Is the US financially swimming, or sinking?

My insightful friend and great truth-teller, Han Broekman, shares this on the United States financial situation:

Disappointed that even Krugman doesn’t talk here about the difference between debt and deficit. Debt is the grand total of all debts the US Federal administration has incurred. The deficit is the difference each year between the outlays and incomes of the US. Sometimes (mostly under Democratic administrations), there is no deficit, but a surplus. Whether or not deficits are really bad, and whether debt is really bad, is a question economists can’t agree on. So small wonder that debt and deficit are huge politically charged subjects …

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