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Who Owns the U.S. National Debt? Summer 2012 Edition
Through 30 June 2012, the U.S. government had racked up some $15.855 trillion in debt. The chart below shows to whom most of it was owed:
Although the United States’ total public debt outstanding has now exceeded 16 trillion dollars, at least as of 31 August 2012, the relative percentages for the major holders of all the debt issued by the U.S. government shown above are likely unchanged.
Taking that larger national debt figure into account, as well as the likely growth in the number of U.S. households, we estimate that the current national debt burden per U.S. household is roughly $131,113. Over the last four years, that’s up by $49,129 per U.S. household from the $81,984 per U.S. household figure set in 2008.
Data Sources:
U.S. Treasury Department. Major Foreign Holders of Treasury Securities. Accessed 8 September 2012 (with data shown through 30 June 2012).
U.S. Treasury Department. Monthly Statement of the Public Debt of the United States, June 30, 2012. Table III – Detail of Treasury Securities Outstanding, June 30, 2012.
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This debt is unsustainable and unpayable. So, one of 2 things will happen. Either the Debt will be repudiated,the dollar devalued and the holders of the Debt will be lucky to get 10 cents for every dollar owed. Or the government will print or create massive amounts of paper dollars or computer credits and pay off the Debt with near worthless paper. Either way the bondholders will be screwed and inflation will ruin the economy. Of course there is always a third way. The government can create an economic police state and a centrally planned economy. The Constitution would be set aside and what is left today of property rights would be terminated. Wage and price controls,who produces what,how much and when plus who gets to keep how much will all decided by central government agencies similar to the old Soviet Union. In other words the Political Class takes what they want and what ever is left over in the productive Economic Class will be taxed. The Welfare/Warfare State stays in place but with severe cutbacks, especially to seniors who will be considered useless eaters. All the younger citizens riding on the government gravy train will get to keep their “jobs,” especially those in law enforcement. The welfare parasites,especially in the inner cities,will continue to get their handouts in order to keep them under control and if voting is still allowed,to garner their votes. Once a voting majority of Americans voted to put aside their liberty in exchange for security the die was cast. What made America prosper: property rights,the rule of law,small government,low taxes,sound money,no foreign entanglements was cast aside and was replaced with a Welfare/Warfare State Empire. And now the American people will pay the price. In their standard of living,in their liberty and in their posterity.