Professor Laurence Kotlikoff: Our Government Is Broke – CBO Admits “True Liabilities”
This Financial Sense Newshour program is available only as a premium, paid "FS Insider" release.
For advance notice of release of premium, paid "FS Insider" content or to purchase a monthly or annual subscription to "FS Insider" content, go to www.financialsense.com/subscribe.
Jim welcomes back Laurence J. Kotlikoff, Professor of Economics at Boston University. Professor Kotlikoff focuses on the CBO (Congressional Budget Office) and it’s Extended Baseline Forecast, which was left out of discussions during the recent budget debate. The CBO admits to true liabilities of $205 trillion. “Our government is broke” said Kotlikoff, “and the press is clueless and doing its best to hide the truth from the public.” Looking at the CBO's extended baseline projections beyond 10 years gives a more realistic picture of our fiscal outlook since it accounts for harmful effects of debt on the economy, as well as lower levels of savings and revenue than projected otherwise. Kotlikoff stressed that unless we act soon, radical measures will have to be taken in the future. “In terms of generational accounting, were we to leave our kids and future descendants to cover the entire fiscal gap, they’d face tax rates over their lifetimes around twice as high as those we face” said Kotlikoff.
About James J Puplava CFP
|03/28/2017||Everything You Should (and May Not) Know About 401(k)s||bcast|
|03/27/2017||Not All Bond Funds Are Created Equal||bcast|
|03/25/2017||Who Listens to Financial Sense? Jim Goes “On the Record”||bcast|
|03/25/2017||Dan Wantrobski: Stock Market Breadth, Momentum Weakening||bcast|
|03/21/2017||How to Get a Good Job, Avoid College Debt, and Advance Your Career||bcast|
|03/20/2017||Elder Scams, Frauds, and Abuse – Don’t Get Fleeced||bcast|
|03/18/2017||Death of a Bull Market – Major Paradigm Shift||bcast|
|03/18/2017||John Murphy on Intermarket Analysis; Don Coxe on Bonds, US Pension Crisis||bcast|
|03/14/2017||Book Interview: The Case Against Sugar||bcast|
|03/13/2017||Taxes Suck – Here Are Ways to Reduce Them||bcast|