Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: JBTFD who wrote (17032)	3/19/2002 9:07:31 PM
From: AC Flyer	Read Replies (2) of 74559

>>Well, even at $3.4 trillion, which doesnt include the IOU's to the social security trust fund or any private debt, it adds up to over $10,000 per person, rich, poor, young or old, if you take the population as 281 million.<< Mark, two-thirds of the public debt is held by American citizens and companies. The Government could repay the lot tomorrow and it would have no net effect on the national accounts. The only part that has an effect on net capital flows is the one-third held outside the US, which, imho, is not a big deal. Government debt is not like debt held by you or I. Too many people have the same attitude towards Government debt that they have towards debt on their personal balance sheet. This is a wrong-headed way of thinking - it just happens to be the bugaboo du jour of the doomster crowd. Fact is, the US has lower debt as a percentage of GDP than at many times in the country's history and just about the lowest debt per capita in the developed world.

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