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View Diary: David Gregory laid into Eric Cantor (254 comments)

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  •  You got it. That's exactly what she meant. (1+ / 0-)
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    Eddie C

    It was fun reading her face as others on the panel babbled from their cherished and uninformed positions.

    •  Again though (1+ / 0-)
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      Correlating household assets to national debt is ......... beyond silly.  She is making it sound like national debt is paid off by personal assets when in fact national debt is PART OF our personal assets. If we erased the national debt our household assets would IMMEDIATELY decrease by the same amount.

      Government debt is an asset to the non government, which is us.  The number of people who talk about national debt like its the same as a personal debt is astounding......... and they are dead wrong.

      •  If I remember the math right (0+ / 0-)

        75% of the debt is money the government owes to its own citizens through US Treasuries.

        Only about 25% is foreign owned, with the top three foreign debt owners being China and Japan (roughly tied) and Great Britain.

        I personally own a few thousand dollars in national debt by virtue of a US Savings Bond drive at a former job some years ago.

        •  EXACTLY! (0+ / 0-)

          Govt debt is "OWNED BY"  not owed by the citizens.  Govt debt is an asset not a liability.

          Even the "debt" owned by China/Japan is nothing more than dollars they got from selling us stuff placed in savings accounts at the fed.

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