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December 27, 2010 / J. Shaw

Video FNS, Coburn:'U.S.Apocalyptic Economic Pain' in 3-5 Years !

This is must reading for everyone. America is 3-5 years away from apocalyptic economic pain that will spare no one unless drastic changes in governemnt spending and debt are taken RIGHT NOW. The entire longish video is well worth seeing but Sen.Coburn really has a lot of dire news about the 9 minute mark. Please pass on this Fox article and You Tube video. The time to do nothing and the time not to know how bad things are is long over. SHAW

Article-

“Apocalyptic pain” from an out-of-control debt could cause 18 percent unemployment and a massive contraction in the economy that would destroy the middle class, a leading Republican deficit hawk said in an interview that aired Sunday……

Sen. Tom Coburn, R-Okla., who recently issued a report on government waste, warned that the U.S. only has about three or four years to get its fiscal house in order or it could find itself facing austerity measures seen in Greece, Ireland, Spain, Portugal and earlier in Japan.

“The history of republics is they average 200 years of life. And they all fail in the history over fiscal matters. They rot from within before they collapse or are attacked,” Coburn told “Fox News Sunday.” 

“The problem that faces our country today, the last 30 years we have lived off the future, and the bill is coming due,” he added. 

The senator, who was recently elected to a second — and he pledges — final term in Congress, said he’s not trying to scare anyone, but eliminating waste in the federal government’s ledgers is imperative not just to prevent default but a massive implosion that he defined in catastrophic terms.

“I think you’ll see a 15 to 18 percent unemployment rate. I think you will see an 8 to 9 percent decline in GDP. I think you’ll see the middle class just destroyed if we don’t do this. And the people that it will harm the most will be the poorest of the poor, because we’ll print money to try to debase our currency and get out of it and what you will see is hyperinflation,” Coburn said.

“If we didn’t take some pain now, we’re going to experience apocalyptic pain, and it’s going to be out of our control. The idea should be that we control it,” he said.

MORE…...foxnews.com/

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