Heard of the debt Vacuum?
That’s when interest on money owed rises in relation to the amount of money issued, creating a debt that can never be repaid.
UK debt > $2 trillion
US debt > $27 trillion dollars and rising
UK = £1 Trillion (projected)
US = $3.5 trillion (projected)
Considering the difference in size between the US and Uk economies, it would appear that the UK is racking up an astronomical amount of debt relative to its size.
What do you think?
Are we in a ‘debt vacuum’ here in the UK?
What about the US? and, if so, what measures can be taken to control this?