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Economist Robert Wenzel edits and publishes the EconomicPolicyJournal.com Web site, where he regularly takes Fed policies to task. Nonetheless, the New York Federal Reserve Bank recently invited him to speak. Below is a condensed version of his remarks.
Thank you very much for inviting me to speak here at the New York Federal Reserve Bank.
Intellectual discourse is, of course, extraordinarily valuable in reaching truth. In this sense, I welcome the opportunity to discuss my views on the economy...
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Social Security has an unfunded liability of $8.6 trillion and will run out of money by 2033, three years earlier than projected just one year ago, according to the 2012 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds.
Medicare’s hospital insurance fund is projected to run dry in 2024.
The unfunded liability is the amount that has been promised in benefits to people now alive that will exceed the revenue the...
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Credit rating firm Egan-Jones cuts its rating on U.S. government debt to "AA" from "AA+" in April, with a negative watch. Barely one week later the Securities and Exchange Commission charged the firm and its founder with making material representations in 2008.
Egan-Jones cited a lack of progress in cutting the mounting federal debt as the reason for its downgrade.
"When debt-to-GDP exceeds 100 percent, a country's financial flexibility becomes increasingly strained," Managing Director Sean...
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