Re: US Could Be Going Bankrupt
On Jul 16, 2006, at 5:52 AM, Auguste Blanqui wrote:
A ballooning budget deficit and a pensions and welfare timebomb
could send the economic superpower into insolvency, according to
research by Professor Laurence Kotlikoff for the Federal Reserve
Bank of St Louis, a leading constituent of the US Federal Reserve.
The St Louis Fed has been a hotbed of monetarism since the early
1970s, and Kotlikoff has been saying crap like this forever. He’s a
leading proponent of generational accounting, which boils down to
saying that if we tried to pay off all our future Social Security
obligations today, we couldn’t. Pay this no mind.
Doug