Boston University economist Laurence Kotlikoff says U.S. government debt is not $13.5-trillion (U.S.), which is 60 per cent of current gross domestic product, as global investors and American taxpayers think, but rather 14-fold higher: $200-trillion â€" 840 per cent of current GDP. “Let’s get real,†Prof. Kotlikoff says. “The U.S. is bankrupt.â€...
“America’s fiscal gap is enormous â€" so massive that closing it appears impossible without immediate and radical reforms to its health care, tax and Social Security systems â€" as well as military and other discretionary spending cuts.â€...
By this measure, the United States is in worse shape than Greece.
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