How Does a Country’s Debt Affect its Citizens?
Currently my country, Philippines, has tons of debt and it keeps increasing every year.
There’d be stats like, each Filipino has 120k php (around 2.3k usd) of debt. But of course the individual doesn’t directly pay for the debt but rather supposedly taken from the taxes we pay.
So how does it actually work?
Well, if your country has a lot of debt, it has to spend a lot of money maintaining that debt (paying interest off). Ofc, you can always refuse to pay your debt, and nobody can really force you to, but that means no one will lend you money ever unless you pay a massive interest