I agree that, on first blush, America looks like it is in dire economic straits, but is it really? About a decade ago, I heard an economist comment that the federal government was sitting on about eight trillion dollars worth of land reserves. This doesn't even take into account state and county land resources. Today, with real estate prices through the roof, that figure has to have at least doubled. Like any prudent debtor, when tough times come calling we put our fiscal house in order and the first order of business is to sell assets to pay down our debts. Now, if America truly were against the wall financially, it could sell half that land to private investors, be it for real estate development or exploration, and be completely debt free--in other words, the federal government could pay off the national debt of eight trillion dollars tomorrow simply by letting domestic and foreign entities buy some of its most valuable asset: land. Am I missing something here? It does sound so simplistic, but if I have $100,000 in debts and a house that is worth $500,000 what would the bankruptcy court require me to do? Is the federal government any different? Some thoughts or feedback on this would be greatly appreciated as we all wonder, given the economic climate (at least all the gloom and doom pervading the news these days) whether or not it would be prudent to sell everything and vanish into the hills w/ supplies and provisions to wait out an economic meltdown that, when closely examined, really doesn't have that great a chance of actually coming about.
Thoughts, anyone?