Why should individuals be aware of public debt?

Being aware of public debt is important because it has a direct impact on the economic environment and can influence personal finances, particularly through taxation. When a government incurs debt, it often needs to find ways to repay that debt, which can lead to increased taxes or reduced public spending. This, in turn, could affect the amount of disposable income individuals have and the public services available to them. Additionally, high levels of public debt can lead to economic instability, which could influence job security and household financial health. Understanding these dynamics helps individuals make more informed financial decisions as they navigate their own budgets and financial planning strategies.