Posted on 04/09/2015 4:31:35 PM PDT by Kid Shelleen
Debt figures tell part of the story. When the Great Recession hit, the federal debt was equal to about 40 percent of GDP. But to fight the recession, Congress enacted an $800 billion dollar stimulus bill. Stimulus spending, combined with already enacted spending and tax policy, resulted in four years of trillion dollar deficits. As a result, the debt ballooned to 78 percent of GDP in 2013, almost twice the pre-recession level. --snip-- What's the word for our fiscal situation? Stunning? Shocking? Desperate? In recent testimony before the Senate Budget Committee, Boston University Economics Professor Laurence Kotlikoff, in effect, told the Committee that all of these terms are pathetically inadequate to describe our true fiscal situation.
(Excerpt) Read more at brookings.edu ...
Anyone who thinks we are going to pay $210 trillion in committed obligations is just plain stupid.
Agree. We're in for a major reset of the currency. It's either that, or a huge international collapse of monetary systems. Gold and silver will be revalued higher against the dollar, with an instant drop in the current value of dollars to little value - instant write-off of federal debt. A lot of people will go on a buying binge, at least those with dollars to get rid of. People without dollars will panic, pillage and steal. It's a repeat of the Jimmy Carter years, but a hundred times worse. Probably will explode around September this year.
The interesting part of this is not the information. We’ve known that for quite a while.
The interesting thing is the source: The uber LIBERAL Brookings Institute!
Can it be that even liberals are beginning to notice?
I read it in an issue of “Scientific American” years ago. The article was about “Astronomical Distances.” Time is something we can relate to so the second works well.
Those words should be chiseled into the halls of government.
Adding one billion to nine billion is not a “round off!” But our elected dumbkoffs think it is.
I think I may have picked that up there also. That was before SCI AMER went LIB crazy with all the globull warming hype.
If true is it any wonder the feds refuse an audit?
Guess i am correct when i say the whole federal gubmint sucks.
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