Of Debt And Indebtedness
There is little debate that the U.S. Debt is in a bad way and getting worse. It has ballooned over 100% since 2000, when it was just $5.75 trillion. Amazingly, in spite of constantly growing debt levels, individuals and countries around the globe continue to persist in their demand for U.S. debt. With almost blind faith they bet on the strength of the American taxpayers and government revenues generated by the country’s economic traffic. In the minds of many, it may appear that the United States’ debt position, which is the biggest in the world, is also the worst. But if we look at the numbers on a more comparative basis, the total amount of national debt owed by the U.S., even though still rather high, appear more palatable than that of other nations. Time will tell if it stays that way.
The following is a list of one end of the spectrum of nations with their debt revealed as a percentage of their gross domestic product (GDP).
01. Ireland – 1,239% of GDP
02. United Kingdom – 451.4% of GDP
03. Switzerland – 391.3% of GDP
04. Netherlands – 367% of GDP
05. Belgium – 353.7% of GDP
06. Denmark – 283.2% of GDP
07. Hong Kong – 265.7% of GDP
08. Sweden – 262.3% of GDP
09. France – 254.4% of GDP
10. Norway – 246.9% of GDP
11. Finland – 244.8% of GDP
12. Austria – 241.3% of GDP
13. Portugal – 207.3% of GDP
14. Germany – 183.9% of GDP
15. Greece – 178.9% of GDP
16. Spain – 169.5% of GDP
17. Australia – 139.9% of GDP
18. Italy – 136.6% of GDP
19. Hungary – 110.3% of GDP
20. United States – 99.46% of GDP
The U.S. debt, which is money borrowed by the U.S. Government, sold in the form of treasury securities, is not only held by foreign countries like China and Japan, but also by businesses, organizations and individuals within the U.S.
The following is a list of the biggest Holders of U.S. Government Debt
01. Federal Reserve and Intra-governmental Holdings – $6.326 trillion
02. China – $1.132 trillion
03. Other Investor/Savings Bonds – $1.107 trillion
04. Japan – $1.038 trillion
05. Pension Funds – $842.2 billion
06. Mutual Funds – $653.5 billion
07. State and Local Governments – $484.4 billion
08. United Kingdom – $429.4 billion
09. Depository Institutions – 284.5 billion
10. Insurance Companies – $250.1 billion
11. Oil Exporters – Holding $232 billion
12. Brazil – Holding $206.4 billion
13. Caribbean Banking Centers – $185.2 billion
14. Taiwan – Holding $149.6 Billion
15. Switzerland – Holding $113.9 billion
It is a long list and unenviable to be one of the biggest holders of U.S. government debt