U.S. Is Bankrupt and We Don't Even Know: Laurence Kotlikoff - Bloomberg
Actually, some of us DID know, but no matter.
Actually, some of us DID know, but no matter.
That just means that we would have to DOUBLE our current tax take, which isn't going to happen ...But delve deeper, and you will find that the IMF has effectively pronounced the U.S. bankrupt. Section 6 of the July 2010 Selected Issues Paper says: “The U.S. fiscal gap associated with today’s federal fiscal policy is huge for plausible discount rates.” It adds that “closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 percent of U.S. GDP.”
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