I'm a believer in math. Things haven't changed. Things CAN'T change. We are SO far underwater that we might as well declare the patient, which is us, to already be dead. There's no way back to the surface from where we are now.
If you were told that every single three person household in the country owes $2.5 million, would you still say that it was fixable? That's the case. Moreover, that's only in Federal obligations. Add to that the state debt. Municipal debt. Personal debt.
For a while, I considered it possible that the Federal government might sell some of its land holdings and get out of debt that way. Then I did the math and saw that it could sell ALL of its land (which is a hefty part of CONUS) and that doing so wouldn't even put a dent in the debt.
No, economic conditions haven't changed at all. Nor will they until the effects of national bankruptcy come to bear. That will be a truly awful experience.
| 
