The following exchange took place when President Obama appeared on The Late Show with David Letterman:
Letterman: I watched the Republican convention and they had the debt clock…and it’s several trillion dollars. Do you remember what that number was? Was it ten trillion dollars?
President Obama: I don’t remember what the number was precisely…
Letterman simply accepted, without apparent surprise, Obama’s preposterous claim that he couldn’t remember how much the debt was. Readers are urged to call the Obama campaign and leave a message for the President. Let him know the figures are available here at LibertyWorks.com
There are two categories of government debt:
- Debt Held by the Public is owed to domestic and foreign individuals, corporations, banks, pension funds, governments and the Federal Reserve.
- Intragovernmental is debt owed by the government to its own trust funds, the lion’s share being owed to the Social Security Trust Fund. In reality the trust funds are an accounting fiction created to facilitate the myth that government can borrow money from itself.
The most often cited debt number, the one that was on the debt clock at the Republican Convention, is the total of the two categories.