Funny how the good parts get cut out:
Q: What is owed to foreigners?
U.S. Treasury obligations are viewed as one of the safest investments in the world. Lured by the stability of the U.S. economy, foreign governments, banks, companies and individuals have sharply increased their U.S. debt holdings. As recently as 1970, foreigners owned only 5% of the debt held by the public ? that's the portion of the debt that doesn't include the amount the government owes itself, in the form of IOUs to entities such as the Social Security trust fund. By 2005, foreigners had increased their share to 45%.
I'm not necessarily agreeing with all of the spending, but it's unsettling the knee-jerk reaction the phrase 'raising the national debt' gets. The majority of people I know/knew reacted the exact same way when Bush Sr. and Clinton did it. Read the article, like a mortgage, a $6T loan with $184B interest payment is a nice 3% rate. Especially, if the money you borrow earns at a rate greater than ~3%. This is investment people. I would expect someone as blue-collar pro-union as FightinIrish to overlook this :), but he's not the only one.
FightinIrish, you say 'got to keep the war machine going', the Iraq war has cost (according to Kerry) $200B, that's, once again, ~3%. Could/should the $200B be less? Yes. Is the debt increase related to the war? Only 3%, the other 97% obiously, accounts for a lot more. And, if (I know, big if.) we generate a stable economy and trade base with an emerging democracy in the Middle East, what's that worth?
Headhunter, why wouldn't they pick up the tab? Put in a dollar and get back a dollar and some change, hell yeah! When a horse is as far out in front as the US is, and works as hard as the US does/has. It's usually a good idea to put some money on it.
Harris447, I prefer having my pockets full of money and my government's empty over the alternative any day of the week.
Brad61, you presented this as a partisan issue, and you are somewhat correct, but it's interesting that people like John McCain and Chuck Hagel, and others who aren't necessarily in lock-step with the administration think this is a good idea as well. IMO, makes it seem less like partisanship and more like the appropriate decision was made in the appropriate way.