Intragovernmental Holdings are Government Account Series securities held by Government trust funds, revolving funds, and special funds; and Federal Financing Bank securities. A small amount of marketable securities are held by government accounts.
Oh wait, this was a good one . . .
How do you make a contribution to reduce the debt?
Make your check payable to the Bureau of the Public Debt, and in the memo section, notate that it is a Gift to reduce the Debt Held by the Public. Mail your check to:
Attn Dept G Bureau Of the Public Debt P. O. Box 2188 Parkersburg, WV 26106-2188
So my share of the national debt is $30,000 or so.
What's that in proportion to my net worth?
What's that in proportion to my annual income?
Is it consumer debt (depreciating assets) or is it investment debt (income-producing assets)?
Personally, if I could borrow a billion dollars to invest in something that would make the payments and give me 5% net rate of return on investment, I'd jump at the chance, and so would everyone else here on PPRuNe. Then I'd owe a billion dollars and be quite happy about it.
Sovereign debt is an interesting animal. Some years ago Citibank lent a LOT of money to Argentina - "There's no risk, governments don't go out of business! The country is the security!" Only problem was that when Argentina decided not to pay, Citibank discovered Argentina had all the guns . . . so Sovereign state loans were the precursor of the current sub-prime loan problem (one begins to wonder if these people really have any idea what they are doing.)
So don't sweat the US national debt. If you desperately want something to be worried about, look up di-hydrogen oxide. Yea, verily, the sky is falling ;-)
So Mr. A, is it because if the US implodes, you'll be inconvenianced that you are concerned?
On a separate but related issue, I am concerned about the amount of debt held by China. Combine them getting froggy militarily about Taiwan and a simultaneous yanking the economic rug out from under us and they have a very effective strategy brewing.
Location: A Whilom nimble brain. With 31 million posts.
I make it closer to 200 ($45-$50 billion).
Sorry G-C, run that by us again. 200 what
Ah, the main question. Do people care. Well, I frikkkkkkin' do. Put as least some of my faith in the US economy, I hope the dollar doesn't turn to dust.
In reality, I had always assumed that the fat cats knew what they were doing. Get a big enough debt, then find some reason why the folk they owe the money to should simply disappear. The US could just about oil itself and certainly feed itself, in a crisis. The folks holding the IOUs probably couldn't. But then there's the Russians...and the Chinese. Primed, and ready to go, we would have a whole new world stage on which to play our games.
"The Bear and the Eagle will unite, to defeat the Yellow Peril"
Old mother Shipton I believe. Odd how she knew the names.
You (Loose Rivets) stated that Bill Gates could only pay off 1/1000, whereas I calculate 1/200 (based on his estimated fortune of $45-$50 billion - 9199/45=204 9199/50=184). Unless, of course, he's down to $9 billion . . .
The whole world should care about the US debt because if it continues in its current unchecked state, it will plunge the world into the biggest recession it has ever seen.
Currently I believe the Chinese are the biggest purchaser of US T Bonds. Not surprising given their very positive balance of trade figures with just about anyone and they have to do something with all their spare cash after spending what they can on infrastructure. A word that seems to have become unknown in most Western countries. We, of course, prefer "tax cuts". So our vital infrastructure goes to hell in a handbasket.
I cannot remember offhand the amount per day that the US Govt. is borrowing, nor can I be bothered to look it up. I do remember that the numbers are frightening. Should the Chinese decide to use another currency for trade, say the Euro which they have been known to use, then the world better begin to learn to speak Chinese. They will be the only ones left standing given the huge interdependence between Western nations and the US.
Its time the US politicians began to be responsible rather than deal in 30 second sound bites that make them sound profound. They are selling your great country short by a country mile.
My biggest prayer is for adult supervision of the American economy. Bill did the job after reagan and Bush I and Hillary would be up to it after Bush II.
Proposition for Debate:
The Bush regime is a Chinese plot to take over the world economy.
Note also that the current Chinese holding of T-bills comes pretty close to the cost of the Iraq war. Perhaps they put the word out that military adventures in Iran would not find financing
If I have trouble paying my million dollar mortgage, I have a problem --provided of course that my bank follows reasonable lending criteria (not the case in certain segments of the US mortgage market as we are finding out to our cost).
If have trouble paying a 500 million mortgage, my bank has a problem, just like the holders of securitised mortgages who are facing a high percentage of defaults.
The Chinese are learning the lesson that the most addictive substance of all is money. The addict requires ever increasing doses and the withdrawal pains are ferocious. The Chinese need American demand to keep their economy growing, especially given the large number of single men who have to be kept usefully employed. They can't cut off the addict cold turkey because it will do serious damage to their own economy.
I suspect that at the highest levels, the Chinese have let it be known that they are putting the Yanks on a diet.
This happened last Summer just before the last dive of the dollar.
Think again brother. It has a long way to go from where it comes out of the ground to where you lot use it so wastefully. It would only take a couple of well placed nukes, nowhere near the US, to reduce the world's supply of oil to a fraction. Fantasy? You are the one proposing that the US defaults on its legal obligations.
Incidentally, that idea (nukes on the Saudi oilfields) was central to a novel published at least 30 years ago now. Can't remember the name now but I'm sure it gave a few people ideas.
I'll accept that you don't like Bush, and I'll agree that the Iraq war has run up a huge national debt.
But by what stretch do you conclude that Hillary would be ready to "manage" that? Everything she has said points to more government spending. The reason the debt declined during the Clinton years was that economic expansion occurred due largely to policies of Reagan and Bush Sr. They pushed decreased spending, resulting in economic expansion, and thus increased government revenue. That's well shown. By the end of Clinton's time, due largely to reversal of tax policies, the economy was on the downswing. All before Bush Jr and before 9/11.
The debt will be retired again, as long as the government stays out of trying to manipulate the economy through tax policy and leftist ideas of "fairness". Economic growth will accomplish what it always has in the past.
Best plan for economy? -- End the Iraq war, overcome the Jihadis, and keep Hillary's paws out of the cash drawer.