Pegajace t1_jeddkvd wrote
Most of the debt is owed to US citizens. If you've ever owned a US savings bond or similar, you've owned a portion of the US national debt.
>If it’s the most powerful nation in the world, can’t it just get rid of it?
The US borrowed money from people with the understanding that the money would be repaid in the future, plus interest. Announcing that they're not going to repay those debts would screw over everyone who was planning on being repaid, and would destroy the US' ability to borrow any more money in the future—because who would be dumb enough to loan their hard-earned cash to a government that can't be trusted to repay its debts?
On top of all that, there's a provision in the US Constitution that states that "the validity of the public debt [...] shall not be questioned," so the US couldn't legally default on its debt even if it wanted to.
femmestem t1_jedxrda wrote
Adding to this, if the US reneged on its commitment to pay back American bond holders, and it represents a significant portion of a retirement investment, it hurts US citizens. Given that the US is comprised of its people, it wouldn't be beneficial to handwave away the debt.
misterfriend t1_jedzqfl wrote
The expression "get rid of" sends a chill up my spine as well.
"Hey, Todd. Look, I don't want to be a wet blanket or anything, but last month I lent you twen-..."
"AVADA KEDAVRA! Heh-heh... that's another burden swept under the rug!"
lemoinem t1_jefh6pa wrote
More like swept under the wet blanket...
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