Federal Deficit: I'm Dumb. Explain it to me

I have no idea what the federal deficit means to america as a whole or to me as a person. I understand that America is in debt to someone.

Who?

For What?

How does it affect America as a whole?

How does it affect us as individuals?

What happens if it continues to grow?

What happens if we pay it off?

What happens if we refuse to pay?

Or if you can't explain it, is there a link that would explain it in understandable terms?

See if this helps: http://www.treasurydirect.gov/govt/resources/faq/faq_publicdebt.htm

Well some of the debt is paid by the people of the United States, so if the US didn't pay it, those people would be out of money...but the part that sucks for them is that some of the debt is being paid by other countries and if they can't pay those countries, well, those countries are going to want their money back (China).

It's basically like the US has a credit card but instead of keeping to the limit, they decided since they are the most important thing in the world and they will borrow beyond the limit and leave the problem to future generations to pay off when everyone wants their money back.

If everyone rushed to a bank to take out their money all at once, the bank wouldn't have the money to give those people, would be forced to go bankrupt, and whoever didn't get their fast enough would have lost their money. If everyone tries to collect their money from the US all at once, the US won't have the money and they will go bankrupt and everyone will lose.

That's how I understand it anyways. I wasn't paying attention all the time back in high school but I think that's right.

I have claimed all of the united state's deficit from the federal reserve and all other monetizing banks/organizations. I have claimed all debt on behest of every individual who has willingly forfeited theirs in prayer. I accept all of the world's debt, and I am the only person on this planet who is willing to actually pay this off.

I accept this all, and shall atone for this desparity of judgment and valuation in a way that will solve the world crisis. This has been begotten of our own intelligence, the ability to substitute numerical value for the content of our lives, and I will remedy the situation for all, beginning with the total acceptance of all debt placed on any soul from every moneticizing institution.

What others have rejected and cast aside, I bear the scar and husk of the sentiment therein. I am the representative of infinity, and I claim all outstanding notes hereupon this world.

@pooty said:

Who?

Most of the US's public debt is held by the various agencies of the US itself. Trust funds, retirement funds, individuals and such. Only about a third of it is hel by foreign entities. Here's a breakdown:

May be of interest