With $100 Trillion in Unfunded Liabilities, Should America Default?

“Neither individuals nor nations ever come to terms with their indebtedness and overspending until catastrophe looms.  Only when the repo man comes for the car, the credit charge is rejected, and the bank forecloses on the house do we finally admit to our excesses and irresponsibility.  America is living on the same kind of borrowed time, and it would be better for us to honestly default at a time of our own choosing than to be globally humiliated by our mercantilist creditors.”

“Our current level of national debt and future unfunded liabilities are so grotesquely gigantic as to hypnotize most of the nation’s leaders.  Our unfunded liabilities are at least $100 trillion — more than twice the economic output of the entire world.”

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