federal long term liabilities are $84 trillion, which is $670,000 per household.
We woke up and read it in the newspapers and said, “That’s interesting.”
Nation-states don’t go bankrupt, but there have been a number of sovereign debt crises. The results are not pretty, and I don’t think anyone living in those countries at the time just said “that’s interesting.” Nor do I think the rest of the world will be able to brush it off when it happens here.