Time for the US government to file bankruptcy?

[unixronin]

The current 6-month forecast of US GNP is between $10.3 trillion and $10.4 trillion.

As of January 13, 2004, the total US national debt -- which is to say, the Federal government's debt to the US -- including "off-budget" loan guarantees etc. is $20 trillion.

You do the math.

Economist Murray N. Rothbard suggested in 1992 that it's time to repudiate the US national debt.  I frankly have to agree.  Let the megabanks take a one-time write-off on it.  But there have to be three ABSOLUTELY INVIOLABLE conditions:  (1) a mandatory no-loopholes Constitutional balanced-budget amendment that absolutely forbids the government from spending or promising to spend money it doesn't have, (2) an immediate mandatory reduction in taxes by the $200 billion amount of the interest on the debt, and (3) the government must be prohibited from ever raising tax rates again.  Otherwise, the ratfucks will just do it all again, and the greedy bastards in the banking industry will let them do it, because they know that ultimately the money comes out of OUR pockets, not theirs.

Rothbard went a step further and suggested auctioning off all Federal assets in order to pay off the majority of the national debt.  Frankly, I think he has a point, though I don't think selling off the national parks to private interests would be a good idea unless we want them clearcut and strip-mined.