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.
In the real world when countries go bankrupt, we end up with places like North Korea, OK? You know, I seem to remember that there was a time like that in the good ol' USA. That's when it happened.
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.
Economists are virtually all brainwashed by the same BS. BTW, I have a degree in economics from Claremont, with emphasis upon money and banking.
Our current national debt is about $7 trillion.
You are counting the entire economy against only the Federal debt. Considering that you have neglected our Federal unfunded liabilities, underfunded state and local pensions, underfunded insurance, and massive individual debt, etc., this is a totally dishonest factoid. Try again.
This is within our ability to pay.
Add it ALL and get back to me when you've compared our liabilities, cash flow, and net uncollateralized assets.