The USA owes China, France, and other nations $$trillions, that's the $$ paid to Haliburton, Blackwater, and other military contractors for the Iraq war. Since they didn't tax Americans to pay this bill, it went on the credit card. It's called the National Deficit, which was reduced to very little under Clinton, but Bush has been 8 years of spend on credit.
I think you mean national debt. Clinton eliminated the budget deficit, while Bush has allowed the deficit, each year thus far, to grow immensely, which then causes the debt to grow because Bush did not increase revenues to pay for his spending. What's worse, Bush cut taxes, reducing revenue, and still spent like a teenage girl in the mall with daddy's credit card.
Personally, I don't think we need to pay back Red China, until they clear up their human rights record. I think we should borrow MUCH more from China, then refuse to pay it back until they start being nice to their own people. They're so mean, no one will support them against us.
If only things were that easy. Refusing to pay that debt will do little to harm China, but would wreak havoc on the American economy.
Why would nations owe each other money? I feel like if you have to be in debt to other countries to make yours better, theres something funamentally wrong with your country.
And some fundamental problem is often the reason why nations borrow. It's either borrow or print money when a nation runs deficit spending, and printing more money to pay bills is a great way to cause astronomical inflation and ruin a currency. It's far better to borrow.