Senator Tom Coburn speaks on the national debt crisis.
Senator Tom Coburn speaks on Focus on the Family Daly about our national debt and unfunded liabilities. He discusses the catastrophic effect of our national debt to our national security. Senator Coburn is a Republic Senator of Oklahoma. He discusses fiscal responsibility and his new book, The Debt Bomb.
The interview host points out our similarities with Greece. In some ways that it is very accurate in that we have no borrowed more than we can ever pay back. In other ways we are totally different. The biggest difference is there is no one big enough to bail us out. Unlike Greece, we can print money to essentially lend to ourselves. This allows us to kick the can down the road, but the can is getting to big to kick. Greece is a sneak preview of the types of social unrest we can expect when we, by lack of options, have to institute austerity measures. I would expect those measures to include government layoffs, raised retirement ages, major cuts to SNAP a.k.a food stamps, up to 20% cuts in social security pay outs. The difference between the Greek riots and what we can expect, is we have a large portion of our population totally dependent on the government to take care of them. Not only are they dependent, but they have decided that they deserve to be taken care of. When they no longer can be, heads are going to roll.
Please take the time to register to vote today. It is so important that we elect leaders who understand the the problems we face with out national debt. Maybe you favorite guy didn’t get nominated. Mine didn’t. But if we sit on the side lines, Obama care is certain to finish off our struggling economy. If we do nothing, in 2014 all employers with more than 65 people will have to contribute to their employees health plans. Employers with 70 or 80 employees will layoff the amount to get them under the cut off. Others will layoff as many as they can to absorb the cost of the new Law. Repeat this for every small business in a America and you understand. An unimaginably catastrophic employment crisis is coming our way.
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