Thursday, February 10, 2011

The scary actual U.S. government debt

“America’s fiscal gap is enormous – so massive that closing it appears impossible without immediate and radical reforms to its health care, tax and Social Security systems – as well as military and other discretionary spending cuts.”

Now why didn't I think of that? Gotta love the blogosphere. If you look long enough, you're bound to find someone who agrees with you. Hey, wait a minute! This is a well respected economist and professor at Boston University.

The article goes on to say, "Without drastic reform, Prof. Kotlikoff says, the only alternative would be a massive printing of money by the U.S. Treasury – and hyperinflation.

As former president Bill Clinton once prematurely said, the era of big government is over. In the coming years, the U.S. will almost certainly be compelled to deconstruct its welfare state."

Deconstruction, indeed, is better than destruction.

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