Every U.S. Worker Owes $47,482 in Foreign Debt

Friday, December 21st, 2012 and is filed under Blog, Debt, News

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One of the important components of our federal debt in the share of debt owned by foreign countries.  We like to view ourselves as the pride of the world, but there’s not much pride in countries like China and Mexico owning our debt.  Terence Jeffrey of CNS News reports that our foreign debt has hit a new record of $5.482 trillion, a gain of 78% since Obama took office.  Talk about “outsourcing jobs,” Barack.  Obama is outsourcing the indebtedness of our children and grandchildren to foreign countries.

Our foreign debt is now equal to more than one-third of the entire U.S. economy.  China owns $1.161 trillion of our debt, while Japan is the second largest stakeholder at $1.134 trillion.

For all the talk about the so-called fiscal cliff, nobody wants to talk about the $47,482 cliff.  That’s the amount that every single worker in this country owes to foreign countries.  Jeffrey has all the details:

As of Oct. 31, the U.S. government owed $5,482,200,000,000 to foreign interests, according to the Treasury. That was up from $5,476,200,000 as of Sept. 30.

The foreign debt of the U.S. government equaled $47,482 for each of the 115,459,000 full-time workers (including full-time government workers) there were in the United States in October, according to data published by the Bureau of Labor Statistics. Similarly, it equaled $47,706 for each of the 114,916,000 households the Census Bureau estimated there were in the United States in September.

At the end of January 2009, when President Barack Obama was inaugurated, the U.S. government owed $3,071,700,000,000 to foreign interests. Since then the U.S. government’s debt to foreign interests has increased by $2,410,500,000,000—or 78 percent.

As of the end of October, entities in Mainland China remained the largest holders of U.S. government debt, with $1,161,500,000,000 in holdings. However, over the past year, the Mainland Chinese have actually decreased their holding of U.S. government debt. As of the end of October 2011, entities in Mainland China had owned $1,256,000,000,000 in U.S. government debt. Since then, they have dropped $94,500,000,000 of their U.S. government debt holdings—or 7.5 percent.