I believe that 80% of Americans have 20% of the wealth and that conversely that 20% of Americans have 80% of the wealth. I believe that the top 1% of Americans have 50% of the wealth and that the bottom 50% of Americans have zero percent of the wealth.
The debt is over 14 trillion (http://www.usdebtclock.org/), the national revenue is less than 2.3 trillion. Federal spending is over 3.5 trillion. The total household assets are 56 trillion.
Eighty percent of Americans have 20% of the 56 trillion or 11.2 trillion dollars. The national debt is 14 trillion. The lower eighty percent of the population could not pay off the national debt if they tried. The top 1% with 28 trillion in assets could easily pay off the national debt or take responsibility for it.
Someone still has to take responsibility for the revenue deficit which is 1.2 trillion per year. That has to be brought to zero without impacting jobs.
Foreign assets owned in this country are about 22 trillion. Perhaps a proportionate share of the debt should be absorbed by the people that own foreign assets. Why should people be allowed to profit by America’s wealth but have none of the responsibility for the debt? Why should foreign assets be $22 trillion while eighty percent of Americans have only 11.2 trillion dollars in assets? Foreigners own twice as much of America as do the majority of Americans without paying any taxes or social security?
The chief export of Americans has been our non renewable assets. Meanwhile we import renewable assets like cars and TV sets. We have to bring that into balance. Exports of renewable assets must equal imports of renewable assets.
One way to optimize productivity is to get the people producing something even if not as productively as, say, Asian workers. Just get them productive and making something. If 60 million non-working Americans each created renewable assets of $300 a week, then America would be creating 18 billion a week or almost a trillion dollars a year in renewable assets. People need money to live, so the government would still have to subsidize these people to the point where they could rent an apartment, buy food and have transportation. But the point is that they would be productive.
Renewable wealth has to be created, not government jobs and not welfare.
The government is currently in the process of printing money. That will depreciate the worth of the dollar and make our debt less. This is a dishonest way around the problem of the debt, but will help. At least it short circuits having to explain to people with assets why their assets are worth less.