I hadn’t heard of Lissa, or her excellent blog before she popped up on Gun Nuts Radio last night. But she’s on my RSS feed now.
The US isn’t bankrupt or anywhere near it. It’s silly to even talk about a country being bankrupt and even if we did, owing more than you’re worth isn’t bankruptcy. Anyone who has bought a house probably has more debt than they’re worth at some point.
The US “owes” only insofar as it’s borrowed money. Future transfer payments (SS, etc.) are not “owed” to anyone so adding them in as some kind of debt obligation to make a claim of “bankruptcy” is nothing but Enron style accounting.
The bottom line from Lissa:
America is still an economic powerhouse because, even with retarded and wasteful government bailouts designed to spare a lucky few while prolonging the economic pain of everyone else, more people than not believe in The American Dream: Get educated. Get a job. Get married. Get a family. As long as we ordinary folks keep behaving like responsible, sentient beings, everything will be okay.