Professor links US fiscal woes, China-Unocal flap

08/28/2006
China’s unsuccessful bid for a US oil company last year bodes ominously for American fiscal health, argues Laurence J. Kotlikoff, a Boston University economics professor.Without fiscal reform and large infusions of foreign capital, Kotlikoff writes in an article in the July/August issue of the Federal Reserve Bank of St. Louis Review, the US may be headed for bankruptcy.Forget measurements of national debt and policies based on them. According to the professor, a country’s solvency is better assessed in terms lifetime fiscal burdens faced by current and future generations relative to resources of those generations. If burdens exceed resources or even get high enough to prevent...
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