Comment Re:Future historians will be confused (Score 1) 89
Actually grandparent is right. Our public debt is our government or sovereign debt. This is the debt that the government and all of us collectively are responsible for. This is low.
Our private debt is high. This is the debt you and I chose to take on (credit cards, car finance mortgage etc) and are individually responsible for.
Fortunately for us this debt does not have as much impact on national credit ratings and perceptions of financial stability.