TO THE EDITOR:The national debt is easily misunderstood. Let me offer some insight:1) The debt is often used as a rallying cry of the Republican party; but the debt has been created by both parties -- look no farther than the G.W. Bush administration and the $3 trillion unfunded wars in Iraq and Afghanistan.2) The debt is not like a bank loan. It can't be called, redeemed early, or foreclosed upon.