Professor Mark J. Perry's Blog for Economics and Finance
Posted 9:22 AM Post Link
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Truly scary and I almost lost my lunch watching that video.
The video doesn't state whether its dollar numbers are inflation-adjusted. A topic of this magnitude deserves careful and accurate reporting.
Richard W. Fisher is president and CEO of the Federal Reserve Bank of Dallas noted on May 28, 2008: "Add together the unfunded liabilities from Medicare and Social Security, and it comes to $99.2 trillion over the infinite horizon"...
Americans, in general, have been living well beyond their means for too long. More adjustments need to be made to postpone the mass failure of neoKeynesian economics.
One way to help offset the ongoing and awaiting disaster may be raising the quota of skilled immigrants to 1 million per year. Immigrants with a higher skill level and a median age younger than the domestic population will help compensate for demographic imbalances (including retiring Baby-Boomers), facilitate growth, expand the tax base, increase demand for houses, etc.
"One way to help offset the ongoing and awaiting disaster may be raising the quota of skilled immigrants to 1 million per year."Or, maybe we could just cut spending and preserve our open spaces and culture.
Yep !!!!! right on peak trader
Bill, a comprehensive plan is needed to place the U.S. on a path to faster economic growth and smaller government instead of slower economic growth and bigger government. Otherwise, debt levels will remain high and living standards will decline.
Excellent video.The political class through the moral obligation argument to the producer class, via transfer payments to the recipient class, of which transfer payment is to build a voting constituency of recipient class voters, is the group bankrupting America. The blame lies directly upon the anointed/intelligentsia political class.
Yes!!!!!! right again peak trader.HERES A NOVEL IDEA.Why not give every new immigrant [legal or illegal] a $50,000 IRS tax bill when they enter America .As normal earnings tax is paid it is taken off the $50,,000 tax debt. If new immigrants don't start paying off their debt within 6 months they loose the right to residency in the country and they are deported.
Grant, I agree. That's why we need more immigrants.
"Grant, I agree. That's why we need more immigrants"...Be careful what you wish for...
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Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan.
Perry holds two graduate degrees in economics (M.A. and Ph.D.) from George Mason University near Washington, D.C. In addition, he holds an MBA degree in finance from the Curtis L. Carlson School of Management at the University of Minnesota. In addition to a faculty appointment at the University of Michigan-Flint, Perry is also a visiting scholar at The American Enterprise Institute in Washington, D.C.
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