When you no longer have money coming in and lots going out, when what you owe is unpayable and there is no hope of finding the money you are bankrupt in a practical sense.
The USA is Bankrupt. Not yet declared.
When it does, it will be quite a crash.
1 comment:
and this has been the case for how many years thru how many administrations? be wary of oversimplification. especially when you oversimplifying for political purposes. your president's war was a big part of the overspending so don't try to pin this on the last year.
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