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Nope. We’re not bankrupt, and its not even close.

The Chairman of the House of Representatives Committee on Banking, Finance and Urban Affairs would disagree with you:

Well, it is very simple, Solvency, solvency, solvency. We are bankrupt. We are insolvent on every level of our national life, whether it is corporate, whether it is just plain you and I out here with the level of debt that we have piled up, private debt, credit cards and what not, or whether it is the Government. We are insolvent.

You're just about 74 years late in realizing that it's already happened.

Henry B. Gonzalez was an idiot, a politician and a lawyer, but I repeat myself. He was not an economist. In the real world when countries go bankrupt, we end up with places like North Korea, OK? Economists and business people know that the proper use of debt (and I am not saying all we are doing is proper) is a benefit to a business or a corporation. That is why we have had a national debt practically the beginning of our Republic. In the fever swamp, any debt at all is bad. This is just not the case. The US economy is $12 trillion a year (GDP). Our current national debt is about $7 trillion. This is within our ability to pay. If we are smart we can pay it down by keeping government spending from growing. That's not to say we will. As to unfunded liabilities like social security which are not currently on the books, we do have a problem we need to fix. That said, it is not insurmountable. It needs work and needs work soon, yes. Are we bankrupt by any reasonable accounting standard? No. In the real world, when a person or corporation is bankrupt, others stop doing business with them because they can't pay. This is clearly not the case now is it? So stop the stupidity and get an economic education. Quoting some politician speaking to make political points isn't going to convince me or anyone else with lick of sense.

Well, it is very simple, Solvency, solvency, solvency. We are bankrupt.

That is just not true, in a technical sense. Every day we are able to pay our bills, and we will be able to do so every day for years and year and years. So, whether you buy into the overallview of Carry-Okie or RKV, it is simply inaccurate to say that we are insolvent.