Are intergovernmental holdings really debt?
Yes, intergovernmental debt is every bit as real as the public debt. It's not "a wash" simply because the government owes the money to "itself."
As I explained in a previous article, Social Security is legally required to use all its surpluses to buy U.S. Government securities. From Social Security's standpoint, it has a multi-trillion dollar reserve in the form of U.S. Government securities. When the Social Security system starts to falter due to insufficient contributions to pay for all the benefits of retiring baby-boomers, probably around 2017, it will start cashing those securities and will expect the U.S. Government to pay it back, with interest. The problem is, the government doesn't have the money. The money has already been spent--in part, effectively, to pay down the public debt under Clinton.
11 april 2008 National debt 9443 miljard.
Vandaag precies 1 jaar later 11176 miljard.
1733 miljard tekort in 1 jaar !
W3.