I'm less worried about borrowing from China then I am borrowing from ourselves.
Intergovernmental debt is a bigger deal and generally ignored. (Hence why Clinton was able to "balance" the deficit, yet still raise the hell out of the deficit.
is a good article on it.
Essentially, the US will likely get it's act together on what it owes other people... but likely screw over those who invest in social security, medicare etc. It's own people.
Hence why private social security is actually a GOOD idea.
Because I know if i put my money somwhere privately, that the US government can't steal it to spend it on defense or other welfare programs or whatever...
and in this case it really is stealing since they are spending money that is supposed to be used for social security on other things, replacing them with IOUs.
