America and Americans are not broke in terms of net wealth.
We do have a serious cash flow problem.
Cash flow that is largely diverted to trying to pay down/off past borrowing binges.
As Obama and crew siphon off my earnings from my business and redistributes it to largely unproductive people we as a nation slowly become less wealthy. I did not say “money is wealth”. I said money is a tool. And I’ll repeat, taking a tool from people who know how to use it as proven by the fact that they earned it and giving it to others who do not know how to use it over time makes us all poorer, not just the ones its coming from. Less is produced with that tool overall as a result.
Overall our standard of living will decline, particularly for our children, as a result of government consuming ever larger parts of our productivity.
As Thatcher said, the problem with socialism is, “They always run out of other people’s money”.
No we don't have a "serious cash flow problem". Americans earn $14 trillion a year. $1.8 trillion of that is income from their capital assets - rent, dividends and interest. Interest on "past borrowing binges" are paid to the productive savers who provided the capital, and are the opposite of useless expenditure. The original spending might have been a waste, but the repayment isn't. In fact, the tendency of interest is to oppose large scale redistribution of the kind you decry. Welfare queens have remarkably small bond portfolios.