I, like most others I have spoken to, have/had the idea that we knew who we owed all our national debt to. We, as a whole, were wrong! I recently read an article in Parade Magazine, Nov. 09, 2008, that broke down the 'tip of the iceburg' debts owed. This does not include the minor debts, those that are in the tens of billions. That's a relief, I was getting nervous there for a moment. Here are the standings:
JAPAN $ 585.9 BILLION OWED
CHINA $ 541 BILLION OWED
UK $ 307.4 BILLION OWED
OPEC* $ 179.8 BILLION OWED
BANKING CTRS $ 147.7 BILLION OWED
RUSSIA $ 74.4 BILLION OWED
* Algeria, Angola, Ecuador, Indonesia, IRAN, IRAQ, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, U.A.E., and Venezuela.
** Bahamas, Bermuda, Cayman Islands, Netherlands Antilles, Panama, and British Virgin Islands.
How did we ever get into debt with Iran and Iraq? Since when did Russia have the funds to loan money to us as well? How is this possible? Did we happen to max out our Expressly American credit card with China and Japan? What did we buy besides caskets for our soldiers and battle area civilians?
How can we, as a nation, afford to issue economic stimulus checks to the taxpayers of America when we have to incur more debt to do it? Maybe I'm being stupid and nieve, but I'd rather see this money put into paying the debt than into increasing it! If and when it goes through, I'm making a mortgage payment with it because I want to pay down MY debt!