"I can't be broke -- my checkbook still has checks in it!!"
The minimum wage must be abolished and Right to Work must be the law. Eliminate these anti-free market impediments on enterprise and American Exceptionalism will rise again. Once that happens, Red China will revert to a meaningless third world backwater.
Who wrote this, Paul Krugman?
They aren't worth squat as long as they're kept in the ground, which is exactly what Fedzilla plans on doing with them.
Highly recommend the paper found at the 3rd link above. For those who actually wish to understand vs. repeating talking points.
Cullen Roche - what a blowhard.
Just plain stupid, obviously a member of the moneychangers.
The United States has been operating in BANKRUPTCY since 8/15/1971 when Nixon closed the Gold Window and officially declared the United States BANKRUPT. Every last dollar has been LOANED into Society with Interest attached by the Central Bankers(Moneychangers) The Interest can only be paid through the Blood and Sweat of Labor. None of this is rocket science, just plain Fraud and Servitude.
The author is a homophobic racist and an abject bore....
Contrarian for the sake of...
I’m guessing that this was written by someone who does NOT want Brat elected.
Find THAT authorization in Art 1, Sec 8 of the Constitution.
This guy is a delusional dictator wannabe.
/johnny
It's not the damn government's wealth to be spending.
/johnny
So...why the hell does fedgov ‘own’ anything? This is preposterous. And, further evidence that we need to rein in these clowns, or replace them.
BFL
Oh, here we go... didn’t take long.
well I’m no economist but if one sells the $150T in oil reserves then the $127T debt is paid, but if the spending stays the same, and in fact increases because we have to buy back that oil, then up the debt goes again (and down goes the credit rating), this time without oil reserves to guarantee it. As a homeowner, I wouldn’t risk being in debt the total value of my paid-off home. So to me, it doesn’t seem like the $150T in oil and $200T in non-liquid assets is a good foundation for an argument.
“If the USA is the wealthiest country in the world then the US government is the entity that exists to enact public policy by transferring some of this wealth at times.”
With all due respect, please accept my invitation to eat s**t. Who will define those times when it’s right to transfer wealth? Will it be us or will it be the Somalias of the world? Will it be intellectuals like you who think they are smarter than everyone else?
“The USA has a certain “exorbitant privilege” due to the size of its economy and its status in the global economy”
No, it has this privilege because of the Bretton Woods agreement which standardized world commerce (in short) on the US dollar. Should this standard, or agreement deteriorate, we would find ourselves in an instant detonation of our markets and our ability to conduct international trade because the market would impose an interest rate upon our debt our economy could not sustain. What would happen then, is our assets you speak of would become pledged in vastly greater numbers of dollars in terms of the debt service thereby due.
You posted this without comment. Are you in agreement with the author? Just curious.
I suspect that Cullen Roche is a pen name that Krugman uses because everyone recognizes that he is a fool.
(the assets of the USA likely exceed $200 trillion)
So, the unfunded liabilities are getting close to the worth of the assets of the USA, which are privately owned. I feel much better about that unfunded liability now! WTF! Is this guy on drugs?
The unfunded liability is real as the $17 trillion of national debt does not include the obligations we have for social security, and especially medicare. If a private sector company had this huge a percentage of liabilities that they kept off their books, the CEO and CFO would be put in jail for cooking the books, a Sarbanes-Oxley violation. But it’s ok for the government!