Professor Lawrence Kotlikoff of Boston University testified before the Senate Budget Committee. As usual, his testimony is shocking
The U.S. has a $210 trillion “fiscal gap” and “may well be in worse fiscal shape than any developed country, including Greece,” Boston University economist Laurence Kotlikoff told members of the Senate Budget Committee in written and oral testimony on Feb. 25.
“The first point I want to get across is that our nation is broke,” Kotlikoff testified. “Our nation’s broke, and it’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today.
“Indeed, it may well be in worse fiscal shape than any developed country, including Greece,” he said.
Kotlikoff has become skilled at producing sound bites. The media are always after sound bites.
He is always focusing on the key statistic, which is not the on-budget annual deficit. He focuses on the unfunded liabilities of the federal government.
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