I am US permanent resident & I am planning to settle in US for rest of my life. I am a doctor. I am much impressed by the superiority of US in the world in almost all sector & its my ambition that US remain so forever. Currently US national debt is 83.4% of its GDP & its presumed to raise further….My question is whether this growing debt affect the prosperity & routine life of a common man? As Japan’s national debt is 192% of its economy & still its flourishingg. Than whats the importance of debt?

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Everybody keeps talking about how much debt and near bankruptcy the USA is. BUT europe is close by, MANY EUROPEAN COUNTRIES PBLIC DEBT IS 100% OR MORE OF GDP and budget deficits are very large year and year, economic growth is slow, major outcourcing to asia, and less compeitition.

IN ANY EVENT THERE IS ALSO A EUROPE DEBT CRISIS AND ITS NOT JUST GREECE. Look at eastern europe, italy, UK, spain, and many others.

WILL EUROPE GO BANKRUPT AND SUFFER A MAJOR CRISIS BEFORE THE USA

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Now I know most European countries like Greece, the UK, Belgium, Italy, Germany etc. are all about high taxes and spending money on programs that are very socialist in nature. This is fine if everyone in the country is down for it, and will pay for it, but the thing is most people don’t want to pay for it and so a lot of these countries have debt loads that are like more than 100% of their GDP sometimes in the 2s and 3s depending on the metric, or their bankrupt apparently (i.e. Greece). Those big spending european socialist countries are all like way up there compared to the rest of the world in debt, they make the U.S. look pretty efficient spenders in fact. I don’t think countries like Sweeden or Denmark are any different from the rest of western Europe as far as socialist spending priorities are concerned, but they seem to carry a far lower debt load, lower than the United States in fact. How do they do it? Is it because they spend basically nothing on defense (because who the hell is going to attack Sweden? The Pittsburgh Penguins?) Have they figured out a way to get people to pay for socialist programs that put a disincentive on them to make enough money to fork over the money necessary to do that? Do people just make a lot of money there anyway, and there aren’t as many poor people leeching off the system in comparison? Really, what are the Scandinavians doing that the rest of the world can learn? I’m not dissing socialism here, this is an honest question, because they might be on to something.

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