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Additional Details
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Adrian | If the national debt were paid off, exactly who would receive the trillions of dollars owed? |
Are there particular entities to whom the US owes the lion's share of all this red ink?
I'm so sick of hearing, "If we paid off the debt today, it would cost every man, woman, child, fetus, and warm corpse XX dollars." What did we blow all this money on? |
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Stinkbug B
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everyone who owns US securities like government bonds, that would Be China, Japan Germany, the UK and many other countries, these countries basically fund the American government as the taxes we pay does not even pay off the interest, Our government is broke, its politicians are idiots, I have heard if the debt was spread to each US citizen each person would have to pay like 42,000 dollars to get our govt out of debt, 300 Million Americans, Our Military takes a huge chunk and Transportation like highways |
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insuranceguytx
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The debt would be paid to those holding government debt (Treasury Bonds). Foreign governments, foreign banks, foreign investors as well as domestic investors like mutual funds (that hold gov't debt) pension funds, banks and individuals. |
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Erelen Tar-Hiriel
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We owe trillions to China b/c of our trade deficit w/them (meaning that we import more from them than they buy from us). We also owe Saudi Arabia and OPEC b/c of importing so much oil from them. We also owe trillions for the Iraq war. Bush did not want to raise taxes to pay for the war, b/c that would make him even more unpopular, so he is essentially putting the war on America's "credit card". Other big drains on our resources are "entitlement programs" like Social Security, welfare, medicade/medicare, pensions for gov't workers, paying and supporting our military, and paying for societal infrastructure like roads, schools, and jails. |
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roscoedeadbeat
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It would get paid to the World Bank, and to the various countries who loaned us the money.
As far as 'What did we blow all this money on" -when you don't have money coming in from taxes, for all of the Federally funded programs, such as Highways, Health Care, War, Social Security, Oil Subsidies, Farm Subsidies, etc.
For example, according to the Congressional Budget Office, we have spent $491,304,659,711 in Iraq as of yesterday. |
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turkus07
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some of it has been borrowed from the social security fund. the government is spending a billion every eight hours or so, it adds up fast |
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Shellshock
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Countries that loaned the money to us, one of the biggest being CHINA. |
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John M
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Most of the debt is held by other nations.
JAPAN is the #1 creditor at $158 billion.
China is #2 at $129 billion.
Germany is 3rd with $120 billion.
Oh but the debt is HUGE, somewhere north of 9 Trillion dollars. (Trillion is a Thousand Billion, by-the-way).
The National Debt has continued to increase an average of
$1.50 billion per day since September 29, 2006! |
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Mencken
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Bond holders and the Federal Reserve. The solution is to overthrow capitalism and repudiate the debt that was enacted in our names by a criminal elite who themselves were the beneficiaries of that debt. |
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Hollister 22
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The majority of the money that is considered in the us debt is actual money that us citizens themselves have invested into stocks and government savings bonds. So to pay off the us debt we would be paying ourselves. |
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stephenweinstein
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The money would be received by those to whom it is owed. This does include some humans in the U.S. However, it also includes some corporations, some persons in other countries, and some foreign governments. The average U.S. citizen would lose money. |
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Dad's found yer scoo'er
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The oil producing countries. |
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♥♥♥♥♥:)Klair Garr ♥♥♥♥♥:)
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once we pay off a debt we just get in debt again! :( |
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