Mitt Romney lamented "the enormous debt" being handed the nation's children, while House Speaker John Boehner called it a "sad reminder of President Obama's broken promise to cut the deficit in half." But if you thought China's been doing most of the bankrolling, you might be surprised to learn who really holds our federal mortgage. Fully two-thirds of the national debt is owed to the U.S. government, American investors and future retirees, through the Social Security Trust Fund and pension plans for civil service workers and military personnel. China, it turns out, holds less than 8 percent of the money our government has borrowed over the years.
The debt was at 10 trillion when Bush left office. A good chunk of that money went into paying for a war built on lies. Obama's debt has a lot to do with the maintenance of deep, Bush-era tax cuts for the rich during a deep recession caused by a banking sector that's run by the rich. There's no story here. Next.