Iceberg ahead

Investor's Business Daily
by staff

07/17/06

A Fed study says the U.S. is going broke and that 'radical reform' of fiscal institutions is needed for our economic future. But rearranging the Titanic's deck chairs is not reform. The Federal Reserve Bank of St. Louis has released an analysis with the attention-grabbing title 'Is the United States Bankrupt?' The author is Boston University economics professor and National Bureau of Economic Research associate Laurence J. Kotlikoff. Kotlikoff said Washington 'is, indeed, bankrupt, insofar as it will be unable to pay its creditors ... current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds.' And he provides some scary data ... our current 'fiscal gap' -- the difference between all future government spending and debt service and all future revenues -- is now nearly $66 trillion. That figure -- which many economists would consider an exaggeration -- is five times our GDP and double America's total wealth. Kotlikoff says that basically leaves us with a choice between doubling personal and corporate income taxes or cutting Medicare and Social Security benefits by two- thirds -- unless we go in a bold new direction he outlines...

http://tinyurl.com/l5og3


Informant: Thomas L. Knapp

World-News

Independent Media Source

User Status

Du bist nicht angemeldet.

Suche

 

Aktuelle Beiträge

Trump and His Allies...
https://www.commondreams.o rg/views/2022/06/21/trump- and-his-allies-are-clear-a nd-present-danger-american -democracy?utm_source=dail y_newsletter&utm_medium=Em ail&utm_campaign=daily_new sletter_op
rudkla - 22. Jun, 05:09
The Republican Party...
https://truthout.org/artic les/the-republican-party-i s-still-doing-donald-trump s-bidding/?eType=EmailBlas tContent&eId=804d4873-50dd -4c1b-82a5-f465ac3742ce
rudkla - 26. Apr, 05:36
January 6 Committee Says...
https://truthout.org/artic les/jan-6-committee-says-t rump-engaged-in-criminal-c onspiracy-to-undo-election /?eType=EmailBlastContent& eId=552e5725-9297-4a7c-a21 4-53c8c51615a3
rudkla - 4. Mär, 05:38
Georgia Republicans Are...
https://www.commondreams.o rg/views/2022/02/14/georgi a-republicans-are-delibera tely-attacking-voting-righ ts
rudkla - 15. Feb, 05:03
Now Every Day Is January...
https://www.commondreams.o rg/views/2022/02/07/now-ev ery-day-january-6-trump-ta rgets-vote-counters
rudkla - 8. Feb, 05:41

Archiv

Juli 2006
Mo
Di
Mi
Do
Fr
Sa
So
 
 
 
 
 
 
 
 
 
 
 
 

Status

Online seit 7141 Tagen
Zuletzt aktualisiert: 22. Jun, 05:09

Credits


Afghanistan
Animal Protection - Tierschutz
AUFBRUCH für Bürgerrechte, Freiheit und Gesundheit
Big Brother - NWO
Brasilien-Brasil
Britain
Canada
Care2 Connect
Chemtrails
Civil Rights - Buergerrechte - Politik
Cuts in Social Welfare - Sozialabbau
Cybermobbing
Datenschutzerklärung
Death Penalty - Todesstrafe
Depleted Uranium Poisoning (D.U.)
Disclaimer - Haftungsausschluss
... weitere
Profil
Abmelden
Weblog abonnieren