I think the author is basically diluting the term "technical debt" to the point it becomes meaningless. Much of what they are talking about is the inherent difficulty of managing complexity, mixed with the difficulty of understanding requirements/defining features well. I think "technical debt" as a term is overused and sometimes misapplied, but the core idea resonates with many developers, at least the way it is mos…
I think it could make more sense if it's rephrased to 'all code is a liability'. Then the equation is simpler. More code = more to maintain = more liability. It says nothing about the quality of the code, just the quantity. Tech debt is a trade-off between near term and long term ambitions - it is literally impossible to build a successful project without accruing this kind of debt, simply because you cannot perfectl…
A car or a house also have ongoing maintenance costs, but they would normally be classified as assets (because they generally produce value in excess of the maintenance, or because you can sell them in a secondary market).
I think an accurate, useful, but not very catchy rephrasing is just 'working code requires ongoing maintenance'.