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From: "Destiny Worldwide Net" <rcg@destiny-worldwide.net>
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Date: Mon, 2 Jun 2003 15:09:11 -0600
Subject: [libnetd] FW: US Government Bankrupt And Cannot Recover, New Report Indicates :Another Reason To Dump Your Worthless Dollars ; Houston Chronicle
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=20

> -----Original Message-----
> From: lsn@mail.overthrow.com [mailto:lsn@mail.overthrow.com]=20
> Sent: Monday, June 02, 2003 2:28 PM
> To: rcg@destiny-worldwide.net
> Subject: US Government Bankrupt And Cannot Recover, New=20
> Report Indicates :Another Reason To Dump Your Worthless=20
> Dollars ; Houston Chronicle
>=20
>=20
> US Government Bankrupt And Cannot Recover, New Report=20
> Indicates Another Reason To Dump Your Worthless Dollars
>=20
> 6/2/03 4:27:50 PM
> Houston Chronicle
>=20
> Houston, Texas -- http://www.chr=20
> on.com/cs/CDA/ssistory.mpl/business/1927461
>=20
> June 2, 2003, 1:23AM
>=20
> Lessons in how to make $43 trillion disappear
> By SCOTT BURNS
> Universal Press Syndicate
> ON Friday, May 16, the word was out. A $350 billion tax cut=20
> was a done deal.
>=20
> So why did the stock market sink that day? Why did it plunge=20
> the following Monday, losing 2.5 percent of its value?
>=20
> One possible explanation is Treasury Secretary John Snow and=20
> his comments on the dollar. Another is concern about new=20
> terrorist attacks. But let me suggest a third possibility.=20
> Despite efforts to suppress it, word is getting around we=20
> can't afford a tax cut.
>=20
> The story starts one night in January, only days after=20
> Treasury Secretary Snow had replaced Paul O'Neill. A cell=20
> phone rang as two men were leaving a restaurant in Santa Fe,=20
> N.M. The caller told Boston University economist Laurence=20
> Kotlikoff that six months of work by two economists was going=20
> to be deleted from the president's budget. The budget was due=20
> to be published in February. I know this happened because I=20
> was the second man: Kotlikoff was in Santa Fe working on a=20
> book project with me.
>=20
> The material to be deleted from the budget document was an=20
> updating of generational accounting. O'Neill had requested an=20
> estimate of the government's true long-term obligations.
>=20
> The estimate would include the formal debt of the U.S.=20
> Treasury plus equally serious government promises to provide=20
> retirement income and medical care. (Readers who think=20
> promises of Social Security and Medicare aren't as serious as=20
> U.S. Treasury bond promises should visit the nearest elderly
> person.)
>=20
> The resulting information might easily have been lost in a=20
> document whose online girth is measured in megabytes.
>=20
> Except for one thing.
>=20
> The new accounting shows the United States is broke.
>=20
> It shows the true obligations of government were 10 times=20
> larger than Treasury debt held by the public. It shows the=20
> present value of these unfunded obligations is a mind-numbing=20
> $43 trillion.
>=20
> In a recent telephone conversation I asked one of the project=20
> economists, Jagadeesh Gokhale, why he thought his work was=20
> cut. Gokhale, a senior economist for the Federal Reserve Bank=20
> of Cleveland, was circumspect. He suggested the figures were=20
> a surprise to the new Treasury secretary.
>=20
> Here's another interpretation: Snow's first task was to sell=20
> the president's tax cut. The sales job would be awkward if an=20
> official government document announced we were already $43=20
> trillion in the hole.
>=20
> The Federal Reserve, by the way, recently put the net worth=20
> of all households at $39 trillion. This problem goes way=20
> beyond taxing the rich, the poor or the middle class.
>=20
> So the generational accounting figures disappeared from the budget.
>=20
> But they did not cease to exist. In early March the other=20
> economist on the project, Kent Smetters, testified before the=20
> Subcommittee on the Constitution of the United States in the=20
> House of Representatives. Smetters, an expert in Social=20
> Security and Medicare, is at the Wharton School in Philadelphia.
>=20
> Asked to comment on the Balanced Budget Amendment, Smetters=20
> was direct, saying, "I support practically any effort to make=20
> it harder for one generation to pass large fiscal burdens to=20
> future generations ... ."
>=20
> Unfortunately, he noted, government cash accounting is a poor=20
> basis for a Balanced Budget Amendment. "The government=20
> reports that the national debt in 2003 was about $3.8=20
> trillion in the form of government `debt held by the public.'=20
> But that number ignores massive imbalances in Medicare and=20
> Social Security programs and the government's other programs.
>=20
> "When the liabilities associated with those programs are=20
> taken into account, the nation's fiscal policy is currently=20
> off-balance by over $43.4 trillion in present value, a number=20
> that is not reported in standard budget documents," he said=20
> (italics added).
>=20
> The American Enterprise Institute will soon publish a=20
> pamphlet, co-authored by Jagadeesh Gokhale and Kent Smetters.=20
> The draft copy does more than lay out the size of the=20
> government's unfunded liabilities. It shows how much the=20
> current generation is benefiting at the expense of the next.
>=20
> It shows, for instance, that past and current generations of=20
> Social Security recipients will receive $8.7 trillion more in=20
> benefits than they will pay in employment taxes.
>=20
> Republicans and Democrats have distracted us with unending=20
> battles between haves and have-nots for decades. Over the=20
> same period they have bankrupted the country.
>=20
> Perhaps that terror, not the terrorism of al-Qaida or=20
> currency traders, may explain the odd market decline after a=20
> tax cut that was supposed to make stocks soar.
>=20
> Questions about personal finance and investments may be sent=20
> to Scott Burns, P.O. Box 655237, Dallas 75265; e-mail can be=20
> sent to scott@scottburns.com. Burns' Web page is www.scottburns.com.
>=20
> Libertarian Socialist News
> ATTN:  Bill White, Editor
> Post Office Box 12244
> Silver Spring, MD 20908
>=20
http://www.overthrow.com
lsn@mail.overthrow.com



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