Do you lie awake at night, worrying about the federal debt?

Or the interest expense of servicing that debt?

Well, you shouldn’t.

We owe it to ourselves. That’s right.

The bulk of the debt, 68 percent, is owned by American investors.

Could be anyone — investment funds, institutions, corporations, union pension funds, or individuals. You own two-thirds of the federal debt.

So, when Uncle Sam pays the interest on that debt — he’s paying it to you.

And then you’ll take the extra cash, say 4 percent or 5 percent on the bonds, and go out and buy a new car, or a refrigerator, or maybe a home, or you might use the money to start a new business.

Basically, though, since Americans own most of the federal debt, the interest they get is put back into the economic stream of the country and promotes growth.

You might even take the money and reinvest in those Treasury bonds.

Now, the other one-third of the federal debt is owned by foreigners, and their share has been very stable in recent years.

So they probably will take the cash from the interest rate and buy the same Treasury bonds all over again.

Or they might take the money and invest in the United States, even starting up a factory — or maybe not. The point is this: Of the roughly $1 trillion interest expense on the $28.6 trillion of federal debt in public hands, two-thirds is paid back to ourselves. Because it’s owed to ourselves.

Now, here’s another way to look at it.

Household wealth in America — mostly the total value of stocks, bonds, real estate, money funds, or bank deposits — is now $169 trillion. That’s a very big number.

In fact, total household wealth is roughly six times the volume of the federal debt.

Or put another way, the $28.6 trillion in federal debt is only 17 percent of total household wealth.

And, by the way, that does not include all the federally owned assets, or the money that could be monetized, or commercialized from leasing those federal assets for business purposes.

I’m going to take a wild guess and suggest that these federal assets are worth hundreds of trillions of dollars.

But even using just the household wealth of $169 trillion, of which the debt is only 17 percent, the household borrowing is six times the federal debt. That’s the kind of handsome debt ratio that any business would be proud of.

Now, don’t get me wrong, I would like to see lower federal spending. I’d like to erase the yearly budget deficits. And I’d like to reduce the debt to GDP benchmark for the real debt burden on the economy.

And, crucial to lowering all of those benchmarks, is — you guessed it — economic growth.

It’s important. It makes everybody happier. It makes families stronger. Job opportunities greater. Wages higher. Communities safer. Health better. Poverty lower. And on and on.

For heaven’s sake, though, have a good night’s sleep.

From Mr. Kudlow’s broadcast on Fox Business Network.