Federal “debt” is the total of outstanding #Treasury #Securities.
The US government could pay off all its so-called “debt” tomorrow simply by debiting all Treasury-security accounts and crediting the Treasury-Security owners’ checking accounts.
The entire process neither adds nor subtracts money from the economy (but for interest paid).
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Nobody ever reimburses national debt. Sovereign states restructure it.
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Is borrowing a burden on future generations?
No, it's not: if the borrower is a nation-state, then no person (children or taxpayers) will be asked to repay.
“Paying off the debt” is just the sovereign swapping Treasury securities (savings) for cash. No burden is passed on to persons.
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