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 ...
And Congress could care less. We love the perks, power and prestige and to hell with America and American’s.
WoW.. 210 MILLION..... MILLION... a preposterous number...
How Larry Kotlikoff Would Fix the Financial System [2010]
http://www.bloomberg.com/bw/magazine/content/10_07/b4166042289206.htm
Laurence Kotlikoff
http://www.pbs.org/newshour/author/lkotlikoff/
When Should I Take Social Security to Maximize My Benefits?
https://www.maximizemysocialsecurity.com/
Here’s how to ‘get what’s yours’ from social security
Don’t let the government keep the Social Security benefits you rightfully deserve, said Laurence Kotlikoff, co-author of ‘Get What’s Yours.’ Newslook
http://www.usatoday.com/videos/money/personalfinance/2015/03/10/24662597/
Look, I just hijacked the name (out of profound respect, I assure you). But don’t insult Mr. von Hayek by crediting me. I talk to anyone who will listen (you’re right, few do, but some do) about free markets, about Friedrich von Hayek, Milton Friedman and others. It’s an uphill battle, but you never now what seeds may someday bear fruit.
He’s correct I believe.
But I’m clueless on how to play the end game because timing is everything.
We’ve already cruised way past the time where I thought we’d be in big trouble.
In order to have a bake sale you need to be licensed and they tax the profits anyway.
Actually a mercury dime will buy a loaf of bread.
10/21/2009
Transcript of Pelosi, House Democratic Leaders, and Economists’ Press Conference Following Economic Forum
Original Source(gone): speaker.gov/newsroom/pressreleases?id=1414
Former Federal Reserve Vice Chairman Alan Blinder:
“So for that reason, despite the fact that we’re looking at an absolutely horrendous long-term fiscal outlook”
I, like Mark, and I think most of us around the table, believe that at least a modest, now this is where people will disagree, but at least a modest increase in the deficit is targeted very strongly on job creation.”
no problemo. they’ll just print more money ...
:)=
Inflation has already occured. Just compare last year's grocery bill with this year's. The charade won't stop as long as many continue to believe the lies.
When the lies are no longer sustainable, they will announce a global reset on all government debt. Not yours or mine however. At that point we'Ll be on a global currency As they claim it will be the only solution.
Hate to burst your bubble but there wont be a Rapture.
We are here for the duration.
We came to central KY in 60 after 40 years in Florida (the pollen state).
If we could just stop the people in Jefferson County from voting......
Some really good shots in that collection. Whoever took the pictures has a really good eye for composition.
Great information in the links you provided. Thanks for posting.
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That particular “meltdown” you mention, has happened several times already. That is why it is way back in the 3rd seal, not in the future, although more of it can’t necessarily be ruled out, Deflation is way more likely in our future than that kind of inflation.
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Bartlett has sold his soul to the Left.
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>> “Hate to burst your bubble but there wont be a Rapture.
We are here for the duration.” <<
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Absolutely true! that’s what Paul told all of his sheep.
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Yeah, and what did Congress do when this horrible news was being told to them?
Picked thier noses, yawned, played on their IPhones, and then proceeded to raise the debt ceiling for Dear Leader.
well yeah it probably owes more than greece does
Nonsense
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