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Born in the USA: You’re $98,000 in debt at birth
September 28, 2023
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(This Title SHOULD READ, Born in the USA: You’re STRAWMAN owes $98,000 in debt at birth, to be correct. DYOR, as it's all a huge ponzi scheme that you have been sold since you were born.. ~D)

In recent months, the United States has seen its national debt skyrocket to staggering levels, which is expected to continue. This debt predicament is a matter that transcends political affiliations and spans across generations, impacting American citizens of all ages and socioeconomic backgrounds.

In this line, as of September 28, data compiled by Finbold indicated that the US national debt had reached an astonishing $33.11 trillion. Considering the nation’s population of 335.27 million, this equates to a debt burden of approximately $98,769.91 for each citizen. Among the world’s leading economies, the United States ranks second in national debt per capita, trailing only Japan, which carries a debt load of $13.50 trillion, translating to roughly $104,336 per citizen for its population of 129 million.

Italy follows with a per capita national debt of $58,202, encompassing a total debt of $3.61 trillion. France is next in line with a per capita national debt of $55,828. The United Kingdom rounds out the top five, where each citizen bears a debt of approximately $54,667.

Elsewhere, China, boasting the highest population worldwide at 1.47 billion, has a per capita debt of $9,849, tied to a national debt of $14.5 trillion. India, with a population of 1.41 billion, carries a per capita debt of $2,336 and a national debt of $3.29 trillion.

National debt, also called government debt, represents the money a government owes to external and domestic creditors due to overspending. It’s used to finance various expenses but can be risky if it becomes unsustainable. As the government continues to borrow money, it passes on the responsibility of paying back that debt to future taxpayers. The national debt is often described as a burden on future generations.

The US national debt crisis is not new but a long-standing issue exacerbated by the pandemic and its economic fallout. The consequences of such high debt levels are manifold and potentially devastating, with effects spreading to citizens. High debt levels can increase interest rates, reduce private investment, lower economic growth, limit fiscal flexibility, and undermine national security

Moreover, high debt levels can erode public trust in the government and its ability to meet its obligations to current and future generations. A default would probably trigger a severe national recession, send global economy shockwaves, and sharply increase unemployment rates.

Significantly, concerns about the US national debt have been amplified, particularly as the federal government faces the imminent possibility of a shutdown amid ongoing battles among legislators over the 2024 budget. The debt has continued to rise, with tax revenues falling short of covering the expenses of numerous government agencies and programs nationwide. At the same time, the debt has been increasing faster than the economy, potentially eliciting a negative response from the public toward the government.

It is worth noting that servicing the debt has become challenging due to the accumulation of interest rates. Notably, the Federal Reserve has embarked on a deliberate path of increasing interest rates, a move aimed at slowing down the pace of economic activity.

Indeed, policymakers face the challenge of finding the right balance between leveraging debt for economic progress and managing the associated risks. This remains a pivotal challenge.

As more money is spent on interest payments for the debt, there is less money available for other priorities such as education, infrastructure, and healthcare. This can have long-term implications for economic growth and quality of life.

China’s low national debt compared to the US

While it makes sense for the US, as the world’s largest economy, to have a high national debt, the same doesn’t hold for its closest rival, China. China’s economic structure differs from the US due to its high savings rate and consistent trade surplus, which generates revenue for debt reduction. The Chinese government maintains fiscal responsibility through a cautious approach to debt and budget deficits.

China also holds significant foreign currency reserves, primarily US dollars, providing flexibility in income and debt management. Strong control over state-owned enterprises further reduces the need for borrowing. Additionally, centralized government control allows for effective debt management, with China’s debt structure being distinct, as a substantial portion is held domestically, giving greater control over terms and interest rates.

Addressing the national debt requires a combination of responsible fiscal policies. The focus is on policymakers to make difficult decisions about spending priorities and revenue generation. This may involve reducing spending in certain areas or increasing taxes to generate additional revenue.

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US Dept of Commerce to publish GDP data on blockchain

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List Of Cardano Wallets

Well-known and actively maintained wallets supporting the Cardano Blockchain are EternlTyphonVesprYoroiLaceADAliteNuFiDaedalusGeroLodeWalletCoin WalletADAWalletAtomicGem WalletTrust and Exodus.

Note that in case of issues, usually only queries relating to official wallets can be answered in Cardano groups across telegram/forum. You may need to consult with specific wallet support teams for third party wallets.

Tips

  • Its is important to ensure that you're in sole control of your wallet keys, and that the keys used can be restored via alternate wallet providers if a particular one is non-functional. Hence, put extra attention to Non-Custodial and Compatibility fields.
  • The score column below is strictly a count of checks against each feature listed, the impact of specific feature (and thus, score) is up to reader's descretion.
  • The table represents current state on mainnet network, any future roadmap activities are out-of-scope.
  • Info on individual fields can be found towards the end of the page.
  • Any field that shows partial support (eg: open-source field) does not score the point for that field.

Brief info on fields above

  • Non-Custodial: are wallets where payment as well as stake keys are not shared/reused by wallet provider, and funds can be transparently verified on explorer
  • Compatibility: If the wallet mnemonics/keys can easily (for non-technical user) be used outside of specific wallet provider in major other wallets
  • Stake Control: Freedom to elect stake pool for user to delegate to (in user-friendly way)
  • Transparent Support: Easy approachability of a public interactive - eg: discord/telegram - group (with non-anonymous users) who can help out with support. Twitter/Email supports do not count for a check
  • Voting: Ability to participate in Catalyst voting process
  • Hardware Wallet: Integration with atleast Ledger Nano device
  • Native Assets: Ability to view native assets that belong to wallet
  • dApp Integration: Ability to interact with dApps
  • Stability: represents whether there have been large number of users reporting missing tokens/balance due to wallet backend being out of sync
  • Testnets Support: Ability to easily (for end-user) open wallets in atleast one of the cardano testnet networks
  • Custom Backend Support: Ability to elect a custom backend URL for selecting alternate way to submit transactions transactions created on client machines
  • Single/Multi Address Mode: Ability to use/import Single as well as Multiple Address modes for a wallet
  • Mobile App: Availability on atleast one of the popular mobile platforms
  • Desktop (app,extension,web): Ways to open wallet app on desktop PCs
  • Open Source: Whether the complete wallet (all components) are open source and can be run independently.

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XDC: xdcc2C02203C4f91375889d7AfADB09E207Edf809A6

 

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