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MACROECONOMICSN. Gregory MankiwS E V E N T H E D I T I O NPowerPoint? Slides by Ron Cronovich16C H A P T E RGovernment Debt and Budget DeficitsIn this chapter, you will learn:about the size of the U.S. government’s debt, and how it compares to that of other countriesproblems measuring the budget deficitthe traditional and Ricardian views of the government debtother perspectives on the debtIndebtedness of the world’s governmentsCountryGov Debt (% of GDP)CountryGov Debt (% of GDP)Japan173U.K.59Italy113Netherlands55Greece101Norway46Belgium92Sweden45U.S.A.73Spain44France73Finland40Portugal71Ireland33Germany65Korea33Canada63Denmark28Austria63Australia14Iraq WarCivil WarWW1WW2Revolutionary WarRatio of U.S. debt held by public to GDPThe U.S. experience in recent yearsEarly 1980s through early 199