Friday, January 27, 2012
It's not what we owe, it's what we OWN!
More ridiculous ranting from CNBC's resident clown, Rick Santelli. This time he does the tired exercise of breaking down the national debt per individual. We've seen this, over and over and over ad nauseum.
The national debt represents the sum total of spending over revenues that the government has done over the past 223 years. The $16 trillion whatever figure means that the government spent $16 trillion more dollars than it took in taxes. Those $16 trillion (dollars) went to people. It went in their bank accounts or in their pockets. It's part of their wealth. It's not what they owe, it's what they own.
Yes, it's a debt of the government, but it's an asset of the non-government. That would be us!
So, it's not $11,971 of debt per citizen. Rather, it's $11,971 of WEALTH per citizen.