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   U.S. debt burden higher now than during Depression

NEWS INFORMATION

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Parent

News Date

3/14/2004 12:00 am

Author

Media

Dallas Morning News

Category

General

Database Record

Entered 3/14/2004, Updated 3/14/2004

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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 times GDP, according to a study by the Gabelli Mathers mutual fund.


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