IT might make you feel better but tomorrow if the US Federal Government, or Australia or the UK repaid the entirety of its national debt, it would make not one dollar’s difference to your bank account.

In fact the economy would tank.
“If America repaid all its national debt tomorrow, we very likely would crash into the mother of all great depressions long before the debt is ‘paid off’”, says economist, Professor Randall Wray.

The US government’s national debt is money that the government has paid out over the years that it hasn’t taxed back. It’s money that you and I have in our savings accounts, for example. People misunderstand how all this works and our planet is being destroyed because of this misunderstanding.

Source: What if every government paid off its national debt?