Using his strongest language to date, Sen. Judd Gregg (R-NH) continued to sound the alarm about the dangers Barack Obama’s budget policies pose to the fate of the nation in a speech given today to the New England Council in Bedford, New Hampshire.
The Ranking Member on the Senate Budget Committee has been speaking out in very stark terms about the effects Obama’s trillion dollar deficits and out of this world spending will have on the near and long term future of the American people.
The Union Leader quoted Gregg as saying Obama’s fiscal policies will lead to bankruptcy for the nation.
Gregg took aim at the President’s $3.83 trillion proposed budget, which the Senator claimed would lead to economic disaster.
“We are right now, unquestionably, on a financial course which is unsustainable, which If we continue on this course, will lead our nation into some level of fiscal bankruptcy.”
The AP quoted Gregg as saying Obama’s policies will likely cause a “horrific event.”
“The threat is that five to seven years from now we’re going to have to substantively devalue the dollar, creating an inflationary event which would be a horrific event for the American people … or alternatively, we will have to raise taxes so dramatically to catch our tail here on the spending side that we will basically crush productivity.”
Gregg used slightly less alarmist language when he wrote in Investors Business Daily in June 2009 of his concerns about the ruinous debt Obama was planning for the nation.
Right now we are on a perilous and unsustainable fiscal course, which, if left unchecked, will lead to some disastrous results — devaluation of the dollar, massive inflation and a confiscatory tax rate on our children that will destroy any hope for the same economic opportunities and lifestyle that we have enjoyed.
Gregg’s proposal for a bi-partisan Congressional committee on debt reduction was recently waylaid by partisan brinksmanship.
Gregg is retiring at the end of the 111th Congress after serving three terms as senator.
Wild Thing’s comment…….
Is anybody in Washington willing to stop Obama and his henchmen before they bankrupt the country?
Impeachment would be a good ending, but blocking Obama’s ruinous agenda would be a great beginning. It is not hyperbole to call what Congress and the President are doing, treason.
But as long as Soros (the money boss) is there to pull the puppet’s strings, I doubt there would be anyone bold enough to try it.
The object of the obama admin. is obvious, as you say, total financial ruin. It is intentional.
I believe the obama/soros goal is one world marxist government built on the ashes of the USA.
This nation is all that is stopping the global government. We are the last great hope for world freedom.
Wow, and I thought Bush was a big spender. obama and his Democrat majority are spending on their socialist programs like money grows on trees. They are creating new govt jobs that will now be in place forever. They are growing govt at an unsustainable rate.
We are going to have to brace ourselves for when the inflation tsunami hits. I remember the high unemployment, interest and inflation rates under Carter. It was bad then and I can see the same thing hapening under obama.
I wonder if the Congress is aware of the spending and what we currently owe ? For their social programs they have been dipping…er, belay that, Robbing Social Security, Medicaid, and the Prescription drug plan to ever expand the government. Robbing them to the point that the total Unfunded Liabilites exceeds the National Debt by 9 1/2 times. By the end of this year the Debt will be almost $15 Trillion dollars. Meaning obama has charged almost 9 trillion dollars in a little over a year.
These unfunded Liabilities are big fat I.O.U.s sponsored by the government and become payable when someone retires or signs up for the Medicaid/Medicare and the drug program. They are then added to the dole for there share of the “Pie”. There is no lock box with this extra money just waiting for you to retire it is taken from the general fund.
When the Boomers start retiring then there will be a real problem. Hence the hurry for Health Care to be rationed and kill off as many Old people as they can to save their Social Programs.
The more obama spends the worse this problem becomes We the United States owe (will) owe 15 Trillion dollars by the end of the year, this is debt, with no way in sight to pay it off, except for our Grandchildren and great-grandchildren to pony up for it. They will all be slaves to obamas reckless habits.
Tom, good point, your right about Carter too. I heard on talk radio that many small businesses are holding off big time on any future plans as well as many big businesses too. Not wanting to take any chances with Obama in power.
Mark,that is interesting, I bet Congress has no clue the total of what they have been spending and many could care less.