Independently of where we put the level of public debt reasonable limit, there’s a fact: the higher public debt, the higher risk to lose a country’s autonomy and independence.
High public debt leads to a risky interest rate exposure. Further than that, when debt refund is not possible, investors take control of governing authority. If I can’t pay my house mortgage, the bank becomes the owner of my house. If a country can’t refund its debt, creditors will rule the country. That's happening now.
Current ranking of world’s public debt countries shows countries like Libanon, Greece, but is headed by Japan and the US is amongst those that exceed 100% of GDP.
The problem is that these countries assume deficit as a normal behavior integrated in their short term policies. That means that Public debt will increase if no solutions are immediately decided.
Short term policy is one of the capital sins in current governments. Public deficit control doesn’t bring votes despite the irresponsibility of borrowing with no limits.
WP proposes that budget of the State must be controlled:
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