Is the U.S. Bankrupt?

Here are 3 VERY practical solutions to our financial mess from Laurence J. Kotlikoff, as printed in the Federal Reserve Bank of St. Louis Review July/August 2006

The first 2/3's of the paper is a little deep and tells us what we already know.
1) We cannot (and keep in mind this was published in 2006) meet the future budgetary debt obligations within the confines of our current taxation system.
2) We cannot meet the future debt obligations of our Social Security obligations.
3)We have a healthcare insurance problem to fix; not a healthcare problem to fix.

If you skip to the heading "Fixing our Fiscal Institutions" on pg 12 of the paper you see the reasonable solutions he outlines. With a little tweaking I think he might actual solutions. While it may be worthwhile to discuss the existence of the entitlements at all, I would argue that this train is already charging at us at full throttle and we had better do something QUICKLY or the U.S. will officially go bankrupt.

Again, I credit my friend Phil for steering me to this article.