Panic over China is greatly exaggerated

Sam Pizzo, Henderson

Tuesday, July 23, 2013 | 2 a.m.

The cry from some Americans is that we owe China the bulk of our debt. But the fact is we owe China $1.3 trillion and Japan $1.2 trillion.

We also owe dozens of other countries a few trillion, including Brazil, Russia, Taiwan, Switzerland and the United Kingdom. Surprisingly, we owe two-thirds of our debt to the U.S. government, American investors, future retirees, and let’s not forget the Social Security trust fund.

When people cry that we are being taken over by China, because we owe them the lion’s share of our debt, I suggest that they first should check out the facts before jumping to any conclusions. Some politicians would like us to believe China is the biggest holder of U.S. debt.