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Recently, the government surpassed a dubious milestone: Its debt topped $22 trillion — that’s trillion, with a “t″ — for the first time. According to financial economics experts, the 22 Trillion National Debt is the total the government has borrowed to finance its operations beyond what it’s collected over the years in revenue from taxes and other sources.
Some media analysts believe that Government agencies should audit national spending and should make strategies to lower this debt. Whereas, others argued that this debt has a zero-sum effect on the national economy. For instance, they argued that it’s both a debt and an asset, totaling to zero. When we pay it off, we’re neither richer nor poorer.
This scenario instigated a debate across social media regarding whether we should be worried about the 22 Trillion National Debt?