To Whom Does the U.S. Government Really Owe Money?
Friday March 11th, 2011 • Posted by Craig Eyermann at 11:39am PDT • 46 Comments
Back in January, we featured a post where we looked at who are the largest holders of the U.S. national debt. Since that time, the U.S. Treasury has revised their data, specifically to identify who the real foreign owners of the U.S. national debt are. Here are how things really stood at the end of the U.S. government’s 2010 fiscal year on September 30, 2010:
The main differences from the chart we previously featured are that China’s holdings are much greater, while the United Kingdom’s holdings are much smaller, which is a result of a number of Chinese institutions using banks in the United Kingdom as intermediaries for purchasing and holding U.S. government-issued debt. As a result, China’s real U.S. debt holdings now account for 9.5% of the entire U.S. national debt outstanding (nearly 1 out of every 10 dollars the U.S. government has borrowed), instead of the 7.5% that was previously recorded.
Meanwhile, the U.K.’s recorded holdings have shrunk by a corresponding 2.0% of the entire U.S. national debt as a result of this accounting adjustment.
Finally, one question that came up after our original post was “How much of the national debt held by U.S. individuals and institutions is being held by the U.S. Federal Reserve?”
We found that as of September 29, 2010, the Federal Reserve held 966 billion dollars of the U.S. national debt in the form of U.S. Treasury Securities or Federal Agency Debt Securities, which represents 16.9% of all U.S. individual or institutional debt holdings, or approximately 7.1% of the total national debt.
Notes:
“All Other Foreign Nations” are all those except China (for which we’ve included Hong Kong), Japan, United Kingdom, Brazil and “Oil Exporters.”
“Oil exporters” include Ecuador, Venezuela, Indonesia, Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates, Algeria, Gabon, Libya, and Nigeria.
The “U.S. Civil Service Retirement Fund” is the Federal Civil Service Retirement and Disability Fund. The “U.S. Military Retirement Fund” is the Department of Defense Retirement Fund. The “Social Security Trust Fund” is the Federal Old-Age Survivors and Disability Insurance Trust Fund.
Data Sources:
U.S. Treasury Department. Monthly Statement of the Public Debt of the United States, September 30, 2010. Table III – Detail of Treasury Securities Outstanding, September 30, 2010.
U.S. Treasury Department. Major Foreign Holders of Treasury Securities. (At end of September 2010). Accessed 11 March 2011.
Board of Governors of the Federal Reserve System. Monthly Report on Credit and Liquidity Programs and the Balance Sheet, October 2010. Table 1. Assets, Liabilities, and Capital of the Federal Reserve System.
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sunny says:
Would love to see the same chart prepared for the year 2000 and 2006
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Rhonda Rogers- Va. says:
O.K., so who owns the Federal Reserve?
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Amanda Case says:
Who are the US individuals and institutions that the Federal Government owe? Will there be preferential treatment of these entities? Do they own the government?
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Craig Eyermann says:
@Amanda Case:
Answering your three questions in order:
1. Primarily U.S. banking institutions, with the Federal Reserve (which itself is owned by banks) perhaps holding the largest share. Other institutions include pension funds, retirement plans, etc. And of course, individuals can purchase U.S. bonds or T-bills directly from the U.S. Treasury.
2. There shouldn’t be, however politics is often involved, so the real answer is “perhaps”.
3. No.
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Don Levit says:
On the prag.com web site, we are having a discussion about debt and savings.
The last comment before mine was that debt equals savings, so if we want to pay off the debt, I would have to provide my portion of savings.
I responded I would be glad to do so, if, indeed, he can come up with the various savings components that equals $14 trillion of debt.
I am wondering if a good portion of the savings is the federal government itself? Is that even possible that the federal government has a savings component when it has consistently run deficits for most of the last 40 years?
If the government can create money out of thin air, as God created the world through His speech, I guess anything is possible. -
Never seen this chart before. Very interesting. However, the small blocks of square color codes are a bit hard to see in my opinion.
If those could be enlarged, that would be fantastic.
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I hope no one seriously believes that the U.S. Gov’t ever can pay off this debt, especially given the fact that it grows larger every minute of every day. In addition, any individual who holds, say, a $100 gov’t bond receives less (because of inflation and devaluation of the dollar) than $100 when it matures. Is that not true?
This whole fiat money-debt fiasco is truly astounding. It boggles the mind that We the People have allowed this to happen. It’s long past time to dump the privately owned (according to a 1982 9th Circuit Court Case, Lewis v. the U.S., #80-5905, June 24th) Fed Reserve.
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Steve says:
You guys need to stop watching so much FOX News. Its not China that’s the problem, its the entitlement spending. We all need to just bite the bullet and say goodbye to our Social Security/Medicare and Medicaid. Then we can actually lower taxes and be fine.
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Mark says:
What is the cost of money for the US when it takes out new debt? What is the effective cost? Not opportunity cost. I believe it is around 5% which would be the interest coupled with the fees to process and manage the bonds. It could be greater. Does anyone know?
At 5% $50 billion in cuts would save $2.5 billion in interest year over year.
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[...] [...]
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Mike says:
@Pedro I’m not going to debate what Obama has and hasn’t done for our country, but that chart has nothing to do with any particular political agenda. In fact, you could argue ANY side of the spectrum with the results. So, please don’t ask conspiratorial questions when they don’t concern this page... of course, you have a right to, because you are privileged enough to live in a nation that allows freedom of speech.
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Linda Blanchard says:
As a widowed retiree, I would rather help the US pay this debt now, and not pass it on to our kids and grandkids. My idea is a one time voluntary tax paid by at least 25% of the US population (approximately 312 Million) over four years. The average payment would be $10,700. per year. Here is the catch: In return our government would pledge to cut 100% of programs by 10%, across the board. The government could raise the debt ceiling for no more than 6 months to allow voluntary taxes to be paid. In return, VOLUNTARY taxpayers will be allowed two times (2X) the tax credit on their personal income taxes for the next five years beginning in 2012. That’s right, they pay the voluntary tax for four years, and then claim 2 times the amount they paid on their income tax return for the next five years. Everyone wins!!
This only accounts for the 4 trillion we need to pay back now to keep our credit rating (AAA). The triple A rating keeps the interest rates low for all of us, esp. the government.
Lets be part of the answer and quit bashing each other.
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Neir says:
I fail to see how cutting Medicare/Medicaid/Social Security would be the best solution.
I do however see the need for certain cuts to be made. Perhaps if certain politicians weren’t so keen on lining their pockets there would be less stress on the general populace. The simple fact that there are people in our government that can vote amongst themselves to receive more of my money annually is troubling, for who would ever vote against extra income, especially if you didn’t have to worry about the source?
Too often I see the government opting to cut education or healthcare, when the real moneymaker would be to cut their own budgets.
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C La says:
If we are the “richest” and greatest country in the world, and with all the taxes we pay, why do we need to borrow from so many other countries? And what are we borrowing money for?
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Neir, The reality is that 2/3 of federal spending in Social Security, Medicare and defense, and all three have to be drastically cut to end the spending and debt crisis. Here is a budget proposal to do so, along with additional cuts as you have suggested. And the bigger point is that we do not need this spending which is driven by special interest politics.
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Adolfo Fernandez says:
Why don’t we cut the money paid to the IRS by half along with everyone that works in congress who more then likely are getting retirement checks anyways? All the money can go to pay the deficit and prevent the young working generations from suffering stupid budget cuts. All you old people who make ridiculous amounts of money every month don’t give 2 sh*** about the people that actually work for a living. they should make it illegal to work once you collect retirement that exceeds a certain amount. You old f**** screwed the younger generation; why don’t you pay for your stupid over-spending by giving the money back to society?
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[...] Institute. To Whom Does the U.S. Government Really Owe Money?. 11 March [...]
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Larry Flinchpaugh says:
How much of our $14 trillion dollar debt is owed to the the private Federal Reserve banking cartel?
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to steve says:
To Steve- we can keep all our entitlement programs (see the 17.8%) if we cut the crappy foreign aid (accumulative % about 30) and the hidden payments to countries that we make through defense spending bills.
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Oh I forgot—see the civil service retirement (6%) for less than a million workers. Put them on the same Soc. Sec. plan we have for seniors. (The military I won’t include because they’re lucky if they get a G.I. Bill equivalent in the first place.) In fact I’d like to see government have to live by the same laws they pass for their constituents, and get rid of a couple million paid lobbyists on taxpayer rolls. Ain’t that why we pay and elect congressmen?
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Jason Joshua Jamison says:
It’ll take cuts of 1 trillion per year to start making a dent in this debt. Only RP has a plan to do that.
Everyone mentioning using their savings to payoff the debt, sounds noble, but it would be in vain. If everyone in America emptied their savings to pay off the debt the money supply would shrink up and we would lose all liquidity in the system and the fed certainly doesn’t want that.
Look, our monetary system requires debt to operate, it’s a fact of life, like death and taxes. The real issue is who is expanding the money supply and what is their agenda. In Europe their goal of monetary policy is 1.5-2.5% target inflation. Even before the bailouts that raised our inflation level to 10% American policy targeted 5% inflation for most the recent history.
As far as the US debt goes it needs to be reigned in and that is gonna start with cutting massive amount of government programs. But the entitlements will one day be on the table, not today. Bringing down inflation, bringing back the economy and cutting wasted spending will allow us to get back to sound money and focus more on societies problems and divisions instead of being slaves to our debt.
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Joann Dunne O'Connor says:
Tax rates have not been this low since before the Great Depression. The marginal rates should be restored so those making ridiculous sums of money pay ridiculously high rates on that income. The country worked well under this progressive form of taxation. Now the government is so indebted to social security and China because it no longer collects taxes, thanks to Ronald Reagan and GW Bush.
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jason says:
Hey! I do not understand why not sell all the high tech stuff to China! China made low tech products. We sell high tech. The whole thing will be balanced immediately! For technology, new technology will become old one day. Every day, more new technology comes out. It is best to sell at the highest price. If we just keep all high-tech until they become old and worthless, we are just throwing away all the valuable diamonds and gold away. The most simple way is to sell technology, sell more, make us more rich. Re-invest in technology and U.S. will always be number one. Simple enough. This is known as sunk cost and opportunity cost.
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Patriot says:
Well good news I decided to not pay our foreign debts for everyone. I’m going to send them an I.O.U. I would rather owe them the money than cheat them out of it.
P.S. Jason, We don’t sell China high technologies, they steal it.
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[...] the United States has a 15 trillion dollar national debt, and owes China 1.2 Trillion dollars in treasury obligations. The irony in all of this, is that China has been hiding its [...]
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[...] the United States has a 15 trillion dollar national debt, and owes China 1.2 Trillion dollars in treasury obligations. The irony in all of this, is that China has been hiding its [...]
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The lie that 1/2 the taxpayers don’t pay taxes is just that, a lie.
Forget Federal income taxes as we’ll talk about the hidden tax called inflation in a bit, what about state income taxes, Auto purchase taxes and registration taxes, licensing fee and the like. Gas taxes, cities taxes and the like. Now how about all the taxes and R&D cost that are passed on to me when I purchase a car, i-pod, Asus computer, Kindle, my cell phone (don’t forget all the little taxes and fees-and in MA I pay taxes on suggested retail of $650.00 not the $1.00 I actually paid for the phone. How about the property taxes $2740.00 which sit above their legal limit based on the old over inflated bubble housing prices from a few years back, all the while every street in the city is lined with pot holes because in Brockton Ma all the unionized city DPW workers and political hacks are pulling in 80% (of their 3 highest paid-OT feather-bedded years–i.e. more than they were making (100+%) most of their working years!) And to add salt to this wound they are a high % of them making over 100K a year because they held elected posts for 5-8 years and got to count 15-20 years of community service at the local library as working years, and thus retire with a 25-30 year pension! And all the other sneaky little taxes I can’t think of or don’t know about at the moment.Look up Fractional Reserve Banking on YouTube or read a text book on Money and Banking. This causes inflation which eroded savings, you shouldn’t bother saving money if its in dollars as you are losing money to the tax of inflation every years. In inflation all savers pay a huge federal tax. Moreover, the reason for this is so that large businesses, NY Banker (Cartel) and more importantly the US Government, without whom this monopoly would not be possible-its after all made and sustained by law and not de facto free market economics, can borrow cheap money and pay it back with less valuable (Inflated) money. Just like a points system in a time shear, you buy a 2 week time shear and 4 years later the point spread is changed by the lawful owners of said real estate (Seems you really didn’t buy real estate but feit points.) and now your 2 weeks has become 1 week. That is how the scheme works and it’s a tax if not theft!
Save all your recites for one year and than tell me you don’t pay taxes, add to this inflation on your savings and there is your tax bill. I think you’ll be surprised even if you are the recipient of an “earned income credit” and or pay no federal taxes!Alas my conclusion:
I don’t care if the entire US Government collapses, I am not paying another damn dime in taxes nor am I going to get up set at the losers sucking the welfare system dry while working under the table! The US has not had a free market economy for over 100 years and I am in favor of “Free Markets” and “Sound Money” and I am no longer willing to support political parties that offer anything less! Nor am I will to pay anymore taxes, I want a tax cut (10% or less) and sound money or no vote!
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Tom says:
Social Security is owed a lot of money from the FEDS, billions.
They have taken money out and never put it back, that’s your money folks. -
Mitchell Swann says:
It is really disturbing to see how incapable of processing only relatively complicated material so many of you are. CLUELESS! It started off with comment one and ricocheted back and forth through varying degrees of inaccuracy, illogic and downright lunacy. You can’t reduce the debt by asking people to pay an ‘extra debt reduction tax’ and give those people an increased tax deduction as a ‘reward’ – the tax deduction ends up being a part of the debt. What the data ‘shows’ is that the OVERWHELMING MAJORITY of the debt is ‘owed’ to ourselves. So as long as we don’t send a collection agent to rough ourselves up a bit for being behind on the payments, we should do OK. We need to reduce the debt, but it is NOT the Damoclean Sword waiting to sever our necks. We have a too largely uneducated populace (as made evident by some of the stuff posted here) and we continue to shred our educational system; we have a crumbling infrastructure as we de-fund any reasonable effort to improve it and we continue to wallow away time neglecting the energy issue – an issue which, if addressed would reduce our need to ‘export’ money; improve our environment which would be a clear $$ savings in terms of cost to repair, etc. Cutting foreign aid won’t due it (less than 2% of the annual budget) and cutting Medicaid won’t do it because there as laws prohibiting hospitals from turning away the poor at ERs so the people would just go there and it would cost more to deal with it that way......AARRRGGGHHHHH!
GET A CLUE; BUY A VOWEL IF YOU HAVE TO!!!!! -
Mitchell, The view in “Keynesian economics” regarding government debt that “we owe it to ourselves” is a cruel myth that has been refuted many times. None of us owns the debt and none of us has engaged in any obligations regarding it. Yet, it is imposed on us and ultimately is paid to interest groups by either inflating the currency or raising taxes, both of which mean stealing from the general citizenry. In other words, government debt is a scheme in which the wealth of the many is redistributed by force to the few. And MyGovCost.org explains what you or your children personally will be forced to pay.
Moreover, the pork barrel projects of government spending necessarily misallocate scarce resources from what is productive to what is not since people voluntarily will not fund such projects through markets. To provide goods and services, people should be free to make their own choices not subject to the whims of some elite of dictators. Here are some references in this regard:
Urban services and infrastructure: The Voluntary City
Roads: Street Smart
Environment: Re-Thinking Green
Schools: Can Teachers Own Their Own Schools?
Housing: Housing America
Health Care: American Health Care
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Tito Sim says:
There are a lot of good suggestions in this thread and I appreciate hearing all those wonderful suggestions. Cut foreign aid, cut entitlements or at least cap them, cut medicaid, cut or cap social security but guys remember that social security was plundered by the government and they should return the money so that retirees could have a decent retirement, and of course the most ambitious and very expensive unconstitutional shoved-it-to-our-throat item is the Obama care which should be demolished. Please put these good issues at the back of your mind until this coming November.
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When a ship begins to sink, all the fools on board begin to loudly argue about how big a hole should be bored in the boat’s bottom to let the water out. The smart people QUIETLY put on life jackets, and wait for the ship to sink. They then watch all the loud-mouthed fools drown. After all the idiots and fools are gone, those smart people swim to the bottom, turn the boat over, take it to the top, and slowly bail it out. It won’t be easy, but they are the type of people who actually ACT, instead of merely talking about acting.
The problem is not debt, it is attitude. -
Go to work, buy gold, keep your mouth shut, and wait. Don’t tell ANYONE how much you have, or where it is. Don’t offer advice. Live away from “society”. Don’t try to “help”. You can’t.
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I would like to know why the (MEDIA, Whom has their comments, most meaningless, BS) does not ever show this chart to the United States People. All we hear, read or see is, how much Our Country is In, Debt, which should be boasting the Deficit also... Also, all this finger pointing is a real sorrow. For when you finger point, you have, index finger doing the point, although there is three fingers beneath it pointing back at the pointer. Is there no Ethics or Morals any more, and then the media hits on religious groups. WHEN DOES IT STOP? FIX THE PROBLEM!!
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rtaylortitle says:
As of this month...how much does the U.S. taxpayer owe directly to the Federal Reserve?
Please...need this info for a book I’m writing. -
jay ell says:
Where can I find more recent debt data?
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Joe Wasnewski says:
I am going to try to explain why we are in the situation that we are today. After repeated attempts, attempts that had been thwarted first by Jefferson and then by Jackson, the wealthy bankers of the world managed to establish a central bank in America that promised to not only make them very rich, but even more powerful too. It was a debt based system of money creation that was a Ponzi scheme, but like many greedy people, they didn’t care about the future consequences, because they would be in control financially by the time it collapsed. The system required that the government pay back with interest the money it borrowed from the central bank which was allowed to create the money out of thin air. But because they didn’t create the money to pay the interest on the loan, this assured them of a customer that would forever have to borrow against the interest, thus causing the debt to grow constantly and increasing their profits from growing interest.
The politicians liked the idea because it gave them unfettered access to a limitless supply of money with which to secure their offices. The banks made a very handsome profit on interest on money that didn’t exist. It was a symbiotic relationship made in heaven. As long as the money that was borrowed was put to “productive” purposes and created real wealth, the day of reckoning could be pushed further down the road. This was at a time when world record skyscrapers and dams could be built in a third of the time it takes today and well within budget. The inefficiencies of government intrusion did not yet exist on the scale it does today. As the money began to be diverted to less productive ventures and unproductive ventures and destructive ventures like war, welfare, bloated pensions, public sector unions, etc., the day of reckoning began to gain on the economy. But it was moving off the gold standard that sealed our nations economic fate.
Now like any family in deep debt, we are shattered, unable to raise taxes or cut spending without causing a depression and only able to print more money, faster and faster to the ultimate end of inflation, hyperinflation and finally the worthlessness. Even as we speak, bankers and politicians are quietly moving to the exits, hands in their pockets and softly whistling some unrecognizable tune.
To paraphrase Custer’s last words . . . . “Damn!”
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Joe Phillips says:
Steve:
You say we “need to just bite the bullet and say goodbye to our Social Security/Medicare and Medicaid. Then we can actually lower taxes and be fine.” You are partially correct. We need to immediately stop supporting dead beats who won’t work. No more food stamps, section 8 housing payments, etc. Those are entitlements.
Social Security, Medicare and Medicaid are not entitlements. The Federal Government required me to buy those “insurances.” I had no choice but to contribute to them or go to jail–they confiscated my earnings to the tune of over half a million dollars over my lifetime. Now, I have a right to require them to keep their part of the bargain (even though it was never much of a bargain for me). Otherwise, give me my money back with interest. I’ll trade that gladly for any “benefits” they offer. I will invest it in private plans whose benefits dwarf the Governments. Plus, what is left after my death goes to my heirs instead of it being confiscated by the Government.
You cannot find any Constitutional justification for confiscating money from one U.S. citizen to give to another. Nor, can you find any warrant for giving U.S. citizen’s money to any foreign country. The U.S. Government has no delegated power to be in the benevolence business. That is the responsibility of the private sector: individuals, churches and benevolent organizations, and corporations.
We are no longer a Constitutional Republic. We are a mix of an oligarchy (i.e. Supreme Court) and a democratic monarchy–Presidents think they are kings who can levy taxes on their serfdom and go to war at their whim.
This is what happens when you dumb-down the population who now votes for elected officials the same way they voted for prom king in high school. As a result, we have prom kings as Presidents and bad actors as Congressmen.
It may well be time to either shop for another country in which to live or buy a boat and live at sea. Bleeding heart liberals have ruined what was once a wonderful idea.
Anchors away, Joe
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We need to consider the leializatgon of marijuana for tax purposes. I do not use the plant personally, but advocate its use to get our fine country out of debt. I’m not saying it’s a cure all, but it would definitely off set federal debt. The only branches of government that would be affected would be local governments who currently tax the users who are caught with fines and jail penalties. This is an approach that could also allow for budget cutbacks in spending on the nation’s prison
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Do you people really believe all this c***. We need to end policing the world and let the rest of the world rot. Close the boarders and prosecute to the end trespassing into this country. And the lazies on welfare. Get a job or leave the country. This country is going to a bad place to live and you libs think it’s funny. The solution is so simple but the politicians are all b******.
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mdco2 says:
I’ve only recently begun having interest in politics and so I probably come into it having a sort of ‘child’s view of things’ -which, I think in many ways is actually a great way to start fixing these debts however, I understand it’s also just not that easy. But, it really scares me that the U.S. can borrow so much money and be in debt to a country that has so much power, how can the U.S. continue to be one country while owing so much to others?
It appears that in time, we will be owned and not be able to be what we were intended to be-a free nation without having to appease to anyone. How could we go on borrowing money? Is it personal greed that continues this? We have some of the most intelligent people in our country and these minds combined, can’t something be done to figure out how to stop borrowing and paying off these debts and become independent-building the U.S. to be a true nation? Because to me, looking at these numbers it seems that the U.S. is just a facade.
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How do we know this is not just another lie crafted to placate us into thinking that things are all right and all of Obama’s ‘programs’ are working?
Everything he has done has been an abysmal failure.