Is the American economy currently being boosted by more borrowing? Explain briefly.
Debt refers to the acquisition of funds by a borrower from the lender to meet specific needs. Debt is an obligation on a borrower to return the amount along with interest within the deadline as mutually decided by parties.
Answer and Explanation:
The American nation is moving toward raising debt because of the inappropriate income distribution in the nation and the increasing deficit in comparison of receipts. Also, several countries are falling in heavy debt. It is because, in the manner of economic progress, the nations are dependent on one another for economic resources. The other reason is that the individual's demands and standard of living are raised, which gives rise to the requirement of excess funds.
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from Financial Accounting: Help and ReviewChapter 8 / Lesson 7