Letter: Wealth myth debunked

It is disturbing to see irresponsible, incorrect and outright dangerous myths presented as fact in recent letters to the editor.

Some make the claim that the U.S. is the “richest country in the world,” to support demands for spending more “govern-mint” money we don’t have on anything and everything. Fact is, based on GDP per person as a measure of wealth, the U.S. ranks seventh (http://www.forbes.com/pictures/egim45egde/7-united-states/). Net worth (wealth) is assets minus liabilities.

Considering we have about $17.3 trillion in national debt (exceeding our total GDP), we’re in a big hole to start. It increases by $2.7 billion per day. Per capita, we’re worse off than Greece.

Then we have student debt and other consumer debt (excluding mortgages) of another $3 trillion. This debt has been growing, since 1980, about 70 percent faster than income.

Unfunded pension liabilities at the federal, state, county, city and business levels are mind-boggling. The city of Chicago has $27 billion dollars in unfunded pension liabilities for their public employees. The state of Illinois is $100 billion short. Don’t forget Detroit.

Somalia might be richer than the U.S., if we calculated net worth rigorously.

Let’s live within our means.

Paul Rollins

Vancouver