Article's analysis dramatized imortance of blogs beating the drum for radical increases in taxes on the rich & corporations. Otherwise Elites will Destroy pensions, Social Security & Medicare as well as imposing massive National Sales Tax. To wit:
The United States is heading for bankruptcy, according to an extraordinary paper published by one of the key members of the country's central bank.
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.
Prof Kotlikoff said that, by some measures, the US is already bankrupt. "To paraphrase the Oxford English Dictionary, is the United States at the end of its resources, exhausted, stripped bare, destitute, bereft, wanting in property, or wrecked in consequence of failure to pay its creditors," he asked.
According to his central analysis, "the US government is, indeed, bankrupt, insofar as it will be unable to pay its creditors, who, in this context, are current and future generations to whom it has explicitly or implicitly promised future net payments of various kinds''.
....
Paul Ashworth, of Capital Economics, was more sanguine about the coming retirement of the Baby Boomer generation. "For a start, the expected deterioration in the Federal budget owes more to rising per capita spending on health care than to changing demographics," he said.
"This can be contained if the political will is there.
Don't worry, it's all part of the Grover plan.
Remain calm.
meanwhile, like 911, Katrina, Boy King sits and does nothing, nothing... w/the exception of spouting Aesopian language and meaningless rhetoric.
take for instance, How powerful our gov is handling the Lebanon crisis. Soon the Merican sheeple will know the full brunt of the YOYO. (Your on your own economy) and will by proxy know the feelings of the native nawlin's plight.
Update: kotlikoff's paper, Is the U.S. Bankrupt?, is originally from a conference presentation dated Oct 20-21, 2005 (pdf [211kb]) though i see that it has been reformatted & rereleased this month [146kb]. the txt appears the same.
here is kotlikof's faculty page w/ links to further writings.
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