Laurence Kotlikoff on Debt, Default, and the Federal Government's Finances

Laurence Kotlikoff talks with host Russ Roberts about the fiscal health of the U.S. federal government. He argues that the U.S. government is essentially bankrupt because future taxes will fall hundreds of trillions of dollars short of expected expenditures. Kotlikoff argues this problem can be solved by redesigning our tax code, but without changes such as this, large reductions in spending or large increases in tax rates will be necessary.