the problem with growing public debt is that it absorbs good private capital and thus contributes to misallocation in the economy as a whole. this is how the economy gradually loses productivity growth and the ability to create wealth. it is the cancer

TomK

econ

Debt levels: irresponsible policies are sinking the world into debt

What if it isn’t really “debt”?  Not like you and I use the word.  If I borrow from you then I have a debt to you and I pay it back.  National debt can’t and won’t be paid back.  It isn’t even designed to be.  Maybe it is actually the kinetic energy of a society represented by the currency units that society uses.