Why the US is deeply insolvent
Building on the previous chapter on the US' tremendous and exponentially-increasing debt, this chapter looks at the shocking shortfall between our nation's assets and its liabilities.
In short, America is deeply insolvent. We're just not admitting it yet.
Perhaps not surprisingly, official statistics leave out our unfunded liabilities when calculating the net worth of the nation. Once these liabilities are added back in, America's net worth plunges into the negative tens to hundreds of $trillions.
In the last chapter we noted how our vast debts place an unfair and immoral burden on future generations, and realistically can and will never be pad off. Factoring in the unfunded liabilities just makes the situation beyond absurd.