For starters before the economy went in the toilet we had the better part of a $1 Trillion trade deficit. We have been consuming more than we make for over 40 years now. We have a pretty massive house of cards held up by a $17 Trillion deficit. If you believe that the debt is perfectly manageable and we can continue to perpetually sell debt in the US with no real ramifications, then there are no worries.
It's not "a house of cards." Debt is not a necessarily bad thing. We all have it. The very foundation of modern society, fiat money, is literally debt. Government debt is also not bad. Most of that money is owed to Americans and is basically used as an investment vehicle. Can it be lower? Of course. But to treat one number as if it represents countless ills is to be ill-informed.
