To Whom Is The National Debt Owed?

Because Trust Fund programs are required to “invest” the trust funds in U.S. Government bonds, much of the debt issued by the U.S. Government is owned by other agencies of the federal government.
- Trust funds: Social Security, Medicare, Medicaid, Highways (gas taxes), Government employees pension funds, FHA, Airports, FDIC, etc.

Because Trust Fund programs are required to “invest” the trust funds in U.S. Government bonds, much of the debt issued by the U.S. Government is owned by other agencies of the federal government.