Especially recently, the US debt and deficit seem to be a popular topic of news and conversation. But what exactly is the US debt? Many people get confused between debt, deficit, inflation, and everything else involved. Well, this short animation explains the entire situation, and it’s not a good one.
The US spends more than $3 trillion a year, but only takes in a little more than $2. To pay the difference, the government borrows from banks, other countries, and even people. But now the debt is so great, that the government is borrowing to pay off its initial debt. Then the problem only grows bigger and bigger. Ye, we’re in trouble. The video is shared by LenKendall – Buzzfeed.