Posted on 03/10/2015 3:11:57 PM PDT by Jan_Sobieski
(CNSNews.com) -- The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25.
“The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today. "Indeed, it may well be in worse fiscal shape than any developed country, including Greece," he said. (See Kotlikoff---Testimony-to-Senate-Budget-Committe)
In January, Fitch downgraded Greece, whose debt-to-Gross Domestic Product (GDP) ratio is 175 percent, from Stable to Negative.
“This declaration of national insolvency will, no doubt, shock those of you who use the officially reported federal debt as the measuring stick for what our country owes,” Kotlikoff told committee members who are considering President Obama’s proposed budget for Fiscal Year 2016...
(Excerpt) Read more at cnsnews.com ...
Revelation 6:5 And when he had opened the third seal, I heard the third beast say, Come and see . And I beheld, and lo a black horse; and he that sat on him had a pair of balances in his hand. 6 And I heard a voice in the midst of the four beasts say, A measure of wheat for a penny [Days Wages], and three measures of barley for a penny [Days Wages]; and see thou hurt not the oil and the wine. 7 And when he had opened the fourth seal, I heard the voice of the fourth beast say, Come and see . 8 And I looked , and behold a pale horse: and his name that sat on him was Death, and Hell followed with him. And power was given unto them over the fourth part of the earth, to kill with sword, and with hunger, and with death...
$210 trillion. Nearly a quarter of a quadrillion dollars. We need another bake sale.
I noticed about ten years ago that in the common vernacular, “billion has become the new million”. And I noticed last year that “trillion” was quickly becoming the new million. And now we’re already talking quadrillion.
It’s exponential. Our fall is like the fall of a parachutist without a chute. The first few thousand feet are nice and you hardly notice the ground is coming up. The the last few thousand feet are a bit faster. The last few hundred feet go by in a blink.
We’re reaching that point. It will blindside even many of us doom and gloomers who, deep inside, hope we are wrong. But we’re not.
Nah, just raise the money by taking from the rich.
Good analogy!
When GASB made government agencies show their long term liabilities (health and pension) on their financial statements (like the private sector has to) the public employee unions fought it every inch of the way.
I would say that no matter the inflation rate, the SOBs are increasing spending faster then even “inflation” can cover!
Or, a piece of bread would buy a bag of gold. My only question is: why hasn't the meltdown happened yet? I can see where world war could happen because of it. I hope we get raptured out first.
Me too! Maranatha!
Christina Romer, Paul Krugman, Jared Bernstein, Tim Geithner, Larry Summers, Dr. Mark Zandi, Dr. Alan Blinder, Bob Kuttner, Heather Boushey, Bill Hambrecht, Allen Sinai;
Let’s see what the Democrat Economist have to say?
That is the reason for the minimum wage increase push. They need to monetize the debt. And increasing wages (all wages will be affected and some union contracts are tied to it) will increase spending. More money chasing the same goods means price inflation.
And yes, they have a tiger by the tail. Deflation will be replaced with inflation followed by hyperinflation.
It’s why I bought this in central KY two weeks before the 2008 election and moved there in 2011 after 45 years in Seattle (and I LOVE KY).
http://s409.photobucket.com/user/robbbb4/slideshow/Kentucky%20home
I apologize if you’ve seen it before.
The guitar player in my band makes his living installing residential solar power. Business is booming, even with the oil price drop.
Not sure when the stock market will crash, but the world comes to an end on October 7, 2015. That’s what Chris McCann says, anyway.
The Uniparty must be destroyed.
I have a newspaper front page which says World Ends Today unless you’re reading this then um never mind
from Dec 21 2012. I keep it as a souvenir.
Very funny! Haven’t they had their “SAY” for the last few decades? ;-)
Simple, when you spend more than you make and give money away to enemies, lost causes, and freeloaders you will never get out of the red.
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