11 Facts About Government debt

Country's gross government debt is the financial liabilities of the government sector.

Ability of government to issue debt has been central to state formation and to state building.

Public Government debt has been linked to the rise of democracy, private financial markets, and modern economic growth.

Government debt is typically measured as the gross debt of the general government sector that is in the form of liabilities that are debt instruments.

Government debt created to cover costs from major shock events can be particularly beneficial.

Ability of government to issue debt has been central to state formation and to state building.

Public Government debt has been linked to the rise of democracy, private financial markets, and modern economic growth.

The Government debt was paid off over 90 years by running primary budget surpluses .

Government debt'storical experience shows that room to double the level of government debt when needed is an approximate guide.

Government debt is built up by borrowing when expenditure exceeds revenue, so government debt generally creates an intergenerational transfer.

An alternative view of government debt, sometimes called the Ricardian equivalence proposition, is that government debt has no impact on the economy if individuals are altruistic and internalize the impact of the debt on future generations.