Foreign debt is only a piece of it: https://www.thebalancemoney.com/who-owns-the-u-s-national-debt-3306124#:~:text=1%20Foreign%20governments%20hold%20a,and%20h

Foreign debt is only a piece of it: https://www.thebalancemoney.com/who-owns-the-u-s-national-debt-3306124#:~:text=1%20Foreign%20governments%20hold%20a,and%20holders%20of%20savings%20bonds https://www.thebalancemoney.com/who-owns-the-u-s-national-de.... For example: think of the retiree who holds most of their nest egg in (nominal) treasury bonds.