The first will send us into a massive depression and the second is the oldest con game in the politicians' handbook.
But here’s the thing: The U.S. is far from a poor nation. American households entered 2016 with a net worth of nearly $87 trillion, according to the Federal Reserve.
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So all the politicians have to do is tax that wealth away.
The author isn’t to be trusted.
After 16 years of misgovernance by Obama and Clinton, this country is in horrifying condition. Don’t believe it? Just listen to Mrs Clinton and Bernie, they’ll tell you.
Pethokoukis has a good point.
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The author is campaigning against Trump.
Make America Great Again.
Say what?
To cite how the debt problem isn't a debt problem, he invoked PRIVATE "wealth" ($87 trillion).
Meaning, to "solve" the non-existent debt crisis and pay off the debt, the government would have to seize nearly one-quarter of the private wealth in the hands of citizens.
Nice point.....
This guy left out mentioning unfunded liabilities above and beyond the current $20tril that takes the overall debt to over $100 trillion, more than the nation’s households are worth. We’re broke and in the hole.
It isn’t just about wealth
The first will send us into a massive depression and the second is the oldest con game in the politicians' handbook.
yeah, at the top of his head.
projected deficits of a trillion a year forever soon and everything’s peachy.
100 percent of gdp.
japan is considered a disaster at 200.
do we need to wait till then to be a disaster.
I thought Jack Krugman, or whatever his name is, wrote this at first.
if you owe everything you’re worth, and then some, and every year you spend 6 percent more than what you make, you you gonna be doing in 10 years?
If this claptrap is believed, then that person will then have to believe that Obama has done a fabulous job running the country.
So step right on up and agree with this article.
The argument is that our nation owes at least $20 Trillion to the banksters and treasury holders, and has unfunded obligations of at least another $120 Trillion.
That makes us broke, no matter what formula or comparison you want to use.
The New World Order is not a conspiracy theory. It is a conspiracy fact. The United Nations, the EU, Obama, the central banks, the Vatican, and many in Congress (TPP anyone?) not only want a one world system, they are working overtime to put it in place.
This follows Biblical prophecy, in that the Anti-christ figure will install and rule over a one world economic, religious, and political system.
The US now has its teats in a vice economically. The US Dollar as the reserve currency is the only thing holding our leaky boat together. Once that is removed, we become Third World economically, almost over night.
“Pethokoukis has a good point.”
That was one of the most clueless articles I’ve ever read on FR. There are so many ways to shred his naive and immature positions.
“Yet retreat is just what Donald Trump seems to be proposing.”
The author conflates “retreat” with securing our nation. The author is a tool of the GOPe. Does the author open up his yard to vagrants and criminals or anyone else that simply wants to come in?
Bulls**t
I’m forever getting by, where I should be prospering. I did very well during Reagan’s reign; and downhill from then as my income increased: taxes, fees, mo’ taxes, outrageous medical fees, dropdripdrip. What, 80% of the treasury’s take pays people not to work, ineffective war-engines, degrees in vaginal studies, and bloated sale rise and the foreign aid rathole.
I think your not old enough to remember 22% capital gains? $25 doctor visits for an ear infection? Private hospitals that offered 70% discounts for cash? Investment in public facilities and infrastructure (bridges) that were built to last a century instead of 20 years?
Those were the good old days.
Trumps point on NATO and the UN I suggest is that the other members need to shoulder a greater portion of the financial cost. If we only reduced our cost to 50 percent of each, there would be quite a saving.
This author is a loon. To say we aren’t bankrupt with what the deficit and debt and ever growing pension load, the US is in fact bankrupt. There are some who suggest we are worse off than Greece
Donald’s point because the author misses it is that The US used to be strong enough militarily and e onomically that people and governments came tos us. These days we go hat in hand...please buy our bonds yet again
What math do these guys use?
America isn’t broke.????
18 plus TRILLION dollars in debt?
Bridges in all states being condemmed and no money to repair them
Detroit operating with half its street lights out
Less people in the work force then in the past 50 years
More people on welfare then at anytime in the past 50 years
A part time economy instead of a full time economy.
Yeah, let the good times roll.................
I say we quadruple our National Debt!
I want free food and cars!
No, he doesn’t.