bankruptcy priority debt

Should the United States declare bankruptcy?

We are in debt $ 9000000000000, mainly thanks to Reagan and both Bush's, we are never able to be in to pay it off – the GOP will not raise the necessary funds, and so easy Let It Ride. Finally, the interest payments squeeze-out allother sepnding priorities. So let's go bankrupt (we are already morally bankrupt thanks to Bush), put the U.S. into bankruptcy and take you can our creditors. This would, in particular China, are Japan and the Arabs. Have fun!

No, the debt is too high. And Bush and the Republican Congress, was a disappointment, the least where say the expenditure concerned. Check out the debt as a percentage of GDP. It is quite low – very low, compared to past periods, in fact in our history. We must better. But the sky is not falling. America is not a failure.

How Can I Prioritize My Debts

Bankruptcy rules and debt contracting: On the relative efficiency of absolute priority, proportionate priority, and first-come, first-served rules (Working paper) …