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 e1ac
X-WR-CALNAME:DIAS Event: America's Fiscal Insolvency and Its Only Escape f
 rom the Economic Abyss by Larry Kotlikoff of Boston University
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TZID:Europe/Copenhagen
X-LIC-LOCATION:Europe/Copenhagen
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DTSTAMP:20260418T040628Z
DTSTART:20261028T030000
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DESCRIPTION:The inability to spend beyond one's means -- the need to live 
 within one's budget -- is economics' most fundamental law. It applies to 
 entire economies as well as their household and government sectors. Offic
 ial debt is presumed to signal government budget violations. But official
  debt measures only those obligations governments choose to label 'offici
 al'. Moreover\, this labeling choice has no basis in economic science\, w
 hose equations don't direct their description.Thus\, official debt is a m
 atter of linguistics\, not economics. Any country's past\, present\, and 
 future fiscal policy can be relabeled to produce any past\, present\, and
  future values of official debt. In short\, government debt is no better 
 grounded in reality than the emperor's new clothes. If official debt is a
  number in search of a concept\, how should we assess a country's fiscal 
 sustainability? Economics' answer is the fiscal gap -- the imbalance in t
 he government's intertemporal budget. The US fiscal gap now exceeds 7 per
 cent of annual GDP.Closing the gap requires either raising all taxes by 2
 6 percent or cutting all non-interest spending by 23 percent -- on an imm
 ediate and permanent basis. Such adjustments are politically infeasible. 
 What can work is radical reform of healthcare\, Social Security\, taxes\,
  and welfare.
DTEND:20260506T101500Z
DTSTAMP:20260418T040628Z
DTSTART:20260506T091500Z
LOCATION:DIAS Auditorie\, Fioniavej 34\, 5230\, Odense M
SEQUENCE:0
SUMMARY:DIAS Event: America's Fiscal Insolvency and Its Only Escape from t
 he Economic Abyss by Larry Kotlikoff of Boston University
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