Saturday, July 15, 2006

It's official

Always late, the "official" announcement, and a
rather wishy-washy report at that.
A ballooning budget deficit and a pensions and
welfare timebomb could send the economic
superpower into insolvency, according to research
by Professor Laurence Kotlikoff for the Federal
Reserve Bank of St Louis, a leading constituent
of the US Federal Reserve.
According to his central analysis, "the US
government is, indeed, bankrupt, insofar as it
will be unable to pay its creditors, who, in this
context, are current and future generations to
whom it has explicitly or implicitly promised
future net payments of various kinds''.

All this from a foreign source. Do you suppose
the Amurikun MSM would ever report this?

I don't.

Full report.