FEDERAL RESERVE REPORT: U.S. HEADED FOR BANKRUPTCY
July 17, 2006
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Coming $65.9 trillion fiscal gap 5 times GDP, twice size of national wealth
© 2006 WorldNetDaily.com
A newly published paper by a researcher for the Federal Reserve Bank of St. Louis warns that a ballooning budget deficit and pension and welfare timebomb is growing into a $65.9 trillion fiscal gap that will force the United States into bankruptcy.
In the view of Prof. Laurence Kotlikoff of Boston University, the U.S. is already bankrupt – at least the government is.
“The U.S. government is, indeed, bankrupt,” he writes, “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.”
For full story: http://worldnetdaily.com/news/article.asp?ARTICLE_ID=51078
