Everyone knows the US is broke. Our nominal $16 trillion liabilities (equivalent to a years GDP) are in reality much larger than that.
http://www.fms.treas.gov/fr/index.html
The country is insolvent, and NY, CA and IL will go broke first. We can sell some assets (the feds own a lot of land for instance), but the baby boomers elected politicians that spent all the surplus revenues from socialism security buying votes today, and now there is nothing left for the future but unsecured promises to pay (aka govt bonds). Demography is destiny and it would be best to just take the haircut now. Sorry to all you folks who are depending on socialism security. Too bad, but we’re broke, so you’re SOL. You will have the votes to continue the vampirism for a while, but your children are going to cut you off. Soon.
