Paul Craig Roberts says our United States is running out of time to get its budget and trade deficits under control: Despite the urgency of our situation, 201o has been wasted in hype about a non- existent recovery. As John Williams (http://shadowstats.com) has made clear on many occasions, an "appearance" pf recovery was created by over-counting employment and under-counting inflation. Warnings by Williams, Gerald Celente, and Paul Craig Roberts have gone unheeded, but their warnings recently found echoes from Boston University professor Laurence Kotlikoff, as well as David Stockman, who excoriated the Republican Party for becoming big-spending Democrats. At this time, Washington cannot spend the economy out of recession: The deficits are already too large for the dollar to survive as a reserve currency, and deficit spending cannot put Americans back to work in jobs that have been moved offshore. However, the solutions offered by those who are beginning to recognize that there IS a problem are discouraging: Kotlikoff thinks the solution is savage Social Security and Medicare cuts, or equally savage tax increases, or hyperinflation to destroy the vast debts.
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