United States Debt

The news has been filled with the news of the United States of America having troubles agreeing to a new budget plan. The only thing stopping a new budget from being approved is the Senators and Representatives don’t care about the long-term future of the country. All they care about is their overpaid salaries and being re-elected. That’s not what America’s foundation is all about. We were created as a totally new idea for the world, and now we have shrunken into the shadows. None can contest that the American military is a force to be reckoned with, but with the national debt piling up, we will have to make cuts somewhere. Where will those cuts be? Will the Senators keep their outrageous salaries in favor of cutting back on health-care? Will the Representatives prefer to earn $174,000 a year instead of helping stabilize Social Security payments? Everyone will have to make sacrifices in order to get rid of the debt.
The solution will not be to stop paying our government officials, far from it. What needs to be done is the Senators and Representatives need to stop squabbling amongst themselves and see the bigger picture: the nation requires true patriots in the government that are willing to accept sacrifices. Over half of Congressmen and -women are reported to be millionaires, and getting amazing salaries yearly. What needs to be done is Congress takes less exorbitant salaries and reduce spending all across the board. Even if this isn’t done, they need to agree on something, or we will be in an even worse state than currently. We haven’t been debt free since the days of Andrew Jackson, back in 1835. We have had fluctuation in the amount of national debt, and if Republicans can work with Democrats toward a common goal the national debt can be significantly decreased.

 

When republicans are in charge only tax cuts matter. They are only interested in debt reduction when democrats are in charge. They are all millionaires so cutting their pay is a useless idea.

 

Here is a breakdown of who holds the American debt:

Asia (total 16.4 percent)
China: $1.16 trillion (8 percent)
Hong Kong: $121.9 billion (0.9 percent)
Taiwan: $153.4 billion (1.1 percent)
Japan: $912.4 billion (6.4 percent)
(note that individual asian investors probably hold much more more debt through american based accounts)

Oil exporting countries: $229.8 billion (1.6 percent)
Brazil: $211.4 billion (1.5 percent)
United Kingdom: $346.5 billion (2.4 percent)

Government Programs within the USA (total 36%)
State, local and federal retirement funds: $320.9 billion (2.2 percent)
State and local governments: $506.1 billion (3.5 percent)
Social Security trust fund: $2.67 trillion (19 percent)
The U.S. Treasury: $1.63 trillion (11.3 percent)

Investors with Accounts in America
U.S. households: $959.4 billion (6.6 percent)
Private pension funds: $504.7 billion (3.5 percent)
Money market mutual funds: $337.7 billion (2.4 percent)
Commercial banks: $301.8 billion (2.1 percent)
Mutual funds: $300.5 billion (2 percent)

Caribbean banking centers: $148.3 (1 percent)

Note that it is very difficult to determine the country-of-origin proportions of investors in American accounts and secretive banking havens. A plausible estimate is that about half of these debts are held by foreign investors.

 

Is that just US Federal Government debt or all US debt?

 

?!? Were the Republicans talking about cutting spending prior to the Tea Party?

The Republican's are Democrat light, spending money at a slower pace, but still spending. The Tea Party victories were as much a slap at the Republicans as the Democrats.

 

Where is the Fed in this list?