Economist: The American Fiscal House Is Ready to Fall

The fiscal situation in the United States might be worse than Greece. Some pretty dire testimony before Congress was reported by CNS News: “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 toldmembers of the Senate Budget Committee in written and oral testimony on Feb. 25. Not Read more […]

A Reminder The US Will Never Pay Off Its Debt

From the Rare blog: Your share of the national debt is now $1.1 million Each U.S. taxpayer now has a federal-debt liability of $1.1 million, and rising. Remember that when President Obama boasts that the federal deficit—the shortfall between annual revenues and spending—is declining. Of course, the primary reason for the decline is the sequester, which was his idea but now adamantly opposes. The public tends to focus on the total national debt, which just passed the $17 trillion mark—up Read more […]