion debt (finbold.com)

submitted 23 hours ago by return2ozma@lemmy.world to c/nottheonion@lemmy.world

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[–] WantsToPetYourKitty@lemmy.world 5 points 13 hours ago* (last edited 13 hours ago)

Paying it off is only half the battle. If we don’t answer the question how did we get here?, we’re doomed to fall right back into this hole. Fact is, the government simply burns through money like it’s going out of style and until we elect representatives that use our money more responsibly, we’ll keep piling on more debt.

You can only rack up so much of it before foreign holders of US bonds start liquidating their positions or buying less of it. Once that starts happening en masse, all the cards will fall and it will be ugly.