Monday, August 3, 2009

What is the exact number of America's national debt? And is foreign debt included in the national debt?

I'm extremely confused in trying to understand all of this national debt stuff. According to The U.S. Treasury Directory website, our national debt is 10 trillion. According to The CIA World Factbook, our external debt is 12 trillion.





Is foreign debt included in the national debt? Is it the other way around? Or are they completely seperate?

What is the exact number of America's national debt? And is foreign debt included in the national debt?






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Reply:"Annual Deficit" is the amount that Federal Spending exceeds Federal revenues (which are mainly income taxes). For example, this year Congress %26amp; the President spent $438 billion more than we raised in income tax)





"National Debt" is the accumulation of all deficits over the years This has grown from $5.6 Trillion in 2000 to about $10+ Trillion now. .





The external debt by the CIA is "public and private debt owed to nonresidents repayable in foreign currency, goods, or services. ". That includes national debt owed to others, state debt owned to others, and company debt owned to others.





If it's confusing to you - that's what our government intends. The elected officials occasionally change definitions and inclusions so they don't look bad.





For example, our National Debt is $10 Trillion, but only $5 trillion is owed to the public. Our government uses the Social Security withheld from our paychecks (and other funds) to cover the part of the debt. That's like using your rent money for next month to pay when you've spent too much. When it's time to collect SS - the money won't be there.





Keep asking questions - I know I will. American's don't spend enough time questioning this stuff.
Reply:you don;t have to worry about it because in your lifetime it will not get paid off.Not even close.


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