Kotlikoff in The Hill: The U.S. is Broke

Under Social Security, Medicare, Medicaid and other entitlement programs, the US government has an unfunded liability of about $200 trillion. Add that to conventional measure of debt and our true debt to GDP ratio is 1,025%! Our fiscal future gives us two unpalatable alternatives: either raise all tax rates by 60% or cut spending by 47%. READ MORE.