It isn't just the Chinese who hold our debt. The 1% holds a lot of it too, so GUESS WHAT? they make out like bandits if the interest we pay is raised. Not that I am the suspicious type, but couldn't that be why the Koch bottles made their TP Baggies sizzle?
Actually we the people hold a big chunk of it....
This is the biggest fact that many ignore. China does NOT own America. Most is in the form of Bonds. China currently holds 9-12%. Keep printing money the way we do and at some point Hyper-inflation will kick in and those holding those bonds will be wiping their assess with them, while the rest of us do it with worthless cash.