Friday, January 28, 2011
"Boomers will be eating dog food after their pensions are stolen and the entitlement Ponzi scheme breaks down."
Dr. Laurence Kotlikoff is an economics professor at Boston University. He says the Treasury and the government are fudging the national debt numbers. Kotlikoff says the United States is bankrupt and we don’t even know it.
During his SOTU address, Obama called for a freeze on discretionary spending. He called for a five-year freeze on non-mandatory domestic spending, a proposal he estimated would save $400 billion over the next decade.
He said entitlements like Medicare, Medicaid and Social Security will need to be reformed without mentioning specifics. In other words, the government is thinking about cutting these programs to the bone. Boomers will be eating dog food after their pensions are stolen and the entitlement Ponzi scheme breaks down.
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