FACT: The U.S. is bankrupt! Yes, bankrupt!

Discussion in 'Economics' started by mutluit, May 23, 2013.

  1. mutluit


    An analysis by Forbes:
    FACT: The U.S. government is bankrupt! Yes, bankrupt. Skeptical? Ok, I’ll provide some facts and you decide.
    The government has an “official” debt of $15.8 trillion and mounting. But wait, there’s more. This doesn’t include the liability from Social Security and Medicare. When you factor these in, the amount according to some, exceeds $120 trillion. With U.S. Federal tax revenue of just over $2.3 trillion, that puts our debt-to-income ratio somewhere around 5,082%. Now let me ask you. If you, as an individual, entered your local bank and asked for a loan with a similar debt-to-income ratio, what do you think the loan officer would say? Would they give you the loan?
  2. you are saying that social security and medicare liability is $400,000/person in the US?
  3. If I had my very own printing press at home... sure! Remember, default will never actually happen because the U.S. gov't doesn't owe money... it owes <b>dollars</b>.
  4. mutluit


    Yes, exactly:
    120 trillion / 300 million = 400,000
  5. the reason rates are so low is because it keeps debt interest debt.
  6. If I made $100 bills on my computer and everyone in the world accepted them as payment, knowing how I made them, do you think I could ever be bankrupt?
  7. mutluit


    Soon all Americans will be millionaires, if not billionairs!

    ...like in Zimbabwe... :)
  8. vicirek


    it is a problem for creditors not the US
  9. mutluit


    Is Obama saying this?
  10. No. Ultimately this all spells bankruptcy for nearly ALL Americans.
    #10     May 23, 2013