6. During FY2010 the Federal Government collected $2.16 trillion in tax revenue.
7. 2010 U.S. GDP was $14.52 trillion.
8. The Federal Reserve monetary base is $2.6 trillion.
The next time you hear a media whore like Dick Bove or Jon Huntsman declare that the United States of America is bankrupt, I suggest you take a step back and consider the source. The gospel of fear is being preached from east to west in this country and yet the actual fundamentals are largely ignored. Don't get me wrong, I'm a huge proponent of getting our fiscal house in order, I'm against excessive government spending and I think a free market is the only market...I'm as Reagan Republican as you can get which means I also believe in the gospel of optimism.
I'm sick and tired of hearing lesser countries like China criticize the United States and I'm especially sick and tired of watching our own opportunistic politicians damage the credibility of the U.S. economy because of their small-minded perceptions of what the United States really is.
We are freedom fighters. We take care of our sick, our poor, and our elderly in a manner that is well within our means. We lead the globe in innovation. Do we have problems? Of course we do. But should those problems command 99.9% of our attention? Heaven forbid.
A breakdown of the majority of our $14.6 trillion in debt reveals that we owe ourselves $5.7 billion (social programs), we owe foreign investors $4.4 trillion and we owe business investors $1.2 trillion. In the grand scheme of things, that size of debt is inconsequential. We could balance our budget within 24 hours if we wanted to, but we don't want to. Our debt is completely elective.
Total assets of the United States are conservatively valued anywhere from $300 trillion to $600 trillion. The United States is worth more today than at any time in its past. Those assets have appreciated at a much greater rate than our debt.