The National Debt as of September 2017 is $20,162,175,797,904 that is 20 trillion, 162 billion, 175 million, 797 thousand 904 dollars. $14 trillion of it is owed American Citizens and US entities in the form of Treasury Bills, Notes, Bonds and Savings Bonds. China is owed $1.15 trillion. Japan is owed $1.13 trillion. Ireland is owed $270 billion. Cayman Islands are owed $260 billion. Brazil is owed $258 million. Other countries are owed other amounts.
The Deficit (difference between our revenue and what we spend) as of Fiscal Year 2017 is $559 billion
Spending $ 3.96 trillion
Revenue 3.4 trillion
So aren't we really broke? How can we shortfall income/spending by over half a trillion and seriously consider tax cuts? Won't that increase the deficit?
Are we ever going to pay foreign countries what we owe them? When and how? What if they ask for all of it ON DEMAND? What happens then? If we can't afford to pay our own debts how can we afford to send other countries money?
Can anyone explain any of this to me? What other countries owe more money than we do? What other countries' deficits are so huge as ours? Is anyone fiscally responsible and accountable for this very bizarre situation in the American economy? Who is running the store?
