Another Voice: National debt ...Middle East

In economics, one must balance income and expenses.  That balance has hard edges, and expenses are limited to income and actual savings on hand, without the ability to accumulate debt.  Debt accrues when someone is willing lend money to be paid off over time, allowing expenses to increase beyond current income.  Interest is charged for this service.  National debt is manifested by selling bonds, allowing the county to deal with unexpected expenses without impoverishing the country or defaulting the government. National debt began to accumulate with the Revolutionary War, the Louisiana Purchase, and the War of 1812, rising to $120M ($2.31B in today’s dollars) by 1815.  For the rest of this ar

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