Pie Chart from Blog:
http://www.optimist123.com/optimist/2007/08/an-800-billion-.html
Numbers from US Tresurary:
http://www.treas.gov/tic/mfh.txt
I posted this because I am tired of people saying China owns most or all of our debt. I can say I have read these statement 10x per question about national debt or national deficit!
Education is Key!
2007-10-16 19:15:20 · 9 answers · asked by Anonymous in Politics & Government ➔ Politics
Robert B,
Understanding how to read a report is very very important!
My second links headline states that it shows
"MAJOR FOREIGN HOLDERS OF TREASURY SECURITIES"
Key word here is "FOREIGN"!
Currently, only 27% of US debt is owned by Foreign Holders!
Have some honor about you and do not change your wrong answer!
Thanks, Education is key!!
2007-10-16 20:31:17 · update #1
Greg,
I'm not defending the deficit! I'm attacking the crazy regurgitated party line that I hear so often! The worst thing we could due is raise taxes which will slow economic growth. Tax revenues have been increasing by 6% per year with projections that put the budget as balanced in mid 2009! In addition, the 9 trillion dollar debt is large but by no means extremely high in comparison to our GDP! We are actually below average debt with nations like France, Canada, Germany, Japan, and others! Plus our GDP growth has out paced our growing debt by a ratio of 4 to 1! The current fever is mostly political! I'm not going to argue the validity of the war you can do that yourself until your blue in the face! The issues at hand are: we are at war!, we needed to spend for that war!, raising taxes would have kept us in the Clinton recession for much longer!
2007-10-16 22:51:07 · update #2
We also would not have seen the great growth, full employment, and low inflation we have experienced over the last 5 years! How soon will we pay back China? I don't know but i do know we shouldn't do it at the expense of the current economic growth!
Thanks!
Education is key!
2007-10-16 22:51:29 · update #3
Not surprised in the least. Not often we agree but yes - the throwing about of scary numbers does nothing to help us focus on the real issues.
2007-10-16 19:42:03 · answer #1 · answered by Sageandscholar 7 · 3⤊ 1⤋
I believe you. 5% would still be close to 400 billion dollars if it's just the government debt. I think people are confused on the issue. It's not so much the amount that China owns, its the rate they are buying it up. They have accumulated that amount in less then 5 years. I know we throw the word billion around allot. So look at it as the annual income of 18,880,000 average (median) American families combined.
added: I was basing my figures on 7 trillion. looks like I haven't checked the debt clock recently enough.
2007-10-17 09:28:08 · answer #2 · answered by Anonymous · 0⤊ 0⤋
5% of 9 Trillion (yes 9, hard to keep up since Bush came into office and had that Republican Congress that let him do whatever he wanted for more than 4 years) is 450 billion dollars.
That's nothing to minimize. What does that mean? That we pay China 22 billion a year in intereste earned on average?
Look at the federal budget and see the things that cost 22 billion a year, and then get back to me.
2007-10-16 22:04:51 · answer #3 · answered by Anonymous · 1⤊ 0⤋
i agree 100%, in a true free market economy it wouldnt matter how much debt or dollars they have , they paid for it so there was a exchange of goods or services on the dollars and as for the debt, there will be a buyer for it if not the chiniees.
you make me so happy i just might do something eles tonight instead of answer questions , because i now know some one eles looks at the facts also lol
2007-10-16 19:24:43 · answer #4 · answered by Anonymous · 3⤊ 1⤋
Debt is debt as far as I'm concerned, and it doesn't matter who the creditor is I would still like to reduce that debt.
2007-10-16 19:27:08 · answer #5 · answered by UriK 5 · 2⤊ 2⤋
Man you guys are dumb.... Look at your second link - China is the second largest holder of US debt behind Japan, and they own ~17% of US debt - Which is, without a doubt, enough to cause a massive dollar crash (and is also very unlikely to happen... Right now).
Okay! I was wrong! Sorry I called you dumb! I still don't like it that China has 5% of our debt! That is approaching worrisome proportions!
2007-10-16 20:12:28 · answer #6 · answered by Robert B 3 · 3⤊ 6⤋
I am in agreement with "The Dude!"
2007-10-17 00:18:53 · answer #7 · answered by Moody Red 6 · 0⤊ 1⤋
Thank you.
Thank you very much.
2007-10-16 21:24:08 · answer #8 · answered by wider scope 7 · 2⤊ 0⤋
I believe what your links say, but don't know about the 5%. Thanks for that information, though.
2007-10-16 20:31:13 · answer #9 · answered by Anonymous · 0⤊ 2⤋