[originaltext] Generally, a nation’s public debt is considered along with th

Generally, a nation’s public debt is considered along with the size of its economy in terms of the gross domestic product(GDP). The GDP represents the value of all goods and services produced within a territory in a year. The United States’ debt is the world’s largest: more than $ 85 trillion. But so is the GDP: more than $ 120 trillion.(23)Economists often look at public debt as a percentage of gross domestic products. Measured this way, the United States had the 35th largest debt last year, about 65% of its GDP. That was less than Canada, Germany or France—(24)and a lot less compared to Japan and Italy. Both have public debts larger than their GDP. So, in this way, the United States’ debt is not considered oversized compared to other developed nations. Still, many experts remain concerned about federal budget deficits. The historical average is a little more than 2% of GDP. The White House Office of Management and Budget reported a deficit of just over 3.5% in 2004. Since then the deficit has fallen. But there are concerns that future costs could grow sharply, in part because of federal programs for older people. At the same time,(25)the economy has slowed. Increased borrowing in times of slow growth can quickly add to the debt. In the past, the government borrowed mostly from Americans. Today, foreign countries have been willing to buy huge amounts of American debt even at low interest rates.
23. How do economists look at public debt?
24. What can we learn about public debt from this passage?
25. What contributes to the large public debt of America?