"Many countries could be come debt free"
Why is "debt-free" a desirable condition for a nation?
Why is "debt-free" a desirable condition for a nation?
If nothing else, debt free increases your freedom of action. If you're debt free, and you decide that being in debt is better, well, it's really easy to get there. But if you're in debt and decide that debt free is more desirable, getting there is much harder.
The Federal government has a unique ability to guarantee that you will hold a certain number of dollars on a certain date. That should sound a lot like "escrow" to you.
Federal debt lubricates a number of economic processes.