bankruptcy publications
Can the United States Government avoid full bankruptcy, and what is the solution?
“Is the United States Bankrupt?” by Laurence J. Kotlikoff
http://research.stlouisfed.org/publications/review/06/07/Kotlikoff.pdf#search=’will%20the%20united%20states%20go%20bankrupt’
is a recent article published in the Federal Reserve Bank of St. Louis Review, July/August 2006 issue.
The author concludes that countries can go broke, and that the United States has been staving off bankruptcy with it’s foreign trade policy, but that it is just a matter of time. He proposes that radical reform of U.S. fiscal institutions is essential to secure the nation’s economic future.
I would like to find out what you believe is the best course for the United States. Consider how social, political and economic foreign policies tie into this. How, for example, do you weigh this issue with our continuing social, security, and world issues and the possible loss of soverignity (Security and Prosperity Partnership Of North America/ http://spp.gov )? What is the comprehensive solution?
As long as Congress can keep raising the debt ceiling (i.e. increasing its credit limit), the US can keep borrowing from other countries.
The fact that it could never pay back all the loans is irrelevant. No other country out there (except maybe China) has the political might to attempt to foreclose on the US debt, so the US can just keep maxing out its federal credit cards forever.
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