A copy of this work was available on the public web and has been preserved in the Wayback Machine. The capture dates from 2009; you can also visit the original URL.
The file type is
According to a recent, highly detailed, and conservative estimate by Gokhale and Smetters (2005) , the present value difference between the U.S. government's projected future expenditures and its projected future tax receipts exceeds $60 trillion! Closing this enormous fiscal gap requires massive and extremely painful expenditure cuts, tax hikes, or both. Delaying such adjustments exacerbates the fiscal crisis and raises the prospect of a major financial/economic meltdown, including high anddoi:10.2139/ssrn.1094995 fatcat:wotfixzcljedxhatgv7k6ngb6m