The [American] national deficit is one of the least understood economic concepts, yet it's one of the best indicators of long-term economic health. You may be wondering, _who owns the national debt?_ The media have led many to believe the Japanese do. _Wrong!_ ... over 80 percent of the total outstanding national debt is in the form of bonds owned by Americans. Americans consider the bonds they buy as assets, not liabilities -- and 80 percent of the interest on the national debt goes right back to Americans as income -- upon which they pay taxes.
