If you are operating a country (or business) that is making a surplus (profit) debt can sometimes be a legitimate and logical way of funding more growth more quickly. If in contrast you are operating at a deficit (loss) then debt can become a toxic downward spiral into insolvency. https://www.nytimes.com/2025/12/07/business/china-trade-surplus.html Nearly all nations today have a trade deficit with China. Because China is the most competitive trading nation on earth and is using its surpluses and debt to expand its economic activity to ever further its advantage. In contrast the west is squandering its legacy advantage (eg USAs exceptional monetary privilege) by misusing fiat debt issuance to pump up non productive assets (mainly real estate) to create an illusion of wealth. The wealth of nations and their citizens depends to a large extent upon good government.