Fortunately I was raised by parents who would not buy something unless they could pay for it. I married a girl who felt the same way. That works well for small purchases, but usually we must finance a home. So a Building and Loan company or Bank originally holds your loan. Banks sell loans like Ford sells cars.
China loaned us money. So yes we owe China, Japan and many other countries, but we owe Americans also. For years Sherry and I bought savings bonds for our selves. That is how we bought our first home. Later we started buying US bonds for our grandkids for Christmas. We still hold some so, the US owes us around $1700.00 now + interest.
Here is who we owe:
We are in debt about $16 trillion. We have all heard that many times. We have been told that China owns us, not true. But we do owe foreign countries $5.3 Trillion dollars.
The rest we owe OURSELVES or entities in the USA. If we go bankrupt we hurt ourselves much more than foreign countries.
Which Foreign countries do we owe?
We owe China $1.15 Trillion, they are close to Japan whom we owe $1.13 Trillion.
Bottom line is we owe too much no matter who we owe. When a child is born today as a Citizen his or her obligation to the debt is about $51,000 dollars (my figures).
So as of now Each man, woman and child in the USA, when the debt is divided up, owes about $51k. OUCH. (my figures)
Mr Sessions gives it a better look he says we only owe $44K. But if you have been following our friend Robert in Athens, you know they have been suffering strikes week after week due to the austerity programs, now for the kicker, our situation is WORSE than GREECE. They are behind us, Ireland and Italy. So Greece is trying to cut back spending, we do not seem to be.
Sorry for all the figures, I know you don’t like them, I just wanted to point out, that as you read Robert’s Blog,
http://robert-geiss.blogspot.com/ remember we will face some austerity cuts of our own, and WE MUST!
We have a lot of areas to cut without SS and Medicare/Obamacare.
Figures don’t lie, if congress keeps kicking the can down the road, we are in deeper ‘do-do’ as my man Ross Perot once said. (And he was right as rain. NAFTA done to us exactly what he said.)
Michelin wants you to put more tires on your car.
What a Chevy Van!