This article first appeared online at TheNewAmerican.com on Thursday, March 12, 2015:
During his annual trek to Washington, D.C., to lecture Congress on its spendthrift habits, Boston University economist Laurence Kotlikoff took the gloves off this year. He dressed down Senator Mike Enzi, chairman of the Senate Budget Committee, along with the committee’s members:
Let me get right to the point. Our country is broke. It’s not broke in 75 years or 50 years or 25 years or 10 years.
It’s broke today.
Indeed, it may well be in worse fiscal shape than any development country, including Greece.
It isn’t just Enzi, or his committee, or the present Congress, that’s responsible for a fiscal gap that’s vastly larger than that projected by the Congressional Budget Office (CBO). It’s the idea that the country can borrow without limit because