Why it's Misleading to say we are in Debt

[lastlib]

http://wonkwire.rollcall.com/2013/11/05/us-balance-sheet-just-fine/

From Roll Call:

"For starters…total fossil fuel resources owned by the Federal government are valued at over $150 trillion alone… I haven’t even looked into the huge amount of federally owned land and buildings that would surely amount into the hundreds of billions if not trillions of dollars. There’s also the gold resources. And there’s the trillions of dollars in its own liabilities that it owns via the Fed and Social Security funds.”
...
"But that only scratches the surface. I haven’t even looked into the huge amount of federally owned land and buildings that would surely amount into the hundreds of billions if not trillions of dollars. There’s also the gold resources. And there’s the trillions of dollars in its own liabilities that it owns via the Fed and Social Security funds. I have no idea what all of this would add up to, but it would probably be a net worth nearing $200 trillion or more."

Read more at: http://pragcap.com/the-us-government-is-not-16-trillion-in-the-hole

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An interesting read!

[johnd83]

1. THANK YOU!!

It is insane to say that the US is "broke". There are plenty of assets to back up the debt. Our economy is fine. The idea that the "US is in decline" or other insanity is just a right wing talking point I am sick of hearing, especially here.

Edit: The economy overall is fine, the problem is that the distribution of wealth has gotten way out of proportion and the general public can't get access to any capital for daily necessities. The ability to produce goods and services however is fine.

[SDjack]

2. The USA also has the ability to increase taxes on the rich and pay off the debt in one year. That

approach is looking attactive as the Repugs continue to scream the "danger" of our debt.

[lastlib]

3. And if we would stop corporate giveaways, our debt would practically vanish!

[SDjack]

4. And, we could seize the holdings of criminal enterprises, such as the

Kock Bros' wealth derived from their father's money pay by the criminal businesses he set up in USSR for Stalin.

[ProdigalJunkMail]

5. uh... no

the US GDP is only about $15.8 trillion. The debt is higher than that... so taxing the rich sure as hell won't pay it off in a year...

sP

[badtoworse]

6. So how many people on this board support exploiting those fossil fuel resources?