466-The USA's Long-Term Fiscal Gap and Why It Matters to You (America's Fiscal Insolvency and Its Generational Consequences by Professor Laurence Kotlikoff)
Radical Personal Finance
Joshua J. Sheats, MSFS, CFP, CLU, ChFC, CASL, RHU, REBC, CAP
4.2 • 1.9K Ratings
🗓️ 21 June 2017
⏱️ 43 minutes
🧾️ Download transcript
Summary
I've alluded to my long-term guess that the US Government will default on many of its current promises.
But, I've never really supported that argument.
I thought I'd kick that support off today by sharing with you a succinct and coherent description of the problem by reading Professor Laurence Kotlikoff's testimony to the Senate Budget Comittee in 2015.
Enjoy,
Joshua
- America's Fiscal Insolvency and Its Generational Consequences: Testimony to the Senate Budget Committee http://www.kotlikoff.net/sites/default/files/Kotlikoffbudgetcom2-25-2015.pdf
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Transcript
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| 0:00.0 | It's summertime here at Radical Personal Finance and that means it's time for an |
| 0:04.4 | upbeat, uplifting, encouraging show. I'm picturing you listening to this show, |
| 0:10.5 | got the top down on the convertible, the wind ruffling through your hair. |
| 0:15.6 | So that means of course today, let's talk about the current insolvency and guaranteed bankruptcy |
| 0:20.8 | of the US federal government. Welcome to Radical Personal Finance, the show guaranteed to cheer you up when you're feeling |
| 0:44.0 | blue and give you many things to be optimistic about whatever you're feeling concerned |
| 0:49.2 | about the future. We also try to share with you the knowledge skills, insight and encouragement you need to live a |
| 0:54.4 | rich and meaningful life now while building a plan for financial freedom in 10 years or less. |
| 0:57.4 | My name is Joshua and today I am your host and I'm here to provoke you into thinking about what the coming decades may look like. |
| 1:07.0 | The topic I have long wanted to broach on radical personal finance if you're a long time |
| 1:14.4 | listener you've heard me say here and there in passing that the US federal |
| 1:18.3 | government is bankrupt and I am convinced that a long-term default on US federal debt is inevitable etc. |
| 1:26.1 | I've made passing comments like that but I've never really substantiated those |
| 1:30.0 | claims I've never really talked about why I believe that to be the case. |
| 1:33.6 | And there are many reasons for that. |
| 1:34.8 | Number one, of course, I'm fully aware of how large those statements are, and I don't like to |
| 1:40.0 | say things flippantly. |
| 1:41.4 | They kind of slip out from time to time, but I feel the need to be responsible |
| 1:46.4 | with my language and to speak clearly and responsibly and just to provide a sense of clarity. And I don't want to cause people to go off into the world of freak out mode and all of a sudden start ordering stacks and stacks and pallets of gold coins on the internet, but I do want to make sure that we talk about the subject. |
| 2:07.0 | I've also often been overwhelmed with knowing even where to start. |
| 2:12.0 | After all, how do you tackle a subject as huge as a giant empire and the |
| 2:18.8 | underlying finances of said empire? I hardly know where to start sometimes I hardly know how to do it and |
... |
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