Ah but that’s the smallest part of our problem Our unfunded liabilities are 5X the debt.
Multifaceted solutions come into play, but I'm feeling very fortunate we have a problem solver like Mitt at this time in the country's history. It's becoming starkly clear; Obie is not the One. He is the last thing we need. The very last.
For ex, gubment is the largest land holder in the U.S. That land is valued at pretty much what the gubment paid for it, or worth nothing at all because gubment just took it. What's it's REAL value? Hundreds of billions of dollars on the open market. Well, our early gubment paid its debts down by . . . selling lots of land!
Likewise---and only to make the point---the gold at Ft. Knox and in Fed Reserve vaults is valued at whatever the gubment paid for it, not what it could be sold for on the open market. A fair assessment of American asset wealth in a freer market would radically upset the ratios of debt to GDP. Not saying we don't have to get medieval on the debt and on all unfunded obligations, but I am saying we need to also have a firmer grasp of the REAL assets of the U.S. and begin using them.