Sunday, March 22, 2009

Fiscal Tsunami: Generational Bankruptcy


I pray he is wrong, but Senator Gregg seems to know what he is talking about. Why are we spending money we don't have? What ever happened to common sense?

Senator Gregg:

"Your listeners have to understand how staggering the numbers are. We're talking about a deficit in the trillion-dollar range for as far as the eye can see. We're talking about deficits which are 4% to 5% of GDP - which is not sustainable under any form of government. We're talking about a public debt - this is a debt that people own of the federal government - that will be around 80% of GDP. Historically, it's been around 40% of GDP in the out years. The practical implication of this is bankruptcy for the United States. There's no other way around it."

Hat tip to Gateway Pundit for this!

1 comment:

Michael said...

The fiscal policy of Washington only makes sense when one understands that those in charge are deliberately bankrupting this country. Certainly everyone has heard Merkel and Brown declare that what is needed is a one world currency overseen by a one world governing body. The march towards a "new world order" has turned into an all out sprint.