Answer:
Explanation:
True
The number is far too small.
A debt secured by real estate would be a legitimate use of debt and borrowing.
The Federal Government by itself (in the United States) has a debt over 20 trillion. It can never be paid back in our life time. To show you how enormous the debt is take 20 trillion and divide it by 330,000,000 which is the population of the United States.
20 Trillion has 12 zeros behind it.
20 000 000 000 000 / 330 000 000 = 2000000 / 33 = 61 000
That means that every man woman and child in America would have to pay 61000 dollars to clear just the Federal debt. The states all have similar outrageous amounts owing. Then there's the municipalities which also have debt.
Especially after the pandemic, these numbers are likely very small. Question: could your family pay 61000 each to get out of debt? Mine could not and there are only 3 of us.
