[Paul Ross]

For those with some interest in the technical analytical approach to the issues which are too often brushed away with hoary anecdotes.

As for the Government already maybe trying to inflate its way out of this mess of its own creation...

[leadpenny]

Is the Pope Catholic?

[Egon]

Ping for later reading.

[Toddsterpatriot]

A third alternative, were it feasible, would be to immediately and permanently cut all federal discretionary spending by 143 percent.

I'd settle for cutting it 100%.

[palmer]

The answers are terrifying. One solution is...

Even believing the bad numbers, a combination of solutions, including the one they didn't mention, economic growth, will get us out of this mess. Another possibility is producing cheap power from semconductors or nanotechnology (e.g. solar, depolymerization, etc)

[Red Badger]

One way to wrap one’s head around $65.9 trillion? Even Algore's head ain't that big!.......

[Dallas59]

How much is gold an ounce?

[isthisnickcool]

Hmm, time for a road trip with a few cases of beer which won't help the problem but it would make us feel better. Or, maybe we need to just have a big garage sale? Maybe put the capital building and some other junk we don't need on ebay?

[Red Badger]

As for the Government already maybe trying to inflate its way out of this mess of its own creation.......

The ol' tried and true method. It works everytime it's tried......Remember WIN! ????.....

[RightWhale]

countries can go broke

The populace can become impoverished, but talking about states as if they were large, generalized versions of individuals is reasoning by false analogy. Everybody should buy gold so when the state rounds up all the wealth of the populace they will find it all easier and more conveniently.

[Restorer]

Maybe.

I've been reading articles reaching very similar conclusions for about 40 years.

The economy hasn't collapsed yet. (Which doesn't necessarily mean it won't tomorrow.)

However, the sky is falling types do not have a great record of successful prediction.

[expatpat]

Ping. You have an ally here.

[OB1kNOb]

The Gokhale and Smetters measure of the fiscal gap is a stunning $65.9 trillion! This figure is more than five times U.S. GDP and almost twice the size of national wealth.

It appears the answer to the question is "yes", we just haven't declared it yet.

[mc6809e]

Republicans will never raise taxes and Republicans will never cut spending.

There is only of realistic scenario: when the crunch comes, the Republicans will be kicked out on their butts and we'll have higher taxes imposed by Democrats.

Oh, and you can bet those Democrats will go much further than just raising taxes. We'll have another damn FDR.

I suppose I could hope that Republicans might change their attitude, but as far as I can tell, the only thing most of them care about is being pro-life.

Heck. You can even have taxpayers build a 200 million dollar bridge to nowhere in Alaska, but that's A-Okay. The Senator from Alaska is pro-life, after all.

[my_pointy_head_is_sharp]

Is the United States bankrupt?

Yes. Fiscally, culturally, morally, and every other kind of way.

Brief examples of each:

Fiscally - The Social Security System is near bankrupt, yet illegal aliens are drawing benefits from it. We're also now giving illegal aliens benefits from Medicare.

Culturally - Hip-hoppers hold their crotches while they "sing". Hollywood is unable to make a movie without loading it up with F-bombs.

Morally - Same-sexers are now getting "married". "Booty calls".

[nathanbedford]

Or to paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bear, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors?

Does PETA know about this?

Maybe they should have read that dictionary instead of paraphrasing it.

[balrog666]

The paper offers three policies to eliminate the nation’s enormous fiscal gap and avert bankruptcy: a retail sales tax, personalized Social Security, and a globally budgeted universal healthcare system.

Their solution: More taxes, personalize the unfunded SS funds (personalize the debt, maybe?), and more BS spending.

BWAAAAAAAAAAAAAAAAAAAAAAAAAAHAHAHAHAHA!

How about we just CUT GOVERNMENT SPENDING!

[mo]

globally budgeted universal healthcare system....


He lost me right there.....

[6ppc]

stripped bear

??????? Is this paper actually from the Fed? You would think someone with the skill to write a paper like this would know the difference between bear and bare

[bobdsmith]

I know the answer to this one.

No. No it isn't.

[PeterPrinciple]

Businesses don't go bankrupt until the creditors cut off the cash flow........................