F-117_Nighthawk
Wendingo, you have no idea just how much debt we are in...
Sure I have an idea. As of this moment, according to the Treasury, there's about 12.87 trillion dollars in debt outstanding. 8.35 trillion of that held by the public (T-bills, that sort of thing), and 4.52 trillion held by one government fund or another.
Anyway, about thirteen million million dollars in all. Given that the US GDP is nearly 15 trillion, were some minuscule fragment of our collective effort spent on diminishing the debt every year, say 5% or $.73 trillion, then it would still disappear rather quickly. Since no effort whatsoever is put on shrinking the debt, ever, it just gets bigger. Which is unfortunate, because new interest on old debt is a large contributor to its current size. $164 billion in this year's budget.
China's particular stake in our debt is
just short of a trillion dollars (by $123 billion or so), and is included in that publicly held debt. The total owned by all foreign nations is less than the amount the government owes itself.
Quote:
If today we actually turned loose capitalism and tried to grow our way out of it we have a realistic chance.
Pft. Capitalism isn't magic, money would have to be spent directly on reducing the debt in any case, and the only way to finance that without borrowing money (which would just use debt to pay debt) would be using taxes.