The Economy Needs a Painful Period of Adjustment

By Jack Kelly

Our government now owes more money than all of us in the country put together possess.

As of Sep. 30, federal financial statements showed approximately $56.4 trillion in debts, liabilities, and unfunded promises for Medicare and Social Security, the Peter G. Peterson Foundation reported. The Federal Reserve estimated total household net worth at that time at $56.5 trillion.

Since then the stock market has crashed, tens of billions of dollars of personal wealth have evaporated, and the government has committed $700 million to bail out financial institutions.

A government which long has been morally and intellectually bankrupt is now financially bankrupt too.  [Read on]