Wahbooz
Governor
who the U.S. owes money to? Willard claimed China owns the U.S. but the fact is China has only a small portion of the national debt, about 7.5% as of September 2010. That figured to be $1.02 trillion, from a debt of $13.562. When you consider all the domestic accounts that held American debt, Social Security, military retirement, U.S. Civil service retirement, as well as U.S. individuals and institutions (through bonds), you have approximately 68.2% of our debt. This of course changes slightly over time, but this is how our debt has pretty much run historically. The rest is held by foreign entities, governments and individuals. Trade deficits are a part of the debt, as countries like China take our green backs and convert them into treasury bonds. But this is only about 32% of the national debt, and we could cut that down fairly simply.
All those others, Social Security and Federal retirement, are not items that need or will be paid out within any particular accounting period. For example, as of 2011, the Social Security trust fund was owed somewhere in the vicinity of $2.43trillion, out of a national debt of 13.6trillion; and federal retirement figured at $814 billion, and individuals and institutions holding $5.7 trillion, and of course military retirement at approximately $285 billion. That would have left us about $4 trillion in foreign debt which could have been getting paid off. Hell, this is only about $2 trillion more than Bush had talked about paying down way back in 2001. "In that ten years we will have paid down all the debt that is available to retire." (And he said that was $2 trillion, which left $3 trillion in Social security and other accounts.)
http://www.youtube.com/watch?v=h5F79kd2O7U
So what the hell is the holdup?
All those others, Social Security and Federal retirement, are not items that need or will be paid out within any particular accounting period. For example, as of 2011, the Social Security trust fund was owed somewhere in the vicinity of $2.43trillion, out of a national debt of 13.6trillion; and federal retirement figured at $814 billion, and individuals and institutions holding $5.7 trillion, and of course military retirement at approximately $285 billion. That would have left us about $4 trillion in foreign debt which could have been getting paid off. Hell, this is only about $2 trillion more than Bush had talked about paying down way back in 2001. "In that ten years we will have paid down all the debt that is available to retire." (And he said that was $2 trillion, which left $3 trillion in Social security and other accounts.)
http://www.youtube.com/watch?v=h5F79kd2O7U
So what the hell is the holdup?
