Theodore's World: Sen. Gregg: U.S. Financial Bankruptcy Is ‘Inevitable;’ ObamaCare Would Boost Federal Spending to 30% of GDP

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March 16, 2010

Sen. Gregg: U.S. Financial Bankruptcy Is ‘Inevitable;’ ObamaCare Would Boost Federal Spending to 30% of GDP

“Look at that debt clock. Every time that goes up, our kids’ future goes down the drain. We have to do something about these deficits and debt. The debt is going to double in five years, triple in ten years under the proposed budget unless we doing something…

“We’re headed towards a financially bankruptcy and it’s inevitable. I mean, this isn’t like this is a hypothetical any longer, we’re on the path. Our future’s unsustainable because of the amount of money we’re spending, the amount of debt we’re running up as a nation…
“If you look at the numbers, and they’re very solid numbers, revenues, federal income, goes to 20% of GDP two years from now. That’s 2% higher than its historic norm. But spending at the federal level is at 25% of GDP today and is going to 30% of GDP if we pass this health care bill, and historically, spending has been about 20% of GDP. The issue is spending.”


Wild Thing's comment........

Sorry to keep bringing you all such bad news.

Posted by Wild Thing at March 16, 2010 06:40 AM


Somewhere down the line, not too far away, is the spectre of hyperinflation ala the Carter years. Too many Americans are too young to remember that era with double digit inflation, interest rates and unemployment. Carter's "misery index" intended to mock his predeccesor Gerald Ford came back to bite Carter, and America, in the ass. No wonder we suffered a "malaise" under Carter. The present Congress and obama are looking to top even Jimmy Carter's huge errors of socialist government.

Posted by: TomR at March 16, 2010 10:53 AM

Tom, thank you so much for your input.

Posted by: Wild Thing at March 16, 2010 09:03 PM