What is the actual US debt and will it cause the economy to collapse if remain unchecked?

Answer 1

It's not the actual debt that's important. It's the debt to annual budget ratio! Think about your own credit card debt. If you have $10,000 in credit card debt, and your income is $20,000 per year, you have a serious problem. But, if your income is $200,000 per year, a $10,000 credit card debt is almost insignificant.