US Is Bankrupt and We Don’t Even Know It: Laurence Kotlikoff
Posted by admin in Finance Thursday, 21 April 2011 23:30 10 Comments
Laurence Kotlikoff Interview on US Economy Aug. 11 (Bloomberg) — Laurence Kotlikoff, an economics professor at Boston University, talks about the state of the US economy. Kotlikoff speaks with Erik Schatzker on Bloomberg Television’s InsideTrack.” (Source: Bloomberg) US Is Bankrupt and We Don’t Even Know It: Laurence Kotlikoff www.bloomberg.com Let’s get real. The US is bankrupt. Neither spending more nor taxing less will help the country pay its bills ( www.bloomberg.com ). What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy. Last month, the International Monetary Fund released its annual review ( www.imf.org ) of US economic policy. Its summary contained these bland words about US fiscal policy: “Directors welcomed the authorities’ commitment to fiscal stabilization, but noted that a larger than budgeted adjustment would be required to stabilize debt-to-GDP.” But delve deeper, and you will find that the IMF has effectively pronounced the US bankrupt. Section 6 of the July 2010 Selected Issues Paper ( www.imf.org ) says: “The US fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” It adds that “closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 …
Don’t worry about it, just keep eating your steroid inject beef bergers, wash it done with some coke, have a few twinkie bars, then take your medication and sit back on your couch and watch American Idol.
I’d say it’s all old news people
“Even though bankruptcy was declared, President Roosevelt kept the US government going by executive order. The US government has been operating under marshal law since 1933, although this has been carefully kept secret from the general public.”
“In 1933, President Roosevelt formally declared bankruptcy to the US public. He told them that the US government was defaulting on its promise that dollars were backed with gold. He demanded that US citizens turn over their gold in exchange for worthless dollars. “
@Sheeplvl2 Instead, they are mass printing the dollar notes and not raising its taxes. Other countries now see the US Dollars as a virus and is planning to get together to reject it from flooding their economies with notes that is worthless and cannot be repaid back. It makes no sense to allow America to buy properties and goods with notes that is worthless. Soon the US will be stuck with lots of worthless paper cannot feed its people needs a they do not manufacture anything. Self destrution..
Americans think this is a hiccup and it will come back IE: the jobs will come back.
nothing can be further from the truth.
I fully expect that after the mid term elections there will be a wholesale loss of more jobs millions more jobs Including GM being sold to China.The blunders of the Republican party and Bush have left USA in a spiral of foreclosure.
He’s a good man. Told the truth. Listen to what William Cooper had to say on this over 10 years ago. I’ll upload it by tomorrow. He said something along the lines of “Are you surprised when they raise tax? They have no choice but to raise tax!” When puppets like Obama say they will lower taxes it’s a bold faced lie. They have no choice but to raise it. It has to do with the whole scam. Federal Reserve currency is bound to cause inflation/collapse.
Unless we get America back to work, we’re not going to get out of the long term, structural problems of the deficit and demographics. It’s been pretty clear for some time that we need short term stimulus and long term spending cuts. The near term solution is spending on public goods – things that will pay a strongly positive return in GDP boosts and tax increases. We don’t get to spend on enhancing social programs
Robert is correct, we need a return to Fiscal Conservatism, small government, and an end to the enormous overspending.
The only person who has said anything in this regard is Ron Paul.
The progressists have bankrupt America! The solution: Start expelling all of them out of government positions!