What is the difference between the national deficit and the national debt? What is the size of both as of 2010? Provide the current figures for the U.S. federal government debt, personal debt (such as credit cards), and our trade deficit. Which of these will have the most negative economic impact on future generations? Please explain your answer.

The main difference between deficit and debt is the kind of concept each one is. Deficit is described as a shortfall of earnings under payments that is regarded as a flow concept; while, debt is described as accumulated deficits less accumulated surpluses that is regarded as a stock concept. Deficit (flow concept) has got a period of time linked to it. Therefore a deficit is decided during a period of time like a business quarter or a financial year. Debt (stock concept) is explaining something at a given time like a given day. As of 2010, the U.S. had a countrywide deficit of 1,293 billion bucks along with a national debt of 13.5 trillion bucks. The present U.S. federal government debt is 15.5 trillion bucks, personal debt is 9.9 trillion bucks, and trade deficit is 1,299 billion bucks. I think the most damaging economical effect on generations to come would be public debt. I have this stand since national deficits aren't always harmful and may really be great for an overall economy particularly if an economy is in an economic downturn because it results in the economy is growing. Moreover, if one is to look at government debt they may observe that government debt is generally internal and it is owed to the government's citizens and doesn't necessarily have to be paid back. Personal debt is what I see as blocking an overall economy with the latest illustration of the housing industry. Basically, people went so far into debt that they couldn't afford what they signed an agreement for thus negatively effecting every