Nov. 4, 2010
In case the new House of Representatives needs any additional incentive to eliminate Americas insanely bloated spending, deficits, and debt it need only read a new article on Americas fiscal bankruptcy by economist, Laurence Kotlikoff. Professor Kotlikoffs article, A Hidden Fiscal Crisis, appears in the September 2010 issue of the International Monetary Funds journal, Finance and Development.
Kotlikoff teaches economics at Boston University and argues that American federal government debt is much higher than the $13.5 trillion figure we hear repeated. FYI, that amount equals 60% of current gross domestic product. Rather, according to Kotlikoff, the actual debt figure is 14 times higher and comes in above $200 trillion. In August, Kotlikoff wrote a highly noted article for Bloomberg entitled U.S. Is Bankrupt and We Don't Even Know It. The professors most recent book is Jimmy Stewart Is Dead: Ending the World's Ongoing Financial Plague with Limited Purpose Banking. In the book, he argues that the 2008 financial meltdown was caused primarily by massive, systemic fraud.
* * * * *
With this in mind the new Congress needs to kill/repeal the bankruptcy-increasing Obamacare (Affordable Care Act). One has to assume that the Democrats will not vote for this nor will President Obama sign such legislation. Radio host Mark Levin has linked to an important article in the New England Journal of Medicine by a pro-Obamacare healthcare expert who wants to keep the program but points out a short list of implementational vulnerabilities. (Start reading at the middle of p. 1686 (Here is how such a process could work.)) Well, it looks like a good place to start thinking about the strategy and tactics of repeal.