No Stupid Questions@lemmy.world · 1 year ago

How Does a Country's Debt Affect its Citizens?

counselwolf@lemmy.dbzer0.com to

No Stupid Questions@lemmy.world · 1 year ago

How Does a Country’s Debt Affect its Citizens?

Currently my country, Philippines, has tons of debt and it keeps increasing every year.

There’d be stats like, each Filipino has 120k php (around 2.3k usd) of debt. But of course the individual doesn’t directly pay for the debt but rather supposedly taken from the taxes we pay.

So how does it actually work?

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1 year ago
The citizens are indirectly affected because public services funds are reduced and/or taxes are increased. I understand now, thank you.

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