BANKRUPTCY OF U.S. GOVERNMENT PENDING?
September 15, 2004
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Predicting an economic “catastrophe” fiscal experts say the U.S. budget deficit will grow to some $60 trillion in the next 10 years. These experts predict that the government may be unable to meet social security, medicare, education, and military needs without doubling taxes and reversing current trends in rising expenditures. The size of the looming deficit is set at $72 trillion by the Social Security Board of Trustees; at $40 trillion by the Government Accountability Office; and $47 trillion by the international Monetary Fund.
In the near future much, if not all of the government’s disposable income will go to paying interest to foreign entities that are funding today’s budget deficit.
“This administration and previous administrations have set us up for a major financial crisis,” said laurence Kotlikoff, economics chairman at Boston University.
SOURCE: Chronicle Washington Bureau
