Laurence Kotlikoff, respected U.S. economist, makes the claim that the US is in worse shape than Ireland or Greece in this RT (Russia Today) interview. The issue is the off-the-books promises made to seniors. Kotlikoff's estimate of 200 trillion seems a little high. Most of the estimates I have read are about 100 trillion. But even if it is 50 trillion, this is more than can be paid. I am guardedly pessimistic so I expect that these obligations will be repudiated, saving the country the specter of default. This is not good news for the soon-to-be seniors. Wait, I am 58 ... This news is catastrophic.
Kotlikoff is quite polite in pointing out that most people have their heads in the sand like the clichéd ostrich. I would say he is polite as our leaders, and I am bipartisan in this, have their heads stuck in a different place.
I know I post a lot of videos, but this one is only 14 minutes. You need to watch this in order to understand the mess we are in.
I am hoping that the beloved editor of this blog, Pam Dewey, does not watch the interview, as her way of coping with depression over world circumstances is to post cute animal pictures on Facebook. This interview is accurate, dire, and depressing enough that we might have cat pictures for weeks.