Think you forgot:
We are a country of people who own the gov.
The people of the USA are worth $47 TRILLION DOLLARS.
NET OF DEBT.
the richest on earth.
We own the gov debt.$16 trillionish.
Plus the USA has an asset base of $200 Trillion that is used to generate GDP.
You believe right wing trash? Yeah! They spent billions in PAC's to tell YOU: the USA is bankrupt.
$47 trillion net worth.
$16 gov debt.
That $47 trillion wealth?
The richest 10% own 80% of it.
Top 400 people own $1,700,000,000,000.00 ...$1.7 trillion.
Yeah! A couple of them spent billions lying to you.
USA gov also has assets: it bought a lot over the years. Not broke. The whole world buys the safest assets on earth: USA GOVERNMENT DEBT. 1.6% int rate! Long term. gfy!
<quoted text>Americans don't care about any of it.
In the course of his first term, Obama increased the federal debt by just shy of $6 trillion and, in return, grew the economy by $905 billion.
So, as Lance Roberts at Street Talk Live pointed out, in order to generate every $1 of economic growth the United States had to borrow about $5.60.
There's no one out there on the planet – whether it's "the rich" or the Chinese – who can afford to carry on bankrolling that rate of return.
According to one CBO analysis, US government spending is sustainable as long as the rest of the world is prepared to sink 19 percent of its GDP into U.S. Treasury debt.
We already know the answer to that: In order to avoid the public humiliation of a failed bond auction, the U.S. Treasury sells 70 percent of the debt it issues to the Federal Reserve – which is to say the left hand of the U.S. government is borrowing money from the right hand of the U.S. government.
It's government as a Nigerian email scam, with Ben Bernanke playing the role of the dictator's widow with $4 trillion under her bed that she's willing to wire to Timmy Geithner as soon as he sends her his bank account details.
If that's all a bit too technical, here's the gist: There's nothing holding the joint up.
So, Washington cannot be saved from itself. For the moment, tend to your state, and county, town and school district, and demonstrate the virtues of responsible self-government at the local level.
Americans as a whole have joined the rest of the Western world in voting themselves a lifestyle they are not willing to earn. The longer any course correction is postponed the more convulsive it will be. Alas, on Tuesday, the electorate opted to defer it for another four years. I doubt they'll get that long.
But a Congressman talking about rape, a binder and Obama feeling your pain was what mattered most to voters.