According to the article, Japan and China are U.S.'s largest creditors, with China owning $1.5 trillion of U.S.'s debt- more than any other country!
Ah! When I read this, my jaw literally dropped.
During each new term, future presidents promise to improve the debt issue, but it seems to keep stacking up each year. What is the answer to this problem? One simple solution may be to start limiting our consuming and begin to produce more of our own products. Can you think of other ideas?
Out of curiosity, I ventured off to find out which countries have the least amount of debt. After doing some research, I found that Brunei, Macau, Taiwan, Palau and Liechtenstein all do not have any debt. Also, several islands, including the Federate States of Polynesia, Fiji and the British Virgin Islands are countries with some of the fewest debts. How is this possible? What is their secret?
Let's find ways to improve our economy's future, as well as find ways to see how these countries with low debt (or no debt) live. This will most certainly inspire us to reflect a healthy financial wellness onto our own lives.
What do you think your country's future holds with financial wellness? Can you think of a solution to the debt problem?
Here is a list of countries by public debt by GDP ration:
Public Debt Statistics
Daily Chart- The Economist
List of Countries by External Debt