Laurence Kotlikoff writes:
"Our country is bankrupt. It’s not bankrupt in 30 years or five years. It’s bankrupt today.
Want proof? Look at President Barack Obama’s 2010 budget. It showed a massive fiscal gap over the next 75 years, the closure of which requires immediate tax increases, spending cuts, or some combination totaling 8 percent of gross domestic product. To put 8 percent of GDP in perspective, this year’s employee and employer payroll taxes for Social Security and Medicare will amount to just 5 percent of GDP.
Actually, the picture is much worse..."
Read more
Comment: The modern populist democracies are doomed for bankruptcy and hyperinflation. To get to these final stages is inevitable. The only difference between countries is that some move faster than others. Yet the final stage is the same. We cannot avoid bankruptcy and hyperinflation without getting rid of our current political system. Mankind has experimented for centuries with different "state forms". Each type has brought misery sooner or later upon us. It is time to think more radically. It is time to put into question the existence of the state itself.
No comments:
Post a Comment