Professor Laurence J. Kotlikoff Says USA Is Essentially Bankrupt

Professor Laurence J. Kotlikoff from Boston University.

Laurence J. Kotlikoff, Professor of Economics at Boston University, recently made the following statement in the editorial section of Bloomberg News:

"Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills. What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy."

The article to which I am now referring was entitled: "U.S. Is Bankrupt and We Don't Even Know It," and it went into great detail regarding our current national predicament. Nor, did he make such dire statements without providing substantial evidence for openly doing so. For instance, Professor Kotlikoff pointed out the International Monetary Fund's own recent annual review of United States economic policy - which essentially pronounced America bankrupt and noted that our Federal Government would have to double our various rates of: Personal, Income, and Corporate Taxation, in order to achieve a sustainable financial balance.