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#USNationalDebt #USNationalDebt
The national debt of the U.S. impacts people's daily lives in various ways, such as:
Interest Payments: The government spends more on paying the interest on the debt, resulting in less money for education, healthcare, and infrastructure.
Higher Interest Rates: High debt can increase interest rates, making it more expensive to finance homes, cars, student loans, and credit cards.
Higher Cost of Living: A weakened dollar or cuts in public spending can increase prices of imported goods and reduce social benefits, such as pensions and healthcare.
Tax Increases: To cover the debt, the government may raise taxes, reducing the purchasing power of families.
Economic Inequality: The debt can benefit wealthy investors who profit from interest, while the majority of the population pays more taxes and faces cuts in services.