No One Is Going to Bail Out America

At National Review Online's The Corner blog, Stephen Spruiell talks to former U.S. comptroller David Walker

Walker says, "For the first time in the history of the U.S., the federal government owes more in liabilities [including unfunded commitments for Social Security and Medicare] than American households are worth." And that gap is widening, he says. "The fiscal hole is getting deeper, and household worth continues to decline."

In case that isn't clear enough, let's put it this way, the government could confiscate the wealth of every household in America and still not have enough money to pay all its debts.