America the checkbook is trillions of dollars in debt, Cash Living by The Outlaw Micheal Tomsik

 CLICK HERE FORE LIVE NATIONAL DEBT CLOCK 

I started this blog the debt clock above was at $27, 910,187, 510, 724. and was moving so fast that I could hardly get the last six numbers. 

WHO HOLDS THE DEBT?

This debt is held by the American people at around 78% or 21 Trillion Dollars approximately, the rest of the debt is held by foreign countries. 

America owes Japan 1.29 Trillion Dollars as of June 2020, and China holds about 1.07 Trillion dollars. Even the UK holds around 425 billion dollars of the debt. 

The rest of the debt is spread around to other foreign countries.

HAS THE NATIONAL DEBT EVER BEEN PAID IN FULL?

President Andrew Jackson has been the only President is history to pay off the debt completely on January 8, 1935.

ARE OTHER COUNTRIES IN DEBT AS WELL? 

Believe it or not the USA is not on top of the debt list but is in the top 5 countries with high debt, Canda, Spain, United Kingdom, and France sit in front of the USA with higher debts.

COULD OUR CURRENT DEBT BE PAID OFF?

At this time the USA would only have a few options to pay off the debt. 

However the USA is not really interested in paying off the debt because it would involve pulling bonds from the public market and most analyst of the economy have determined this would create a chaos in the economy.

If the USA was to attempt to pay of the debt the most popular solutions are CUT SPENDING, RAISING TAXES, GROW THE ECONOMY FASTER THAN THE DEBT, and SHIFT SPENDING.

WHY YOU SHOULD BE CONCERNED WITH THE DEBT:

The debt has a direct impact on the economy and economic growth. It increases interest rates, reduces job markets, and creates higher taxes. 

At the end of my blog the live Debt Clock was at:

$27,910, 297, 989, 051