Posted 10 years ago on Dec. 11, 2011, 12:24 p.m. EST by theaveng
This content is user submitted and not an official statement
"How do you decide whether you are wealthy or not? Do you determine that by how much money you spend at the stores? Of course not. You can tell if you are wealthy or not by comparing your assets (the money in your bank account, equity in your home, etc.) to your liabilities (your mortgage, credit card debt, student loan debt, etc.)..... When you look at the balance sheet numbers, a very sobering story emerges. Over the past three decades, government debt, business debt and household debt have absolutely exploded, but our assets have not. That means that we are getting poorer as a nation."
- Household wealth plunged $16.3 trillion
the ratio of household debt to personal income is now 154 percent.
For the first time in U.S. history, the banks have more equity in our homes than we do.
The U.S. national debt is $15,046,397,725,405 (over 15 trillion). That means that it is nearly 15 times higher than it was just 30 years ago, and approximately $150,000 per American home.
The federal government's workforce was paid 447 billion dollars last year. So did federal workers create 447 billion dollars of real wealth last year? Of course not. The truth is that our bloated federal government is a massive drain on our society.
State and local governments debt is now sitting at an all-time high of 22 percent of U.S. GDP.
America is swimming in an ocean of more than 50 trillion dollars of debt (government + consumer + business combined). That's almost 4 times our annual domestic production.
According to Boston University Professor Laurence J. Kotlikoff: "The government’s total indebtedness — its fiscal gap — now stands at $211 trillion. The fiscal gap is the difference between all projected future spending obligations..... and all projected future taxes."
If you went out and liquidated all of the assets owned by all American citizens, all U.S. businesses, and all levels of government in America, it would only cover about a third of that bill. Are you starting to get the picture? America is no longer a wealthy nation.
ORIGINAL SOURCE - http://tinyurl.com/cw3yftk