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U.S. debt burden higher now than during Depression
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| Contributor | DFWDem |
| Last Edited | DFWDem Mar 14, 2004 12:09pm |
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| Category | General |
| Media | Newspaper - Dallas Morning News |
| News Date | Sunday, March 14, 2004 06:00:00 AM UTC0:0 |
| Description | By DANIELLE DiMARTINO / The Dallas Morning News
The United States is shouldering a greater debt burden today than it did during the Great Depression.
The total amount owed – by consumers, businesses, governments and financial institutions – totaled $34.4 trillion at the end of 2003, according to the Federal Reserve. The economy produced $11.3 trillion of output.
That makes the nation's debt triple its gross domestic product. In 1933, debt was about 2 ½ times GDP, according to a study by the Gabelli Mathers mutual fund.
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