In New Zealand out national debt totals a bit over $20,000 per person. This is not ideal as our population has some work to do to reduce the debt burden
However the great Union of the United States of America has over $85,000 debt per person. That does not include the latest trillions of dollars that Biden’s administration are rolling out.
Interest payments on that debt is $522 billion per annum.
When interest rates go up there will be more than debt burdened households that are in some fiscal difficulty.
At what point will the US consider that the debt is too high and needs to be forgiven?
And then what….