Politics: US Will Never Default, We Have More Of Our Own Debt

According to the Vice-President of the United States, Joe Biden, the US owns a greater share of own debt than anyone else in the world.

While we like to think of China as the folks financing our debts, we still own a vast major of our own financial assets at 87% and almost 70% of our government bonds.  CNN puts Chinese ownership at 8% of our treasury bonds.

So, such a default would not be in our own interest.

I don't now if you're a Tea Party guy or gal or not.  I certainly have some sympathy with their goals if not their child-like stubbornness.  However, had we not have a debt-ceiling deal, we would have defaulted on millions of Americans who rely on interest payments of the treasury bonds.

Still, we need to double down on our debt and truly work through this.  I was really disappointed in my own GOP leadership who walked away from a $4 trillion deal and ended up with only a conditional $2.5 billion cut.

Back to not default.  The US will not default.  Period.  Even if it does means we'll have to go to bed without supper.


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