Tags: Gallup | Foreigners | US | Debt

Gallup: Americans Fear Foreigners Owning Too Much US Debt

Tuesday, 13 March 2012 08:15 AM

Americans are more worried about foreigners owning too much U.S. debt than they are about a European economic collapse, a Gallup poll finds.

About three in four Americans are "very concerned" about how the amount of U.S. debt held by other countries will affect the U.S. economy, while 44 percent were "very concerned" with Europe bruising the U.S. economy.

The polls also finds that 57 percent were "very concerned" about the standoff with Iran, while 51 percent felt as strongly about trade relations with China straining the economy.

Editor's Note: Meltdown on Main Street Coming, Prepare Now

"Foreign countries, particularly China, have held U.S. debt for many years. It is unknown when or if those countries will ask for repayment of the debt, or if they will continue to hold on to it," Gallup reports.

"If foreign countries begin to see the U.S. as a poor investment, they may be increasingly tempted to call for debt repayment. With the U.S. government seemingly unable to find sufficient funds to pay its yearly budget, it is unclear how the U.S. government would repay large portions of the debt it owes."

Some are warning that the U.S. is not immune from its own version of a Greek-like debt crisis.

"The truth is if you count total U.S. government debt as compared to many of the European nations that are in the news, we’re already worse than they are, and we’re two years away from where Greece was when it had its crisis," says David Walker, former Comptroller General under President George. W. Bush, according to CYInterview.com.

"Now we’re not Greece because we’re the largest economy, temporary, sole superpower and we have over 60 percent of the world’s global reserves and the U.S. dollar is over 60 percent of the world’s currency reserves, but we’re not exempt from the laws of prudent finance."

Editor's Note: Meltdown on Main Street Coming, Prepare Now

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Tuesday, 13 March 2012 08:15 AM
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