Tax and Spend

Incident in Greece is a good reminder that, not only is taxation theft, it also grants government agents power to kidnap and kill. It's good to see the Greek people resisting the thieves.

Kotlikoff's latest prediction of federal debt: $222 trillion.

"Kotlikoff concluded that there had been an increase in unfunded liabilities over the past 12 months of $11 trillion."

Because of entitlements, the US government is creating a trillion in debt every month.

"Kotlikoff's figures indicate that the federal government at some point will have to default on large portions of the long-term debt. The numbers do not lie. Kotlikoff's numbers are larger than most estimates, but other economists have estimated the total unfunded liability in the range of $90 trillion. This number is as unmanageable as $222 trillion."

After it steals as much money as the American people will tolerate, it will default.
"If Kotlikoff's figures are wrong, there should be a hue and cry in Congress over the magnitude of his misrepresentation. There is no hue and cry. We hear the silence of the Congressional Budget Office and also the silence of Congress in general. This persuades me that Kotlikoff's figures are sufficiently accurate, so that we can make judgments about what is likely to happen to the solvency of the United States government and its ability to send out checks every month to its recipients."
Here's the worst part:

"If Congress nationalizes the FED, then we could get hyperinflation, just to meet present bills. But this will not solve the long-term problem: government unfunded liabilities. After the currency dies, the debt will still be there."

Knowing Congress, we'll end up with the worst of both worlds: they'll nationalize the Fed, destroy the currency, then default on entitlements.