Criticizing the size of the U.S. debt, now at about $19 trillion, and lamenting over the consequences of a debt for future generations has become standard practice for conservatives and the Main Stream Media (MSM). A standard rightwing gibe has been the Chinese invading the U.S. by lending money rather than landing boats.
No one, including the MSM, mentions that more than two-thirds of the national debt is held by the U.S. and most of the remaining one-third is held by countries other than China, including our allies. The two-thirds held by the U.S., and arguably the entire $19 trillion, provides stability for the global economic system. For example, some of the debt is held by individuals in the form of treasury bonds. If treasury bonds were not available, then individuals would have to put their money somewhere else, presumably at greater risk.
The question then becomes, why future generations would benefit from a world with a riskier financial system.
No one, including the MSM, mentions that more than two-thirds of the national debt is held by the U.S. and most of the remaining one-third is held by countries other than China, including our allies. The two-thirds held by the U.S., and arguably the entire $19 trillion, provides stability for the global economic system. For example, some of the debt is held by individuals in the form of treasury bonds. If treasury bonds were not available, then individuals would have to put their money somewhere else, presumably at greater risk.
The question then becomes, why future generations would benefit from a world with a riskier financial system.