We’ve been warning you. Now you hear it from an economics professor: “Let’s get real. The U.S. is bankrupt. Neither spending more nor taxing less will help the country pay its bills.” – Laurence Kotlikoff at Bloomberg.com

By Laurence Kotlikoff at Bloomberg.com

Excerpts:

“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.”

“To put 14 percent of gross domestic product in perspective, current federal revenue totals 14.9 percent of GDP. So the IMF is saying that closing the U.S. fiscal gap, from the revenue side, requires, roughly speaking, an immediate and permanent doubling of our personal-income, corporate and federal taxes as well as the payroll levy set down in the Federal Insurance Contribution Act.”

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