Episode 70: The Federal Government is Bankrupt
Words & Numbers
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The Difference Between Bankruptcy and Insolvency
Bankruptcy is when you've got an entity that has promised to pay a certain amount of money, and now it just isn't possible. Politicians are saying social security Medicare aren't bankrupt, they're insolvent. From any reasonable standpoint, from any business definition, what's happening here is bankruptcy. The federal government has run up a debt of $21 trillion,. If you add in the states, you have another six trillion there in debt.
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