Glenn continues his campaign to get Americans to think and process information like a progressive so as to understand what the progressives are actually working toward within our society; i.e. Obamacare. He also covers how the progressives are ‘nudging’ the country into a globalist direction, and that when enough Americans actually realize that it is Conspiracy FACT, it will be too late to save our nation.
Remember the economist that Glenn was speaking about earlier in the show? Laurence Kotlikoff’s op-ed pieces from Bloomberg on August 10, 2010.
Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills.
What it can and must do is radically simplify its tax, health-care, retirement and financial systems, each of which is a complete mess. But this is the good news. It means they can each be redesigned to achieve their legitimate purposes at much lower cost and, in the process, revitalize the economy.
Last month, the International Monetary Fund released its annual review of U.S. economic policy. Its summary contained these bland words about U.S. fiscal policy: “Directors welcomed the authorities’ commitment to fiscal stabilization, but noted that a larger than budgeted adjustment would be required to stabilize debt-to-GDP.”
But 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.”
Is the IMF bonkers?
No. It has done its homework. So has the Congressional Budget Office whose Long-Term Budget Outlook, released in June, shows an even larger problem.
Based on the CBO’s data, I calculate a fiscal gap of $202 trillion, which is more than 15 times the official debt. This gargantuan discrepancy between our “official” debt and our actual net indebtedness isn’t surprising. It reflects what economists call the labeling problem. Congress has been very careful over the years to label most of its liabilities “unofficial” to keep them off the books and far in the future. (emphasis mine)
This is definitely an article that you will want to hit the link and read it in it’s entirety. It may help you understand that the Federal Reserve handing the US Congress a credit card was a disaster and could only culminate in the bankruptcy of America and absorption into a global government.