Open Thread – Government Debt

From the Treasury, as of Tuesday 9/1:

Total US Debt: 11,792,918,170,836.43
Debt Held By The Public: 7,481,218,854,095.12
Intragovernmental Holdings: 4,311,699,316,741.31

Debt held by the “public” includes anything not held by other government agencies. I.e. this is t-bills sold to individuals, corporations, foreign individuals and even foreign governments or sovereign wealth funds.

Intragovernmental holdings a money the government owes the government, such as the social security trust fund.

I contend that the ONLY meaningful number is debt held by the public.

Tell me why I’m wrong.