The US pays over 1T in interest for its debt per quarter at this time [1]. Pretty much all collected income taxes go into debt servicing. Debt matters because i

The US pays over 1T in interest for its debt per quarter at this time [1]. Pretty much all collected income taxes go into debt servicing. Debt matters because if you keep doing this you run out of taxes to service the debt and then people will stop lending (buying your debt) while you still have to repay the debt you accumulated before so you will devalue your currency and have real inflation when nobody will hold cash at all. Other countries that went into this state got by with using USD instead of the national currency, the US won't have such an option. 1. https://fred.stlouisfed.org/series/A091RC1Q027SBEA https://fred.stlouisfed.org/series/A091RC1Q027SBEA