"One Nation Under Debt": Understand the U.S. Debt; What We Owe to The Japanese, Chinese...and others

The national debt is like a fat guy in a small boat," said Robert E. Wright, an economics professor at New York University and author of "One Nation Under Debt: Hamilton, Jefferson and the History of What We Owe." "The more debt you load on, the closer to the water line you get. Pretty soon, it takes only a small wave to sink you."

Our kids and grandkids will be on the hook for trillions of dollars in debt that we owe the Japanese, the Chinese and a number of less savory lenders.

To put some perspective on how out of control our borrowing has become, it took the country about 200 years to run up its first trillion dollars in debt. Then President Ronald Reagan took office in 1981 and the national debt started to soar, quadrupling to $4 trillion by the time the first President Bush exited the White House.

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