1. What country do we owe the most money?
The United States owes China approximantly 1.16 trillion. China practically owns us right now which doesn't make our country look too good. It worries me what actions China may take if we fail to pay them back.
2. Will raising taxes alone get us out of this?Creating a top tax bracket would not be fair, as the top one percent currently pays more in taxes than the bottom 90 percent combined. Doing this could cause wealthy americans to work less, decreasing govenrment revenue. The only way to get us out of this debt is by drastically cutting govenremnt spending.
3 Are any countries debts as high as the United States?
We have the highest debt. However, when comparing debt as percent of GDP, Japan and Italy are worse than us. Regardless, the United States is pretty bad.
Sources:
http://www.defeatthedebt.com/
http://www.usnews.com/news/articles/2011/01/28/the-10-countries-with-the-most-debt
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