Kudos to the Romeo Area Tea Party for their fantastic web site — unparalleled in quality and sophistication by any small, grassroots group — and their effort to keep their members informed.
In their latest post, the Tea Party relies up the U.S. Bureau of Economic Analysis to cut through the rhetoric about the U.S. debt. No, we don’t owe the Chinese $14 trillion. Not even close. As the Tea Party points out, most of the debt is held by private banks in the United States.
In their latest post, the Tea Party relies up the U.S. Bureau of Economic Analysis to cut through the rhetoric about the U.S. debt. No, we don’t owe the Chinese $14 trillion. Not even close. As the Tea Party points out, most of the debt is held by private banks in the United States.
Of course, they still believe the hundreds of billions of dollars owed to various countries is a lot of money (imagine that) and they make comparisons to prove their point.
Regarding the $4.4 trillion held by foreign entities, here is the way things stack up:
1. China — Holds $891.6 billion, or 20.4 percent. Almost equivalent to the combined GDP of Illinois and Indiana.
2. Japan — Holds $883.6 billion, or 20.2 percent. Equivalent to the combined GDP of Minnesota, Wisconsin, Iowa and Missouri.
3. United Kingdom — Holds $541.3 billion, or 12.4 percent. Equivalent to the combined GDP of Delaware and New Jersey.
4. Oil Exporters — Hold $218 billion, or 5 percent (includes 15 countries: Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria. ) Roughly equivalent to the combined GDP of Nebraska and Kansas.
5. Brazil — Holds $180 billion, or 4.1 percent. Almost equivalent to the combined GDP of Idaho and Nevada.
6. Carribean Banking Centers – Hold $155.6 billion, or 3.6 percent. (Includes Bahamas, Bermuda, the Cayman Islands, the Netherlands Antilles, Panama and the British Virgin Islands). Equivalent to the GDP of Kentucky.
7. Hong Kong — Holds $138.2 billion, or 3.2 percent. Equivalent to the combined GDP of Wyoming and Washington D.C.
8. Canada — Holds $134.6 billion, or 3.1 percent. Equivalent to the combined GDP of Maine, New Hampshire and Vermont.
9. Taiwan — Holds $131.9 billion, or 3 percent. Equivalent to the combined GDP of West Virginia and Hawaii.
10. Russia — Holds $106.2 billion, or 2.4 percent. Equivalent to the combined GDP of North Dakota, South Dakota and Montana.
2. Japan — Holds $883.6 billion, or 20.2 percent. Equivalent to the combined GDP of Minnesota, Wisconsin, Iowa and Missouri.
3. United Kingdom — Holds $541.3 billion, or 12.4 percent. Equivalent to the combined GDP of Delaware and New Jersey.
4. Oil Exporters — Hold $218 billion, or 5 percent (includes 15 countries: Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria. ) Roughly equivalent to the combined GDP of Nebraska and Kansas.
5. Brazil — Holds $180 billion, or 4.1 percent. Almost equivalent to the combined GDP of Idaho and Nevada.
6. Carribean Banking Centers – Hold $155.6 billion, or 3.6 percent. (Includes Bahamas, Bermuda, the Cayman Islands, the Netherlands Antilles, Panama and the British Virgin Islands). Equivalent to the GDP of Kentucky.
7. Hong Kong — Holds $138.2 billion, or 3.2 percent. Equivalent to the combined GDP of Wyoming and Washington D.C.
8. Canada — Holds $134.6 billion, or 3.1 percent. Equivalent to the combined GDP of Maine, New Hampshire and Vermont.
9. Taiwan — Holds $131.9 billion, or 3 percent. Equivalent to the combined GDP of West Virginia and Hawaii.
10. Russia — Holds $106.2 billion, or 2.4 percent. Equivalent to the combined GDP of North Dakota, South Dakota and Montana.
Thanks Chad. A RATP collaborative effort to be sure. "The educated masses will ultimately vote correctly"