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Sun 14 Nov, 2004 08:47 pm
$5.5 trillion stated debt, but the real debt is $51 trillion, Prof Lawrence Kotlikoff says tax rates among the next generation will have to double to become solvent.
---Bill Moyers Now
I saw that same interview Harper, and that Professor scared the hell out of me.......!
Think we'll take Chapter 7 or Chapter 11?
Waitwaitwait, $51 trillion?!?! FIFTY-ONE TRILLION DOLLARS IN REAL DEBT?!
Umm...
omfg?
well of course we're bankrupt, after 9/11 Bush told us to go out and spend. spend, spend to beat the terrorits. He and the republican congress are just trying to set a good example.
rodeman wrote:I saw that same interview Harper, and that Professor scared the hell out of me.......!
Read some of the book, you will really be scared (see the link above)
Repaying a 51 trillion dollar debt won't be any problem at all for the US. All the US government needs to do is come up with a 1 trillion dollar bill, and print 51 of them. An insignificant piece of paper.
They already DID that. Our problem is eventually, we're going to have to COVER those trillion dollar notes we printed....
Cycloptichorn
No you wont. The US have not signed any treaties barring it from printing as much money as it wants and adding it to the public treassury. The dollar would loose all value of course, but that's what stupid creditors get for lending dollar bills to those who can legally print them. Naturally a crashing dollar would result in capital flight and sky high interests, but the US would not be trapped in debt like so many third world countries are.
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