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2.4 President Obama (2009-11) Stimulus spending, tax cuts, and the effects of 2007-9 recession in lost revenues and automatic spending, like unemployment compensation.
6.1 George W. Bush (2001-9) Tax cuts, the wars in Iraq and Afghanistan, economic downturn in 2001 and recession starting in 2007.
1.4 Bill Clinton (1993-2001) Despite two years of on-budget surpluses, deficit spending in other years added to the debt.
1.5 George Bush (1989-93) The first gulf war and lower revenue from a recession.
1.9 Ronald Reagan (1981-89) Peacetime defense spending and permanent tax cuts.
1.0 Before Reagan (1981 and earlier) Deficit spending from wars and economic downturns.
2. Who holds the debt:
3.6 The Public. Includes debt held by individuals, corporations, banks and insurance companies, pension and mutual funds, state and local governments.
4.0 Foreign countries.
China: 1.2
Japan: 0.9
Other countries: 1.9
6.2 U.S. Government.
Federal Reserve System. Includes collateral for U.S. currency and store of liquidity for emergency needs: 1.6
Social Security Trust Funds. Surpluses generated by the program that have been invested in government bonds: 2.7
Other gov’t trust funds: 1.9
Always been that way. Federal Reserve is not a govt agency. Just like to act like one when convenient. Yes why do we need to outsource our ability to issue currency?
People need to get off the budget discussion and look at FED AFRs and CAFRs and they would see some real differences in information.
Where Did Our National Debt Come From, and Who Holds the Debt?
it's interesting that we owe nearly half of it to ourselves.
...But Social Security will be there when I'm 65 in about 30 years, I'm sure.
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Where Did Our National Debt Come From, and Who Holds the Debt?
