Boston Univ. Economics Professor: US is in Worse Shape Than Detroit, Real Debt is $205 Trillion!

Image: Dees Illustrations

Image: Dees Illustrations

Laurence Kotlikoff Author and Professor of Economics at Boston University joins the SGTReport to discuss the fact that the REAL DEBT of the U.S. government is now $205 TRILLION when unfunded liabilities are actually counted.
Kotlikoff warns, “We have a country that is entirely broke, fiscally broke – it’s probably in worse shape than any developed country. We are in terrible shape, even worse than Detroit because the people doing the accounting are engaged in fallacious accounting…

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Comments

  1. When complex systems collapse the collapse is rapid.  The collapse of the global fiat financial system will literally happen over a long weekend.  There will be rumblings on Thurs and on into Fri.  Over the weekend emergency meetings.  Sunday evening an announcement of a bank holiday.  Temporary mind you, because of a “glitch”.  Banks scheduled to reopen in three days, but they won’t.  Sunday evening Asian markets are in free fall.  Japanese bond market implodes.  Monday U.S. Stock Market opens lock limit down.  Trading is halted as circuit breakers are tripped.  Global financial markets are closed until further notice.  Stores are open, but only accept cash.  And it’s only Monday. 

  2. Hey Old Guys!!   Remember back in 1981 when Reagan’s first term showed a national debt of $900,000,000,000.  That billion Edb.
    It seemed like Everest. And even back then Stockman and Reaganwere talking about the national debt skyrocketing, which it did
    Fast forward 30 years later and here we are at $17 trillion and counting.  Probably past what Reagan, in his wildest dreams, could not imagine.   That is a 1,600 % increase.  So why should $200 trillion be so surprising.  That’s only 1,100% increase.  The rate of increase is slowing down.  We have nothing to worry about.  By then us Old Guys will be morte.  

    • Yeah, I remember.  When Reagan came in, the debt was 900 billion….when he left, it was 2.7 trillion.   The ONLY president (so far) to ride herd over a tripling of the debt during his 8 years.  And somehow, many folks remember him as some kind of economic God. “Reaganomics” was cut taxes, increase spending and put the difference on the national credit card.
      Of course, the Dems are just as bad.  The press still talks fondly about the “surplus” of the Clinton years…..the surplus that only existed by booking excess Social Security receipts, and ignoring the IOU issued for them at the same time.  Smoke and mirror accounting at it’s finest.
      The only real question is: Are politicians just liars, or are the crooks as well.
      .
      All we can do is protect ourselves the best possible. Have food, the means to produce more food, your own sources of water/power/etc, means to protect you & yours, and if you happen to end up with any leftovers, put it in metals….because this is clearly not going to end well.

  3. Excuse me, but what the fvck does a college economics professor know about economics – or about what actually happens in the real world?
    How many economics professors predicted the housing bubble bursting, back when some of us AWARE folks were talking about it on blogs?
    Um…that would be a grand total of ZERO!

  4. Is this guy for real???  He wants a carbon tax and wants to save the planet.  A harvard grad on the very liberal side and he thinks the government will willingly post the REAL numbers.  What a wate of my time.

  5. Great, another global warming hack. Where do you find these idiots. He doesn’t understand supply side economics? He thinks the US can dictate to China? Is this idiot not paying attention? Carbon tax, idiot liberal, global warming hack.

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