Credit/Deficit spending is for building assets, not consumption--maybe true for
individuals and nations. I know from experience with my first Amex a long time
ago!!
Clinton had a surplus that was blown off in ill-advised war.
Odiya
Odiyatalks
--- On Tue, 11/11/08, Semei Zake [EMAIL PROTECTED] wrote:
From: Semei Zake [EMAIL PROTECTED]
Subject: [Ugnet] What U.S. owes to other countries
To: ugandanet@kym.net
Date: Tuesday, November 11, 2008, 7:21 AM
In the book titled I.O.U.S.A by Addison Wiggin Kate Incontrera, former
Comptroller General of United States does argue that: the most serious threat
to the United States is not someone hiding in a cave in Pakistan, but our own
fiscal irresponsibility.
He may be right if the figures stated hereunder are to believed. Admittedly
debt as a percentage of GDP is not at unreasonable levels it will need to be
fixed before it becomes a serious problem.
Semei
=
With all of the bailout and deficit spending talk during the Presidential
election, American voters became (painfully) aware of the debt the U.S. owes to
other countries.China was mentioned several times during the debates and
currently the U.S. owes them a cool $541 billion. Certainly not good on the
surface
and even worse when you discover that China is neither the only country we owe
or the most amount of money we owe.
So who else is on the list?
Japan holds U.S. debt in the amount of $586 billion.
United Kingdom holds U.S. debt in the amount of $307 billion.
OPEC* nations hold U.S. debt in the amount of $179 billion.
Caribbean Banking Centers hold U.S. debt in the amount of $147 billion.
Russia holds U.S. debt in the amount of $74.4 billion.
*OPEC includes Ecuador, Iran, Iraq, Kuwait, Saudi Arabia, among others.
No Free Ride…
The debt is in the form of U.S. Treasury securities. In a nutshell meaning it
must be paid back and it must be paid back with interest. Sooner or later a
large amount of money must leave the U.S. to pay back the creditor countries.
The government and the American economy have yet to put a hold on this deficit
spending. It has grown dramatically over the past 8 years. For example, today's
debt to China ($541 billion) was $61 billion in 2001.
Like a young couple that has gotten out of hand with a credit cards the U.S.
spending needs to be reigned in and immediately controlled or stories about
U.S. being foreclosed on will no longer be farfetched jokes on late-night
television but a painful reality.
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