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Foreign Debt Has Nearly Doubled Under Obama

From CNS News:

U.S. Government’s Foreign Debt Now $47,495 Per Household

By Terence P. Jeffrey | Mon October 22, 2012

(CNSNews.com) – The debt that the U.S. government owes to foreign interests now equals approximately $47,495 for each household in the United States, according to the latest data released by the U.S. Treasury and the Census Bureau.

The portion of the U.S. government’s foreign debt now owed to interests in Mainland China is about $10,090 per household.

Remember when the ‘deficit doves’ used to say there was nothing to worry about with the debt, because ‘we owe it to ourselves’?

At the end of August, the latest period reported by the U.S. Treasury, foreign interests held a total of $5,430,000,000,000 in U.S. government debt.

$5.4 trillion dollars here and $5.4 trillion dollars there, and pretty soon you are talking about real money.

According to the Census Bureau’s latest estimate (which was for June 2012) there were 114,328,000 households in the United States. Therefore, the total U.S. government debt held by foreign interests was about $47,494.93 per household.

Back in January 2009, foreign interests held a total of $3,071,700,000,000 in U.S. government debt.

So our foreign debt has gone by $2.4 trillion under Obama. Which means it has nearly doubled!

And this subject was barely even mentioned in the foreign policy debate last night.

That month, according to the Census Bureau, there were 111,079,000 households in the United States. Therefore the total U.S. government debt held by foreign interests was about $27,653.29 per household.

Since January 2009, the total U.S. government debt held by foreign interests has climbed from approximately $27,653.29 per household to approximately $47,494.93 per household—an increase of about $19,841.64 per household.

Among foreign interests, those in Mainland China hold the largest share of the U.S. government’s debt. The Mainland Chinese, according to the Treasury, owned $1,153,600,000,000 in U.S. Treasury securities as of the end of August.

Back in January 2009, interests in Mainland China held only $739.6 billion in U.S. government debt.

So our debt to the Chinese has gone up $413.4 billion under Obama. Which is more than a fifty percent increase.

But, of course, to be fair, only the Chinese can afford to loan so much money. And even they have decided they can’t keep loaning us money.

This article was posted by Steve Gilbert on Tuesday, October 23rd, 2012. Comments are currently closed.

One Response to “Foreign Debt Has Nearly Doubled Under Obama”

  1. GetBackJack

    Foreign debt is a term I find especially repugnant.

    This Nation is a nation of vast productivity and exceptionalism. But the 535 drunkards, pimps and craven fools who populate Congress are so determined to spend spend spend that they are willing to go hat in hand to other nations and beg for more money and … not to worry … our citizens are good for it.

    The seething anger that generates is …. (better not say) …..


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