Tax Tips (and other stuff)
A couple of weeks ago, I was trying to explain to a friend that when you factor in all of the assets that the U.S. government owns, its debt is not that bad. More like a reasonable mortgage. Higher than before, but still manageable.
He kind of looked at me and challenged me to prove it. After a good, lively discussion, he later went home and asked ChatGPT if I was full of horse****. (By the way, he is a really smart guy. His website is “guardtheconstitution.com.” You should go and check it out.)
ChatGPT started out pretty good. It did make note of the Government Accounting Office attempt to prepare a balance sheet. That version showed total U.S. assets of $5.7 trillion. That is made up of cash, loans receivable, and property/plant/equipment. Without the ability to come up with my own values, we’ll accept this number for now. That is all…
