The government of the United States is drowning in debt and the waters keep rising.
As of the end of the government’s fiscal year — September 30, 2017 — the federal government owes $20.2 trillion to its major creditors. That’s an increase of $671.5 billion over last fiscal year’s total.
According to data published by the U.S. Department of the Treasury, the general government the U.S. government spent $665.7 billion more than it collected in taxes in Fiscal Year 2017.
Pause for minute and imagine handling your personal finances with the same degree of recklessness as that repeated annually by the federal government, elected officials charged with stewardship over the economic welfare of the country.
Not only has the federal government run us into the red, the deepest red, but they owe this money to a multitude of nations that would appear reasonably to have no natural sense of simpatico with the United States.
Just who are our creditors?
Almost one-third of the debt is owed to foreign concerns.
As reported by mygovcost.org:
China has resumed its position as the top foreign holder of U.S. government-issued debt, with directly accounting for 6.9% between institutions on the Chinese mainland and Hong Kong.
Beyond that, China likely has additional holdings that are currently being shown as being held in the international banking centers of Belgium and Ireland, which together account for 2.0% of the U.S. national debt, where China’s holdings are believed to represent a significant portion of the amounts currently being credited to both these nations.
In other words, China likely owns more of our IOUs than would appear on the face of the balance sheet owing to the communist regime’s clever concealment of how much of our debt it holds.