Is the United States bankrupt? Many would scoff at this notion. Others would argue that financial
implosion is just around the corner. This paper explores these views from both partial and general
equilibrium perspectives. It concludes that countries can go broke, that the United States is going
broke, that remaining open to foreign investment can help stave off bankruptcy, but that radical
reform of U.S. fiscal institutions is essential to secure the nationís economic future. The paper
offers three policies to eliminate the nationís enormous fiscal gap and avert bankruptcy: a retail
sales tax, personalized Social Security, and a globally budgeted universal healthcare syste
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