Every American owes $33,000 and the troubles go away

Quote from Sam Mcgee:

$10 Trillion is just the start of it, the actual debt is closer to $100 Trillion:
http://www.lewrockwell.com/walker/walker34.html

The total assets for the US are somewhere around $50 Trillion.

Total assets - total liabilities = Net worth
$50 Trillion - $100 Trillion = - $50 Trillion

If you have a negative net worth, then you are "technically" bankrupt.
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Its amazing that someone would "add up" future "unfunded liabilities" over an "infinite horizon" and then make the statement that the US owes $100 Trillion.

Using the same logic I will probably spend at least a million dollars over my lifetime so someone could say I am in debt right now for a million...makes about as much sense.

The gov't can make changes to entitlement programs at any time which would radically change the assumptions about these future liabilities.
 
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