[The Pack Knight]

We can chide NYC for its fiscal irresponsibility, and rightfully so, but NYC is downright frugal compared to the federal government,

The average liability per New York City household has increased by more than $1,500 to $82,577, according to the Citizens Budget Commission.

That sounds like a lot, and it is, but it is a fraction as bad as the federal problem. If you count federal liabilities the same way—not just what we call the “national debt,” but including things like unfunded pension liabilities for federal employees and unfunded Social Security and Medicare liabilities—federal long term liabilities are $84 trillion, which is $670,000 per household.

This is nuts, and we had better start getting serious about it.

[PeterPrinciple]

This is nuts, and we had better start getting serious about it.

---

Folks, who will be the losers and winners in a NYC bankruptcy. It has been 40 years one has happened. Anyone remember the details?

[PeterPrinciple]

federal long term liabilities are $84 trillion, which is $670,000 per household.

---

In our lifetime a major world power has gone bankrupt. Anyone remember what happened in that situation?

We woke up and read it in the newspapers and said, “That’s interesting.”

[Leep]

The Nazis..I mean the neo-socialist democratics.. will have a final solution.

[Alberta's Child]

The difference is that the Federal government prints money and has full control over its own liabilities. New York State and New York City do not.

This is nuts, and we had better start getting serious about it.

I've been hearing that for decades ... for so long, in fact, that I stopped listening.