…hits $16 trillion.
When are we going to stop the hemorrhaging?
Ask most folks who holds the lion’s share of America’s $16 trillion debt and they’ll tell you China.
But they would be wrong. The correct answer is Americans. Fully two-thirds of the national debt is owed to United States investors and future retirees, through the Social Security Trust Fund and pension plans for civil service workers and military personnel. China, it turns out, holds less than 8 percent of the money our government has borrowed over the years.
“It is true that China is the largest foreign owner of our debt,” said Josh Gordon, policy director of the Concord Coalition, a Virginia-based nonprofit that advocates getting the nation’s debt under control. “But the vast majority of our debt is held by us.”