“Our country is broke. It’s not broke in 75 years or 50 years or 25 years or 10 years. It’s broke today.” Laurence Kotlikoff, Boston University economist
“In reality we’re facing a fiscal gap of $210 trillion…That’s 16 times larger than official U. S. debt.” Ibid
“The world is sinking under a sea of debt, private as well as public, and it is increasingly hard to see how this might end, except in some form of mass default.” Jeremy Warner, The Daily Telegraph
(The above quotes: Dan Weil, “Economist Kotlikoff: ‘Our Country is Broke,’ Newsmax.com, March 10, 2015)
“If Mr. Trump truly means to drain the swamp, he should order the Treasury Department to renounce budget gimmicks and honestly determine and report the average cost per family of closing the fiscal gap and how much his own proposals on taxes and spending would increase or decrease that cost.” David Schoenbrod
Having ridden a historic wave of voter dissatisfaction to the presidency, Donald Trump must now address what makes so many voters angry at Washington. If not, the anger that promoted him to the White House will demote him to the doghouse. Mr. Trump could start by being forthright about the true cost of this country’s fiscal policies.
The president-elect recently announced that he would nominate Rep. Mick Mulvaney (R., S.C.), a fiscal conservative, to lead the White House Office of Management and Budget. He should encourage his budget director to forego the dishonest accounting that both parties have used in the past. Continue reading