This made me sick to my stomach. Laurence Kotlikoff, economist, pulled out the real numbers of the US governments debt. It's nowhere near $13.5 Trillion that they keep touting. It's 14 fold higher, $200 Trillion. ('scuse me, there goes my stomach again). That's 840% of current GDP.
That means higher taxes, inflation (there's just no way to escape that one) and draconian cuts across the board are going to be necessary if we are to survive. At least Mr Kotlikoff offers a decent plan to get rid of our current tax system, as an upside. Too bad no one in DC will take his suggestions to heart. Shoot, even this big a story had to be published in a foreign country. No doubt our press wouldn't run with it.
The scary actual U.S. government debt - The Globe and Mail
That means higher taxes, inflation (there's just no way to escape that one) and draconian cuts across the board are going to be necessary if we are to survive. At least Mr Kotlikoff offers a decent plan to get rid of our current tax system, as an upside. Too bad no one in DC will take his suggestions to heart. Shoot, even this big a story had to be published in a foreign country. No doubt our press wouldn't run with it.
The scary actual U.S. government debt - The Globe and Mail