Boston University Economics Professor Laurence Kotlikoff is worried about America’s dire financial situation. Dr. Kotlikoff says, “The situation is getting worse and worse and worse. We are running a massive six decade Ponzi scheme, and it’s coming to a real threatening point.” Dr.Kotlikoff calculates the real government deficit is enormous and it’s growing exponentially.
“It’s $222 trillion. Last year it was $211 trillion. We grew the deficit by $11 trillion in one year,” charges Dr. Kotlikoff. He also says, “We are actually in worse shape than any developed country. . . We are using accounting that would make Bernie Madoff blush.” Kotlikoff thinks the Federal Reserve could easily lose complete control of inflation and warns, “Ben Bernanke is playing with fire here because we could have a tripling of the price level.” Join Greg Hunter as he goes One-on-One with Economist Laurence Kotlikoff.