He’s right. Our nation, including both principal and interest on loans, owes something like just under $300 trillion. The entirety of our assets, civilian and land, total maybe $93 trillion. Even if we sold all of it off, we owe around $200 trillion.
Trillion. With a, “T”. This is a forced collapse of our economy, no doubt about it. There’s no way that ALL of the people running the country are this incompetent.
“The entirety of our assets, civilian and land, total maybe $93 trillion. Even if we sold all of it off, we owe around $200 trillion.”
And why exactly do we need to pay off the debt?
We have used a funded public debt ever since Alexander Hamilton became Treasury Secretary.
Hamilton’s genius was to recognize that the massive debt run up during the Revolution could be converted into an asset by means of a funded public debt. Which it was. And mostly still is.
The national debt was paid off only once, from 1835 to 1837 during Andrew Jackson’s presidency. And despite having no debt the country went into an economic depression in 1837 that lasted seven years.