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“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." Economist Lawrence Kotlikoff address to Congress.
http://www.cnsnews.com/news/article/barbara-hollingsworth/economist-tells-congress-us-may-be-worse-fiscal-shape-greece
http://www.cnsnews.com/news/article/barbara-hollingsworth/economist-tells-congress-us-may-be-worse-fiscal-shape-greece
Posted in these groups: 
Economics
Economics
Posted 10 y ago
Responses: 3
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You don't get broke when you're years in debt. The government got broke $19 Trillion ago.
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I think a bigger problem is our unfunded obligations - we were short some 17 trillion and we had to borrow that to pay for what was due last year - however further down the road we are some 74 trillion short - SS, military retirement, and medicare. To get these accounts in the green the US would need to raise taxes 50%+ .
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SSG Gerhard S.
Indeed, Mr. Kotlikoff tells us there is a $210 trillion fiscal gap, including our unfunded liabilities.
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It is not just about the debt. The whole country is tapped out on CREDIT which includes credit cards, mortgages, and loans. Cash only accounts for a small percentage and if the people withdrew cash from the banks it would collapse the entire system just like it did in 1929. To make it worse, today bank accounts are all just digital numbers, how could you prove how much you had if all the computers went down?
“Those who don't know history are doomed to repeat it.”
― Edmund Burke
“Those who don't know history are doomed to repeat it.”
― Edmund Burke
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