US government's foreign debt hits record $5.29 trillion
Sat Aug 18, 2012 3:30PM GMT
Jobless American citizens
The money the U.S. government owes to foreign entities rose to a record $5.2923 trillion in June, according to data released by the U.S. Treasury.
In May, the U.S. Treasury had owed $5.2581 trillion to foreign entities. On net, in June, the U.S. government borrowed an additional $34.2 billion from foreign entities in order to fund U.S. government operations.
The U.S. government’s indebtedness to foreign interests has grown by 72.3 percent during President Barack Obama’s term in office. In January 2009, when Obama was inaugurated, the U.S. government owed $3.0717 trillion to foreign entities, according to the Treasury Department. That has increased by $2.2206 trillion—or 72.3 percent—to the record $5.2923 trillion.
Entities in the People’s Republic of China remain the largest holders of U.S. government debt. Entities in Japan, however, are on track to eclipse the Chinese as the top holders of U.S. government debt. cnsnews.com
FACTS & FIGURES
In June, the Chinese held $1.1643 trillion in U.S. government debt, up slightly from the $1.1640 trillion in U.S. government debt the Chinese held in May. However, Chinese ownership of U.S. government debt hit an historical peaked of $1.3149 trillion in July 2011 and has been on a generally downward trend since then. cnsnews.com
Entities in Japan, by contrast, have been consistently increasing their ownership of U.S. government debt. In June, the Japanese owned $1.1193 trillion in U.S. debt. In May, they owned $1.1089 trillion in U.S. debt. A year ago, in June 2011, the Japanese owned only $881.5 in U.S. government debt. cnsnews.com
The list of nation that have helped out the U.S. doesn’t end there though: Brazil, Taiwan, Russia and the UK are also towards the top of the roster, which goes on to cite a substantial sum of money borrowed from the countries of India, Italy, South Africa and Peru, among others. RT
Should the United States’ debt to foreign holders continue at the current rate, America could expect to owe its allies over $9 trillion in just another few years.
When Barack Obama took office in January 2009, total U.S. government debt stood at about $10 trillion. Since then, more than $5.5 trillion has been added to the national debt, which is about to hit $16 trillion. ocregister.com