Mission impossible: US has to cut $20 trillion (economics professor Laurence Kotlikof)

http://www.youtube.com/ ^ | August 01 2011 | RTAmerica

[Para-Ord.45]

Zip ahead to the 4:00 minute mark:

http://www.youtube.com/watch?v=Yj-6sIepzk8

Obama and Congress reached an agreement on the debt ceiling deal. But is it going to solve America's financial troubles? Laurence Kotlikoff, a professor at Boston University, doesn't think so. According to him,the US has to cut astonishing $20 trillion to put its finances in order.

- Debt deal a smokescreen

- No changes to entitlements

- Unfunded liabilities will rise 2-4 Trillion in one year alone

- Fiscal gap is 211 TRILLION dollars in unfunded mandates !

- 20 TRillion dollar cut needed over 10 years

- If not Govt. will be forced to create hyper-inflation to pay for entitlements

- Switzerland pegs health care expenditures at 10% USA must lock in at same amount and only pay for basics

[Para-Ord.45]

Why no hot link:

http://www.youtube.com/watch?v=Yj-6sIepzk8

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http://www.youtube.com/watch?v=Yj-6sIepzk8

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http://www.youtube.com/watch?v=Yj-6sIepzk8

[WashingtonSource]

Good grief.

[chipper dave]

"If not Govt. will be forced to create hyper-inflation to pay for entitlements."

Seems like the likely chicken sh*t solution they will take to me.

[BipolarBob]

"Seems like the likely chicken sh*t solution they will take to me."

My first thought exactly.

[Mike Darancette]

We’ve got to get the economy going.

[Scott from the Left Coast]

Our politicians, it seems regardless of party affiliation, can ALWAYS be counted on to take the Chicken sh*t way out of everything.

No matter what the cost to you and me, or the nation.

[chipper dave]

Our fearless leaders make the French Army look like Genghis Khans.

[Hostage]

http://www.fairtax.org/site/PageServer?pagename=about_faq

[CapnJack]

What was that guy saying? I was focusing in on that RT reporterette ... WOW!!

I gotta watch RT on the web more often.

[CharlyFord]

I keep hearing questions and answers about what the Country or Government or Congress is going to do about ‘the problem’. I’ve got a better question. I doubt that ‘the Government’ is capable of making the hard decisions needed to deal with this. What are we, as individuals and families, going to do to deal with this??

[Elendur]

“If not Govt. will be forced to create hyper-inflation to pay for entitlements.”
///
they’ve already started, with QE2 and soon QE3.

GDP growth wouldn’t even be 2%, if you factor in the inflated money supply. we’ve been contracting for a year...

Thanks to Para-Ord.45 for finding and posting this!

[chipper dave]

"GDP growth wouldn’t even be 2%, if you factor in the inflated money supply. we’ve been contracting for a year..."

Good point.

[Nickname]

They couldn’t even cut $100 billion.