Our Nation is Broke – Prof. Kotlikoff Tells Congress

Concerned American Dad

Economist Tells Congress: U.S. May Be in ‘Worse Fiscal Shape’ Than Greece

The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25.

“The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today.

“Indeed, it may well be in worse fiscal shape than any developed country, including Greece,” he said.

(See Kotlikoff—Testimony-to-Senate-Budget-Committe.pdf)

In January, Fitch downgraded Greece, whose debt-to-Gross Domestic Product (GDP) ratio is 175 percent, from Stable to Negative.

This declaration of national insolvency will, no doubt, shock those of you who use the officially reported 

View original post 971 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s