# The Actual Truth about the National Debt

Page: https://stenobird.com/podcast/the-dividend-cafe-743128/the-actual-truth-about-the-national-debt
Text version: https://stenobird.com/podcast/the-dividend-cafe-743128/the-actual-truth-about-the-national-debt.md
Podcast: [The Dividend Cafe](https://stenobird.com/podcast/the-dividend-cafe-743128)
Published: 2026-05-15T20:00:00+00:00
Episode link: https://podcast.dividendcafe.com/episodes/the-actual-truth-about-the-national-debt
Audio file: https://dts.podtrac.com/redirect.mp3/media.zencast.fm/the-dividend-cafe-1/5441fba2-b7d6-4c00-b099-689ec82b5bee.mp3?source=feed
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## Resource

Today's Post - https://bahnsen.co/4d5naRq David Bahnsen discusses U.S. national debt after total federal public debt surpassed 100% of GDP, defining it as $31.27T in Treasury securities versus $31.22T GDP, distinct from state/local debt, intergovernmental debt, and unfunded liabilities. He explains who holds Treasurys (foreign holders, the Fed, U.S. households, and banks/pensions/insurers) and why Treasurys serve as the global risk-free rate, rooted in confidence in repayment supported by U.S. economic strength and taxing authority. Bahnsen argues the key problem is persistent deficits (~6% of GDP) growing faster than the economy, projecting debt near $50T by 2040, driven mainly by entitlement spending rather than military, fraud, or insufficient taxation. He says growth is necessary but not sufficient, warning reforms will involve pain, and closes by advocating diversified, valuation-conscious dividend growth investing as an attractive risk/reward approach. 00:00 Why Debt Matters 02:43 Crossing 100 Percent 03:43 Debt Definitions 06:14 Who Owns Treasuries 08:42 Why Treasuries Work 14:14 What 100 Percent Means 17:38 Deficits Keep Growing 20:09 What Caused It 27:08 Hard Choices Ahead 29:13 Investor Takeaways 32:47 Dividend Growth Close 33:20 Thanks And Wrap Links mentioned in this episode: DividendCafe.com TheBahnsenGroup.com

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## Transcript

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