The day of reckoning can’t be far away, when facts like this become reality:
The United States of America is bankrupt. Don’t believe it? Consider this: Federal obligations now exceed the collective net worth of all Americans, according to the New York-based Peter G. Peterson Foundation. Washington politicians and bureaucrats have essentially mortgaged everything We the People own so they can keep spending our tax dollars like there’s no tomorrow.
The foundation’s grim calculations are based on Sept. 30 consolidated federal statements, which showed that Americans’ total household net worth, diminished by falling stock prices and home equity, is $56.5 trillion. But rising costs for unfunded social programs like Medicare, Medicaid and Social Security increased to $56.4 trillion – and that was before the more recent stock market crash, $700 billion bank bailout, and monster federal deficits chalked up in October and November.
“Given more recent developments, it’s clear that America now owes more than its citizens are worth,” said Foundation president David M. Walker, the former Comptroller-General of the United States
How long before the debt gets called ?
Bankruptcy is not “debts exceed assets.” If it were, then nearly every college graduate would immediately become “bankrupt” the moment they were handed their diplomas.
Bankruptcy is “inability to pay obligations when they become due.”
The United States may be “bankrupt,” but the metric cited is not a legitimate test for it.