75-78% of the USA national debt is domestic. So that is about $30 trillion in domestic debt and $10 trillion in foreign debt. The USA GDP is about $32 trillion. That is much larger than the $10 trillion in foreign debt. Domestic debt includes federal trust funds (like Social Security), the Federal Reserve, state and local governments, banks, pension funds, and American individual investors. So what does this even mean? Is the fact that close to 80% of the debt is foreign make it less bad? For example my uncle holds hundreds of thousands in treasury bills and bonds. He gets paid interest from the US government. Has the whole national debt issue been overstated? Or does it mean US citizens who hold US debt are in a good position and US citizens who don’t are screwed?
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