Is The United States Bankrupt? The St Louis Fed Reserve Says Yes

[Paulie]

http://research.stlouisfed.org/publications/review/06/07/Kotlikoff.pdf

Is the United States bankrupt? Many would scoff at this notion. Others would argue that financial implosion is just around the corner. This paper explores these views from both partial and general equilibrium perspectives. It concludes that countries can go broke, that the United States is going broke, that remaining open to foreign investment can help stave off bankruptcy, but that radical reform of U.S. fiscal institutions is essential to secure the nation’s economic future. The paper offers three policies to eliminate the nation’s enormous fiscal gap and avert bankruptcy: a retail sales tax, personalized Social Security, and a globally budgeted universal healthcare system.

Way more at the link. Hope you got Adobe Acrobat.

I don't personally agree with those 3 points there at the end, but I'm certainly interested in the fact that an actual Federal Reserve Bank would endorse a message like this and let it go public.

 

[Paulie]

Ironically, the St. Louis Fed President was the lone dissenting voice on this 3/4 point rate cut.

More inflation.

 

[AllieBaba]

Depression and stock market downward spirals are generally caused by panic.

Thanks for doing your part, Pauly.

 

[Paulie]

Depression and stock market downward spirals are generally caused by panic.

Thanks for doing your part, Pauly.

Fuck you baba. The whole fucking WORLD is panicking right now, in case you haven't noticed.

We should just always be chipper and joyful, while we watch the economy crumble around us and sing Kumbaya in the hopes and dreams that because this is America, we're bulletproof?

Get the fuck out of here. Unless you have something worthwhile to talk about economically, you're presence in a thread like this is a waste of bandwidth.

 

[AllieBaba]

You've been panicking since you were born. YOu've been vocal about it on here, and it's just that sort of "Oh my god the sky is going to fall...sooon...sooooon...ooooohhhhh nooooooo" that leads to market crashes.

Do a little research, nancy boy.

 

[Paulie]

You've been panicking since you were born. YOu've been vocal about it on here, and it's just that sort of "Oh my god the sky is going to fall...sooon...sooooon...ooooohhhhh nooooooo" that leads to market crashes.

Do a little research, nancy boy.

I've done research. And you know what, bitch? Recessions can HAPPEN! Oh my god, thats right, recessions HAPPEN! What a fucking epiphany!

The economy is falling, and I'm worried. I'm not saying it's going to be hell on earth, I'm justifiably worried about the near term state of the economy.

Why do you even bother getting involved in the conversation is you don't have anything knowledgable to add?

 

[AllieBaba]

Yes, they happen when people panic. I certainly never said they didn't happen. That's just your panic clouding your perception.