To be rather blunt, yes it is minor. 14.34 trillion dollars in debt is minor for a country with a GDP of 14.77 trillion in the same manner that a household that is in $100,000 of debt is minor when they make (and are projected to make more in future years) $150,000 a year. The USA is currently growing its GDP at about 3% per year in an economically bad time. That is roughly 450 billion dollars more it makes each year, and that is on the same order of magnitude as the increase in our debt each year. While the USA government only takes in a bit less that 3 trillion I stand by my analogy as governments and households play by a number of different rules. Also the majority of our debt is held by our own people.Rawne1980 said:Being $14.34 trillion in debt is minor?Necromancer Jim said:Yeah! America is suffering a minor economic downturn
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That isn't saying it is a problem that can be ignored, but it isn't like the USA economy is completely butt fucked for having 14.34 trillion in debt.
http://en.wikipedia.org/wiki/Economy_of_the_United_States
http://www.bea.gov/