Public Debt vs. Federal Debt

Paper Summary:

This paper discusses how the government is just as effected at the economic crisis at the public and how both sections of the economy have been thrown into debt. The paper examines the differences between these two types of debts and discusses ways that the government can change policies and introduce reforms in order to end this cycle.

From the Paper:

"The gross Federal debt is divided into two categories: debt held by the public, and debt the government owes itself. The first category, public debt, is the total of all federal deficits, minus surpluses, over the years. This is the money that the Federal Government has borrowed from the public, such as notes and bonds of varying sizes and time periods. This debt is held by individuals, corporations, state or local governments, foreign governments, and other entities outside of the US government. This does not include Federal Financing Bank securities. (A side note here: the Federal Financing Bank was established to "consolidate and reduce the governments cost of financing a variety of federal agencies and other borrowers whose obligations are guaranteed by the Federal Government".) (Public Debt Online) "

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