This is not a troll question, I am really concerned.
2007-11-27 10:27:41 · 10 answers · asked by ABC 4 in Politics & Government ➔ Politics
Some would say we are bankrupt now. At first you will laugh because of the obvious wealth you see in all of USAs corporate, and civilian world....But when you at the other factors, you will see that we ARE bankrupt.
Think of it this way. Your neighbor had a great paying job. He made 1 million a year. He spent it all. He has a house and car he owns, but no savings. Now he looses his job. He has 2 million in hard assets (his home and car). He still LOOKS rich because of his house and car.
He can go to the bank, and borrow another million. That borrowed million raises his assets to 3 million, however at the end of the year, he will owe 1.5 million on that 1 million dollar loan. He does not want to loose his house and car, so he will be 0.5 million in the hole.
Each year following he goes to the bank, and they keep lending him 1 million + his debt total, that each year torns into another 0.5 million in debt adding to each past years debt + interest. They keep lending to him, because he has "earning potential" equal to that 1 million per year job he HAD, PLUS the ammount of borrowed funds.
In 2006, the formal cash based deficit was 247 billion, down from 318 billion the year earlier. However the Total federal liabilities was 54,600 billion, up from the year earlier which was 50,900 billion.
2007-11-27 10:38:17 · answer #1 · answered by vote_usa_first 7 · 0⤊ 0⤋
Cuba may already be bankrupt.
I do not foresee the USA ever going bankrupt.
2007-11-27 18:41:25 · answer #2 · answered by Dash 7 · 1⤊ 0⤋
The US gives billions of dollars to other countries every single year and Cuba does not.
2007-11-27 19:45:55 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Cuba was bankrupt a long time ago.
2007-11-27 18:34:57 · answer #4 · answered by question212 6 · 1⤊ 1⤋
in order to be bankrupt...you have to deplete all of your resources...as long as you live and breath...you are worth at least the fuel burning your body will provide...so you'll never live to see a bankrupt USA
2007-11-27 18:32:41 · answer #5 · answered by Anonymous · 1⤊ 1⤋
We are the most productive and most prosperous economy in the history of human civilization, we were able to redistribute 6 TRILLION dollars to give poor people an incentive not to work, able to fund every stupid waste of people's money we could think of it, but we can't spare anything to liberate people and fight islamofascism.
2007-11-27 18:36:40 · answer #6 · answered by Gonzo Rationalism 5 · 1⤊ 1⤋
Don't be....Cuba was bankrupt long ago, the Soviet Union propped them up since the Kennedy days!
2007-11-27 18:31:02 · answer #7 · answered by Anonymous · 2⤊ 2⤋
isnt cuba already bankrupt?
2007-11-27 18:31:42 · answer #8 · answered by Anonymous · 1⤊ 2⤋
its all realteive b/c we have a trillion in debt
2007-11-27 18:55:31 · answer #9 · answered by Anonymous · 0⤊ 1⤋
probably us, war time spending. need i say more?
2007-11-27 18:38:01 · answer #10 · answered by Jerry S 7 · 1⤊ 1⤋