You can’t use your GDP to pay off debts. Wouldn’t it be better if we used how much % of a goverments budget goes towards servicing debts?
You can’t use your GDP to pay off debts. Wouldn’t it be better if we used how much % of a goverments budget goes towards servicing debts?
Government debt is not like your debt. It’s a monetary control tool more than anything. So the revenue in a lot of ways doesn’t matter, especially for countries with a lot of power in their currency.
https://www.cbo.gov/publication/59946
https://usafacts.org/articles/how-much-revenue-does-the-federal-government-collect/
33T in national debt https://fiscaldata.treasury.gov/americas-finance-guide/national-debt/
1.6/4.5=35% of revenue is spent on debt service and nothing to show for it… no healthcare, no education, no housing, no maternity leave, no child care, no infrastructure…
at what point are people going to start asking questions where the money went?