The President of the United States is so clueless that he doesn't even understand the difference between the national debt, versus the annual budget deficit.
He's totally wrong, of course as evidenced by the national debt having increased $2 TRILLION for Fiscal Year 2023.
It's worth noting that the national debt has already increased more than $500 BILLION just so far this MONTH. So this addiction to debt and spending does not seem to be abating anytime soon.
Out of the $33.6 trillion national debt, it's true that roughly $7.1 trillion of that is owned by different agencies and departments within the federal government.
So the argument that 'we owe the debt to ourselves' absurdly presumes that it's OK to default on Social Security or military retirement obligations or the FDIC. Well, such a default would trigger a massive financial and social crisis in the Land of the Free, and few politicians are willing to go down that road. $7.7 trillion of the national debt is owed to foreign nations.
The rest of the US national debt, roughly $18.8 trillion, is owned mostly by large businesses, financial institutions, money market funds plus state and local governments.
Fast forward a few years when the national debt could exceed $40 trillion and average interest rates reach 5% or more.
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