Understanding the Current U.S. Federal Debt and Its Effect on You

debt and its effect

“Debt” is one of the most frightening words in the English language, conjuring up visions of peonage, deprivation, and prison. Caricatures of debt collectors, such as the mafia shark who breaks the legs of delinquent borrowers, or Shylock, the moneylender of the “Merchant of Venice” who required a “pound of flesh” as security on a loan, haunt our dreams and reinforce Benjamin Franklin’s advice that one should “rather go to bed without dinner than to rise in debt.”

The idea of the United States Federal Government borrowing is particularly scary, triggering images of “foreigners” taking over the country and foreclosing on valuable assets.

 

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