The government of the United States is drowning in debt and the waters keep rising.
As of the end of the governments fiscal year September 30, 2017 the federal government owes $20.2 trillion to its major creditors. Thats an increase of $671.5 billion over last fiscal years 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....