Understanding the U.S. government’s debt cycle
The United States, like any other country, operates on a budget. This budget is a balance between income and expenses. The income primarily comes from individual and corporate taxes, while the costs are allocated to various sectors such as social security, healthcare, defense, infrastructure, and interest paid on debt. However, the U.S. government’s budget management has often been criticized for not being run like a good business. The projected deficitIn 2024, the U.S. government’s income is projected to be $1.6 trillion less than its expenses, adding to the current debt level of $34 trillion...