ANOTHER WINGNUT MEME IS A FAIL

The wingnuts often cry about having China fund our National Debt but in fact, China owns less than 8% of the debt, so we aren't getting deep in hock to China:

Four facts about the national debt you may not know

By David Lauter
October 16, 2013, 2:48 p.m.
Los Angeles Times

2. China holds only a relatively small fraction of U.S. debt.
The U.S. owes money to anyone who owns a savings bond, a Treasury bill or any other form of U.S. government security either directly or by having money invested in a fund that invests in Treasury securities. That amounts to a fairly large percentage of the U.S. population. Slightly under 40% of the total debt is owned by people or institutions, including individual investors, banks, insurance companies and retirement funds in the U.S.
About a quarter of the debt is held by various U.S. government trust funds that are required to invest their money in Treasury securities. That's a form of internal governmental accounting that gets included in calculations of the federal debt limit but doesn’t count as debt held by the public since it amounts to one part of the government lending money to another part.
Just about one-third of the debt is owned by people and institutions  in other countries, of which the largest single holder is China, which has, at last count, about $1.3 trillion in U.S. treasury securities, or about 7.8% of the U.S. outstanding debt.