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U.S. Is Bankrupt and We Don't Even Know: Laurence Kotlikoff

By Implode-Explode Heavy Industries

``delve deeper, and you will find that the IMF has effectively pronounced the U.S. bankrupt. Section 6 of the July 2010 Selected Issues Paper says: ?The U.S. fiscal gap associated with today?s federal fiscal policy is huge for plausible discount rates.? It adds that ?closing the fiscal gap requires a permanent annual fiscal adjustment equal to about 14 percent of U.S. GDP.? ''

Full post as published by Mortgage Lender Implode-o-Meter on August 11, 2010 (boomark / email).