jaybo
2008-02-22 07:10:22
Skeptic,
A home is a “paper asset” just like all of your other possesions. While it does have an “assessed value”, the actual price that someone is willing to pay depends on the economic conditions at the time of sale.
What is most important to understand is that our personal wealth can vary from time to time depending on personal circumstances and economic conditions. Our national debt, however, will remain the same regardless of the economy.
The chart that was provided with this article proves the point I’m making as it shows decrease in wealth from 2001 to 2003.
Now ask yourself this, did our national debt go up or down during this same period?
