The Great Default: Taxpayers Cannot Grow Their Way Out of Government’s Problem

“Kotlikoff estimated the present value of the unfunded liabilities in 2012 as $222 trillion. I know of no estimate that places this lower than about $70 trillion. Note: these are unfunded liabilities, not total expenditures on the programs. There is no way statistically that this can be paid off. Liberals can dance around the figures, and pretend that ‘we’ are going to grow our way out of this. We are not going to grow our way out of this. The government is going to default its way out of this. It is indicative of the complete bankruptcy of the present political order that no national leader will face up publicly to these facts. This is true throughout the Western world.”

http://www.garynorth.com/public/11418.cfm