The debt ceiling debate is front and center once again in American political life. So, I thought I’d cover some basics on debts, deficits, and the economy. The Basic Macroeconomics of Government Finances Basic economics thinks of society (or “an economy”) as a collection of individuals trying to do the best for themselves. Given their resources, they try to achieve their own desires and dreams based on their own views, values, and objectives. They do some of that individually and some of that together.