MB Civic

By Eugene Robinson, July 14, 2011

“…Contrary to popular impression, going into default would not be just a matter of stiffing the autocrats in Beijing. Less than a third of the $14.3?trillion national debt is owed to foreigners — roughly 10 percent of the total to China. The biggest chunk, about 40 percent, is owed to U.S. individuals and institutions. Another 25 percent or so is owed to the Social Security trust fund, the U.S. Civil Service Retirement Fund and the U.S. Military Retirement Fund. In a sense, we would primarily be stiffing American retirees, including veterans….”

http://www.washingtonpost.com/opinions/the-gops-dangerous-debt-game/2011/07/14/gIQAB4gyEI_print.html