DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post

**Vomephems** · 08-29-2012, 09:09 AM

I do not know what pretending to be the leader of the world has to do with anything, but if what you are saying is that the USA has the strongest economy in the world, then I guess I understand what you are saying. Our government borrows and spends far too much. When you say each Amercian "owes the world $42,000", it's more accurate to say we each owe that amount primarily to the Chinese government, but not the world, although it would not surprise me if some Italian pension funds include US debt, since it is still considered a very safe bet (safer than EU debt, mio fratello )

We owe about a trillion to China, out of a little less than 4 trillion we owe to foreigners. Most of the debt is owed to wealthy American citizens, who were able to lend the money they saved with lower taxes to the government, to finance those tax cuts.

http://www.ustreas.gov/tic/mfh.txt

08-29-2012, 09:09 AM	#31
Vomephems Join Date Oct 2005 Posts 727 Senior Member	I do not know what pretending to be the leader of the world has to do with anything, but if what you are saying is that the USA has the strongest economy in the world, then I guess I understand what you are saying. Our government borrows and spends far too much. When you say each Amercian "owes the world $42,000", it's more accurate to say we each owe that amount primarily to the Chinese government, but not the world, although it would not surprise me if some Italian pension funds include US debt, since it is still considered a very safe bet (safer than EU debt, mio fratello ) We owe about a trillion to China, out of a little less than 4 trillion we owe to foreigners. Most of the debt is owed to wealthy American citizens, who were able to lend the money they saved with lower taxes to the government, to finance those tax cuts. http://www.ustreas.gov/tic/mfh.txt
	Quote