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?

  • twistedtxb
    link
    fedilink
    arrow-up
    2
    ·
    1 year ago

    That’s the way I see it as well. And probably why we don’t see that metric often. GDP is more an accurate indicator of financial stability / purchasing power (although also flawed)