President Barack Obama says the US has no debt crisis

Seriously?  This guy must be living on another planet.  But I guess I shouldn't be surprised to hear it from a President that has piled more debt onto our nation's citizens than any other president in our history as well as all previous US Presidents combined!

"We don't have an immediate crisis in terms of debt," President Obama said in an exclusive interview for Good Morning America.  In the same interview he called our current national debt "sustainable".

Unbelievable.

Well let's see.  Our current national debt is $16.7 TRILLION right now.  The Congressional Budget Office projects that another $7 TRILLION will be added to that number over the next 10 years on our current path.  That is WITH the current cuts that took place a couple of weeks back.

Seems like a pretty substantial debt problem to me.  We are broke and only printing money and buying our own bonds is keeping us afloat.  Am I the only one seeing this picture?  One day in the coming years this is going to have to be reckoned with and it is not going to be pretty.  We are all going to suffer for the excesses and waste.

After hearing Obama's comments it is even more evident why nothing gets done in Washington.  The leadership does not even believe we have a major problem with government spending, tax loopholes and unsustainable social welfare programs.  Nothing will get addressed in any meaningful manner anytime soon.

Until we get a President that recognizes the problem it will never be dealt with in any meaningful manner.

Just Who Owns America's Debt? Americans!

Truth is elusive. But it's a good thing we have math. Our friends at Business Insider know this, and put those two principles to work today in this excellent and highly informative little slideshow, made even more timely by the ongoing talks in Washington, DC aimed at staving off a US debt default.

Here's the big idea:
Many people — politicians and pundits alike — prattle on that China and, to a lesser extent Japan, own most of America's $14.3 trillion in government debt. But there's one little problem with that conventional wisdom: it's just not true. While the Chinese, Japanese and plenty of other foreigners own substantial amounts, it's really Americans who hold most of America's debt. Here's a quick and fascinating breakdown by total amount held and percentage of total US debt, according to Business Insider:

Hong Kong: $121.9 billion (0.9%)
Caribbean banking centers: $148.3 (1%)
Taiwan: $153.4 billion (1.1%)
Brazil: $211.4 billion (1.5%)
Oil exporting countries: $229.8 billion (1.6%)
Mutual funds: $300.5 billion (2%)
Commercial banks: $301.8 billion (2.1%)
State, local and federal retirement funds: $320.9 billion (2.2%)
Money market mutual funds: $337.7 billion (2.4%)
United Kingdom: $346.5 billion (2.4%)
Private pension funds: $504.7 billion (3.5%)
State and local governments: $506.1 billion (3.5%)
Japan: $912.4 billion (6.4%)
US households: $959.4 billion (6.6%)
China: $1.16 trillion (8%)
The US Treasury: $1.63 trillion (11.3%)
US Social Security trust fund: $2.67 trillion (19%)

So foreigners own about $4.5 trillion in debt. But America owes America $9.8 trillion and there's where a default would hurt the worst!