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Ragnarok
15th November 2010, 07:36 AM
Snip:

"Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”

Writing in the September issue of Finance and Development, a journal of the International Monetary Fund, Prof. Kotlikoff says the IMF itself has quietly confirmed that the U.S. is in terrible fiscal trouble – far worse than the Washington-based lender of last resort has previously acknowledged. “The U.S. fiscal gap is huge,” the IMF asserted in a June report. “Closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 per cent of U.S. GDP.”

This sum is equal to all current U.S. federal taxes combined. The consequences of the IMF’s fiscal fix, a doubling of federal taxes in perpetuity, would be appalling – and possibly worse than appalling.

Prof. Kotlikoff says: “The IMF is saying that, to close this fiscal gap [by taxation], would require an immediate and permanent doubling of our personal income taxes, our corporate taxes and all other federal taxes."

I don't know about anyone else, but I certainly can't afford this, so... I guess I won't!

Read the rest of the article here:
http://www.theglobeandmail.com/report-on-business/commentary/neil-reynolds/the-scary-actual-us-government-debt/article1773879/

fyi, R.

7th trump
15th November 2010, 07:52 AM
Snip:

"Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”

Writing in the September issue of Finance and Development, a journal of the International Monetary Fund, Prof. Kotlikoff says the IMF itself has quietly confirmed that the U.S. is in terrible fiscal trouble – far worse than the Washington-based lender of last resort has previously acknowledged. “The U.S. fiscal gap is huge,” the IMF asserted in a June report. “Closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 per cent of U.S. GDP.”

This sum is equal to all current U.S. federal taxes combined. The consequences of the IMF’s fiscal fix, a doubling of federal taxes in perpetuity, would be appalling – and possibly worse than appalling.

Prof. Kotlikoff says: “The IMF is saying that, to close this fiscal gap [by taxation], would require an immediate and permanent doubling of our personal income taxes, our corporate taxes and all other federal taxes."

I don't know about anyone else, but I certainly can't afford this, so... I guess I won't!

Read the rest of the article here:
http://www.theglobeandmail.com/report-on-business/commentary/neil-reynolds/the-scary-actual-us-government-debt/article1773879/

fyi, R.



Hahahaha.................preditor lending.
The IMF is just as guilty as the political leaders who borrowed inspite public interests. They will get theirs at the 7th trump.

Low Pan
15th November 2010, 07:58 AM
Snip:

[i]"Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”

yup, when you include the budget shortfalls in MediCare and Social Security that's about right.

Twisted Titan
15th November 2010, 10:50 AM
Snip:

[i]"Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”

yup, when you include the budget shortfalls in MediCare and Social Security that's about right.


Dont forget about Black Budget expenses ( CIA,NSA,PENTAGON etc)

Those are not even counted at all

Those run into the MEGA TRILLIONS by themselves

midnight rambler
15th November 2010, 10:52 AM
Snip:

[i]"Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion – 840 per cent of current GDP. “Let’s get real,” Prof. Kotlikoff says. “The U.S. is bankrupt.”

yup, when you include the budget shortfalls in MediCare and Social Security that's about right.


Dont forget about Black Budget expenses ( CIA,NSA,PENTAGON etc)

Those are not even counted at all

Those run into the MEGA TRILLIONS by themselves


The importation of illicit narcotics is a huge revenue stream for them as well, including the ecstasy from Is Ra Hell.

Libertytree
15th November 2010, 11:16 AM
Thinking the national debt is only 13.5T is an absolute joke, anyone with a semi-rational brain knows it. Likewise, anyone with a shred of of common sense knows that the real amount of debt ($200T) is an amount that can never be paid and thus must collapse.

Book
15th November 2010, 11:25 AM
http://blackchristiannews.com/news/8-week-unborn-baby.jpg

Hurry up and get born Timmy so you can pay off our National Debt!

:D

Twisted Titan
15th November 2010, 01:54 PM
http://blackchristiannews.com/news/8-week-unborn-baby.jpg

Hurry up and get born Timmy so you can pay off our National Debt!

:D



Only if Timmy has a SS Number Then he is responsible for his "fair share"

Smart parents wont apply for one...the system will have since long collasped before any benifits can be derived from it.



T