As the debt ceiling debate continues to dominate the news cycle, do you ever wonder who actually owns the national debt? Many believe that foreign governments own a large portion of the U.S. National Debt. It is true that the national debt is owned by a number of foreign countries including Japan (largest foreign debt holder), China, Great Britain, and Luxembourg according to Kimberly Amadeo in an essay published by “The Balance.” But she states, “The truth is that most of it is owed to Social Security and pension funds right here in the U.S. This means that U.S. citizens own most of the national debt.”
Why is Social Security a major debt owner? Garrett Parker, in an article published by “Money, Inc.” says, “The Congress, those keepers of the financial retirement flame, have been using Social Security taxes to fund other parts of the government because, well the money is there.”
Hopeless? No. As a major holder of the national debt, you have power. Contact your U.S. Representative and demand your representative sign HCR-24 on your behalf.