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manwiththehands,
I interpreted the $1T before and another $1T after 2000 to be only the portion borrowed from Foreign sources.
There is a lot of government debt held by Americans that would not figure into that.
Still, how they get from a total reported current National Debt of $8T to $46T-$50T owed is beyond me. If they mean that is what it will take to pay off the $8T plus additional interest while it is being paid off, then they would need to show an awful lot more details. What assumptions were made about when deficits would end and surplusses would begin ? What interest rates will the government have to pay on any additional borrowing beyond the $8T already on the books ? Etc.
It is disingenous to say every man, woman, and child owes $166K, when the total "payoff amount" as of today is only $8T. That $8T divided by 300M Americans is only $27K each if paid off today.
If nothing else changed except to hold government spending to today's level -- zero inflation increases allowed in spending while the economy grows at a net 3% -- then it would take less than 15 years the existing tax revenues to generate surplusses that would have completely paid off the $8T plus interest.
It isn't an unsurmountable problem, and Chicken Littles that run around screaming the sky is falling don't really contribute to a solution. People won't even look for solutions if they think the problem is insoluable.
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Excellent point.