Here is a man telling the truth. $200 trillion? What do you think? What will the American economy look like next year?

Laurence Kotlikoff Interview on U.S. Economy

Aug. 11 (Bloomberg) -- Laurence Kotlikoff, an economics professor at Boston University, talks about the state of the U.S. economy. Kotlikoff speaks with Erik Schatzker on Bloomberg Television's InsideTrack." (Source: Bloomberg)

See video here... http://www.bloomberg.com/video/62140030/

U.S. Is Bankrupt and We Don't Even Know It: Laurence Kotlikoff

By Laurence Kotlikoff - Aug 10, 2010 6:00 PM PT

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.

Last month, the International Monetary Fund released its annual review of U.S. economic policy. Its summary contained these bland words about U.S. fiscal policy: “Directors welcomed the authorities’ commitment to fiscal stabilization, but noted that a larger than budgeted adjustment would be required to stabilize debt-to-GDP.”

But delve deeper, and you will find that... http://www.bloomberg.com/news/2010-08-11/u-s-is-bankrupt-and-we-don-t-ev...