National Debt and Public debt are not the same. National debt = Public Debt + Intergovernmental debt

Some governmental agencies actually have some cash, and the government borrows from them.

Although the basic principle of economic is buying and selling, however, the massive debt and deficit of a government have nothing to do with buying a pair of Jimmy Choo’s. As the French would say “Loin de la mes dames et monsieurs.”

It is easy to see why they do it, it is simple and appeals to populist outrage, it is yet another embarrassing legacy of the conservative movement.

Comparing buying a pair of Jimmy Choo’s or and iPhone to the operating budget of a country or even a company for that matter shows how little personal wealth advisors know about economics.

So the next time you are tempted to pay someone for “manage your money” stop for a minute and read some of the nonsense that gets spouted by these guys, don’t pay them 2% or $100 an hour to spend your money unless they guarantee results. They won’t do that so you can do just as well with an index fund or some bonds.