Nobody ever reimburses national debt. Sovereign states restructure it.

@keefeglise

The sovereign state borrows from other financial institutions: the national Treasury offers an "obligation" or a "bond" whereby it #promises to later give away its fiat currency in exchange for the actual payment of money or title presented by the rentier.

It gets more complicated: https://mas.to/@maugendre/109760408033385603

“The U.S. government is not like a household. It is the issuer of the currency. It doesn’t need to ‘get’ money from anyone else—not from taxpayers, not from China.”

– Stephanie Kelton (economist, former US Senate Budget Committee Chief Economist)

It will be part of #Trump's sweeping tax cuts bill, which will cut taxes by about $5T & add approximately $5.7 trillion to the federal government's #debt over the next decade.

The measure, details of which have not been previously reported, was designed to address the military's most pressing needs, Republican Senator Roger Wicker, chairman of the Senate Armed Services Committee, told Reuters in an interview.

Is borrowing a burden on future generations?
No, it's not: if the borrower is a nation-state, then no person (children or taxpayers) will be asked to repay.

“Paying off the debt” is just the sovereign swapping Treasury securities (savings) for cash. No burden is passed on to persons.

Sovereign states obtain funding by issuing they own money and credit.

“As the sole manufacturer of dollars, whose debt is denominated in dollars, the U.S. government can never become insolvent, i.e. unable to pay its bills. In this sense, the government is not dependent on credit markets to remain operational.”

– St. Louis Fed, in their publication titled “Why Health Care Matters and the Current Debt Does Not”

During 1992–2020, the USA had low and stable #inflation.

Despite massive federal deficit spending, the Fed met its 2% inflation target (or missed below it) for most of this era.

How come? There were no serious shortage of resources. (Thanks to: no cold war, globalization, bad working conditions, stable commodity supply, increase of greenhouse effect.)