Charlie Martin argues that those “US is bankrupt numbers” are totally wrong:
I wrote about the same comparison in PJM early in the year — can’t link it usefully, PJM has hosed something — making the correct comparison of total US assets per person versus total US obligations per person, and it was about $300K assets vs $160K obligations, or over the whole population, about $90 trillion versus $48 trillion. Most of that wealth is real stuff — land, houses, factories, etc — and hasn’t gone away in the last year.
The point is, we’re not bankrupt — we’re more like a homeowner with a mortgage. We have to keep working to make the payments.
There’s more. Read the whole thing.