George Ure over at Urban Survival muses on a new article put out by the St. Louis Federal Reserve asking the question “Is the US Bankrupt?”.
The author, Lawrence Kotlikoff, wrote the book “The Coming Generational Storm” which details some massive problems we’ve got coming our way as the Baby Boomers retire and start both using Medicaid/Medicare as well as start withdrawing their funds from their retirement plans. His current article is worth reading, for it asks a number of questions that the jackasses (in both parties) currently in power refuse to address.
Professor Kotlikoff was one of the economists contracted by then-Treasury Secretary Paul O’Neill to look into future trends for US Fiscal policy in 2002. The resulting report showed a that the US was looking at a long-term deficit of over 44 trillion dollars and was quickly buried to avoid derailing Bush’s tax cut proposals, but not before word leaked out. Kotlikoff has spent time since then trying to raise the alarm, and this latest paper is just one in a stream of articles, books and op-ed pieces he has written since then.