Summary: we have used increasing debt loads to cover the wealth redistribution post war which has seen earnings concentrated in a small group.

How to measure wealth? The Walton family (WalMart) are richer than the bottom 1/3rd of the US (100m people). This doesn´t feel right. Are they philanthropic (maybe, in 2006 and 2007) with the more money than anyone could ever need?

The US net debt is $53trn; net worth of households (after debt) is $50trn. That feels large but doable: a debt/equity ratio of 1 isn´t catastrophe for a company so should it be for a country?

And how to pay off that debt? The writer suggests these three:

  1. Increase productivity through innovation and creating new markets". I´ve never been clear that creating a new market can create money to pay off debts. Surely we have to use assets more effectively (including the flow of energy from the sun, oil, etc)?
  2. "Live within our means": very much agreed. Ever since I understood how my familiy finances failed, I´ve spent less than I earned.
  3. "Distribute the higher tax burden carefully". While high marginal tax rates tend not to work, the income disparity (cf Waltons) is too excessive to allow to continue.