[Zakeet]

... and many people consider Dr. Kotlikoff to be an incredible optimist ... mainly because, among other things, he hasn't counted the $1,300 trillion in derivative exposure by the too-big-to-fail banks, the enormous additional spending burden imposed by masses of unemployed and starving resulting from this country's economic collapse, the enormous drop in tax receipts resulting from the death of the middle class, and the cost of inevitable civil unrest and wars!

[Mark]

There should be a “Lock Box” for funds to pay down the debt! (/s)

[Rennes Templar]

Any positive news?

[JerseyHighlander]

Dr. Kotlikoff is an optimist,

40% reduction in every dollar spent is still 25% too little, we need 53% cuts in every dollar spent,

66% increase in tax rates/collections is still too little, we would need 83% tax increases,

Illinois, New Jersey, New York are teetering on fiscal collapse, already beyond the point of return but not yet fallen over the abyss. Once one of them go, the domino effect will begin.

[Gator113]

I doubt there is enough wealth on the entire planet to pay off our debt.

[Graewoulf]

PING.

[Dapper 26]

What comes after Trillion?

[Graewoulf]

Lemme see now:

A.) Shut down the non-essential, spendaholic Federal Government until the sorry spendaholic Federal politicians give up; or

B.) Shut down and destroy America by approving the funding of America’s death knell Obamacare; or

C.) Be very, very fearful of what the Democrat’s Liberal Agenda Media MIGHT say and write about old-style Republicans who have always before caved in to Democrats?

Think, think, think - - - - .

2014 is going to be SO much fun for the New Republican Party!

[Pagey]

Bttt

[CodeToad]

“”If you add up all the promises that have been made for spending obligations, including defense expenditures, and you subtract all the taxes that we expect to collect, the difference is $211 trillion. That’s the fiscal gap,” he says. “That’s our true indebtedness.” “

I have never understood this future accounting method people use to say crap like that. If it is $211 T then I am sure it is not in one year, but they never say over what period of time, and if it is something like Social Security then it is far more over a longer period of time.

[familyop]

What about state and local liabilities? A little over a year ago, with state and local unfunded liabilities included, the real debt was around $266 trillion.

[Jack Hydrazine]

The coming crash will destroy every nation.

[NY Attitude]

Ahhh yes, The Federal Reserve at work.