Bloomberg: U.S. Is Bankrupt and We Don’t Even Know It.
”To put 14 percent of gross domestic product in perspective, current federal revenue totals 14.9 percent of GDP. So the IMF is saying that closing the U.S. fiscal gap, from the revenue side, requires, roughly speaking, an immediate and permanent doubling of our personal-income, corporate and federal taxes as well as the payroll levy set down in the Federal Insurance Contribution Act.” As I’ve stated previously, we need to increase revenues *and* cut spending to be sustainable. Congress & President are too lily-livered to make the necessary changes. Via rc3.org.
Later: Verification of my assertion.
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