The National debt of the US has topped $16 trillion dollars which has brought much controversy upon Obama?s deficit during his presidential campaign. President Obama is being accused of leaving the economy worse than when he took the office. It is also mentioned on how the 2008 campaign Obama criticized President Bush for leaving such a burden for future generations with such a large debt, he describes it as unpatriotic and irresponsible yet he did the same thing. As many ask themselves ?who do we owe that money to?? they automatically assume that the majority of the national debt is owed to China, but it actually isn?t. The vast majority of this debt is held by us, although there are many countries that we still owe trillions of dollars to, like China. Since Obama became president this debt has been increasing by approximately $2 trillion dollars a year. Presidential candidate Mitt Romney said this happen because of Obama?s health care policies. When in reality both Democrats and Republicans brought this upon us.
On Tuesday the Treasury Department reported that the national debt of U.S. had topped $16 trillion, because of this the Republican?s added more controversy to President Barack Obama?s deficit just as the Democrats are starting their campaign. During the 2008 campaign Obama criticized President George W. Bush for adding $4 trillion to the national debt, saying it was ?unpatriotic? and also ?irresponsible? to saddle future generations with such a large national debt. In 2009 the national dept was a little over $10 trillion. Since Obama became president he has added another $5.4 trillion; more than Bush did in two terms. Republican presidential candidate Mitt Romney accused Obama of leaving Americans worse off than when he took office, because of his policies. Many believe that most of the debt is owed to China, although in reality more than two-thirds of federal mortgage 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 has actually dropped withholdings of U.S dept from $1.31 trillion to $1.16 trillion, although they continue to be the largest foreign country that holds less than 8% of the US dept. Followed by Japan that holds $1.12 trillion, although Brazil, Russia, Taiwan, Switzerland, and United Kingdom hold trillions more. Less than $5 trillion is owed to Social Security Trust Fund and Pension Systems while $11 trillion to foreign and domestic investors and the Federal Reserve. U.S. private investors hold nearly $1 trillion in federal debt, while mutual funds, insurance companies, state, and local governments hold nearly double that amount. This debt can cause serious weakness. If our economy isn?t as strong as it used to be in the past we cannot project our values around the globe or negotiate with banker. Now that Obama is in his second term, government is questioning whether to raise taxes on the rich or reform social programs. Sen. Dick Durbin said that his democratic colleagues in the House and senate should be willing to address entitlement programs like Medicare and Medicaid in deficit reduction negotiations.