Federal Government Could Reduce Debt by $1.5 Trillion with a Sale of Unneeded Assets
John Kendrick /
As Congress and the President scramble around for budget cuts, caps and freezes, all are ignoring a wealth of federally owned assets that serve little or no purpose to our nation. If sold, the proceeds would measure in the hundreds of billions and would take a significant chunk out of the public debt. It would also result in lower interest payments, which today are the fourth largest item on the budget.
$193 Billion from Gold
The federal government currently holds about 9,000 tons of gold. These holdings have had no practical use since President Richard Nixon took the country off the gold standard in 1971. Some argue that this gold is necessary in case of a national emergency. What emergency could be greater than the rapidly approaching fiscal train wreck? (more…)