This is probably not too far from the truth.  Our Treasury is full of IOU's because we, as a nation, do not have the courage to face our gargantun debt.  We have suported our high standard of living for decades by borring from our future, and that has placed us under a tremendous debt.  Our budget, trade and, most importantly, unfunded mandates represent a mind-numbing $200,000 of red ink to every citizen of America.  That's public debt.  Add to that the alarminig personal debt many are now floundering in. 

Now, we are looking at a new budget deficit and it hardly gets a second thought.  But, if our Asian creditors ever do the math, they will find that we do not deserve the AAAA+ credit rating we now possess.  When our balance sheet does get audited, our standard of living will go down significantly.

 

 

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David Roskoph
Investment Adviser
Certified Financial Planner
Total Asset Performance
Total Asset Blog