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Friday, January 18, 2013

Not That Kind of Math

Concerning the need for entitlement reforms, Politico quotes “centrist Democrat” Jack Markell, second-term governor of Delaware who, they say, is also head of the National Governors Association: “’I hope we’re the party of math,’ said Markell ….”

The Economist’s “Buttonwood” column summarizes Morgan Stanley analysis — using, as far as I can tell, math — that the governments of the developed world are all basically insolvent. “Morgan Stanley reckons the shortfalls are so large (between 800% and 1,000% of GDP in the US and UK) that the situation is hopeless.”