What debt problem?

There are a lot of chicken littles running around in the United States, talking about an impending debt crisis due to our exploding debt.  So where's the debt problem?

Okay, some of this data is a few years old, but more or less, the ratios remain the same.

Rank	Country	Debt / GDP ratio (%)
1	Luxembourg	3443
2	United Kingdom	360
3	Sao Tome and Principe	349
4	Netherlands	344
5	Hong Kong	334
6	Belgium	266
7	Guinea-Bissau	259
8	Monaco	240
9	Switzerland	229
10	Portugal	217
11	Burundi	202
12	Austria	200
13	Sweden	187
14	France	182
15	Denmark	180
16	Greece	174
17	Finland	155
18	Congo, Republic of the	155
19	Seychelles	147
20	Latvia	146
21	Germany	142
22	Norway	141
23	Cyprus	129
24	New Zealand	126
25	Congo, Democratic Republic of the	122
26	Hungary	115
27	Comoros	115
28	Ireland	108.2
29	Italy	108
30	United States	103

via Wikipedia