Lately, I hear many news channels claim that China is funding US deficit spending.
It turns out to be only partially true — and by partially, I mean 7.5% true. But that means the statement is 92.5% false.
The biggest holders of US debt are American individuals, institutions, and Social Security. Americans own more than 2 out of every 3 dollars of US debt — about over 67%. Hence, US depends far less on the kindness of strangers than you might imagine if your listen to the intertubes.
Those viral animated bears may be clever, but they sure suck at math.
Total United States’ public debt was ~$13.562 trillion at the end of the fiscal year (30 September 2010). As of last week, January 4, 2011, the United States’ total public debt outstanding has surpassed 14 trillion dollars.
Political Calculations has whipped up a chart showing exactly who is holding US debt, and funding our deficit:
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click for bigger graphic
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