Due to the increased level of discussion and debate around politics, debt and the economy, I get asked the following question…time and time again.
“As our debt continues to grow, why can’t the United States of America simply declare bankruptcy?”
Well, first, neither the United States of America nor the individual states have the constitutional authority to file bankruptcy, unlike businesses and individuals. So where does that leave us, as the citizens, as it relates to debt at the national and state level?
Here are a few thoughts from your humble guide-on-the-side CPA…I would love to hear your thoughts in the comments below!
So, what do you think? Leave a comment below and let’s discuss our National Debt…
To your lifelong financial wellness,