The practical implications of this is bankruptcy for the United States. There's no other way around it. If we maintain the proposals which are in this budget over the 10-year period that this budget covers, this country will go bankrupt. People will not buy our debt; our dollar will become devalued.Here is Sen. Gregg's full interview:
It is a very severe situation. And I find it almost unconscionable that this administration is essentially saying, well, we're just going to blithely go along on this course of action after they're getting these numbers which show that they're not -- they're not sustainable, and they know they're not sustainable.
The way I've described it, it's as if you were flying an airplane, and the gas light came on, and said you've got 15 minutes of gas left, and the pilot said, "Oh, we're not going to worry about that. We're going to fly for another two hours." Well, the plane crashes and our country will crash. And we'll pass on to our kids a country that's not affordable.
Sunday, March 22, 2009
Gregg Warns Obama's Budget Will Bankrupt the Country
Demonstrating some of the "irresolvable conflicts" that prevented him from becoming President Obama's Commerce Secretary, Senator Gregg today issued a stark warning that the Administration's spending plans will bankrupt this country. On CNN's State of the Union, Gregg said:
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Has it occurred to anyone that the current financial crisis was caused by republican and conservative mismanagement or our government and financial industry? Deregulation by the republicans and conservatives over since Regan, supported by Clinton, and accelerated by Bush is to blame for the current financial crisis. And the Bush administration spent $$ wildly irresponsibly, building a mind-blowing deficit out of what had been an economic surplus.
ReplyDeleteObama has been in office for just over 2 months. Hardly enough time to have created this dire situation. The extreme financial irresponsibility of the previous administration caused this crisis. How could anyone think that more of the same deeply flawed policies could fix it? I recommend reading some history about what happened before, during and after the last great depression. That one was also generated by bad conservative financial and environmental mismanagement. And it was ended by liberal economic and social policies.
I grew up in NH, so I have known Judd Gregg a long time. He really went to far this time.