5 ms·

And that's what bankrupcy looks like..:

• kllrnohj 13y ago
  No, bankruptcy would be if we default. Having debt != being bankrupt.
  • dutchbrit 13y ago
    This is from last year, but: The government has an “official” debt of $15.8 trillion and mounting. But wait, there’s more. This doesn’t include the liability from Social Security and Medicare. When you factor these in, the amount according to some, exceeds $120 trillion. With U.S. Federal tax revenue of just over $2.3 trillion, that puts our debt-to-income ratio somewhere around 5,082%.
    • oijaf888 13y ago
      I don't think that changes the fact that having debt != default. I have a mortgage for a multiple of my current income, that doesn't mean I'm bankrupt because I'm unable to pay it off right now if demanded by the lender. Same thing with Social Security, if we had to suddenly pay out the entire amount tomorrow to everyone, yes we would be bankrupt but that's not how Social Security (or I would guess 90% or more of our debt securities) work.
    • yardie 13y ago
      Except that is not how liabilities work. On an account ledger there is no column liabilities. Because of political posturing the whole meaning of liabilities has been distorted