Tuesday, April 1, 2014

U.S. unfunded liabilities really more than $200 trillion

By John Seiler
debt, obama, Christo Komarnitski, cagle, Nov. 11, 2013In the past I’ve written here about the U.S. federal budget not being $17 trillion in the red, but more than $200 trillion (with a “t”). The calculations come not from some right-wing activist, but from Prof. Laurence Kotlikoff, a professor of economics at Boston University and a research associate at the National Bureau of Economic Research.
This is important for California because something around half of the state budget — the total amount — comes from the federal government. When the feds begin cutting back spending sharply, as inevitably they will, then California will see sharp cuts in Medicaid/Medical, AFDC, SNAP/food stamps (more than the recent cuts), education/No Child Left Behind/Race to the Top, etc.
Kotlikoff recently was interviewed by Financial Sense Newshour. And Bob Wenzel provides a transcript of some of it:

No comments:

Post a Comment