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Monday, December 27, 2010

Sen. Tom Coburn: We Will See Debt-Triggered Apocalypse, If Federal Spending Isn't Cut

Sen. Tom Coburn (R-OK) opined that this country will see unemployment skyrocket and economic output fall simultaneously leading ultimately to the middle class being destroyed, if federal spending isn't cut significantly and soon:

U.S. Senator Tom Coburn warned Americans this Sunday of an apocalyptic economic future, with Great Depression levels of unemployment and a destruction of the country's middle class.

The Oklahoma Republican told Fox News that unless Washington cuts spending and reduces the national debt, unemployment in the United States could rise dramatically from less than 10 percent today to 18 percent or more.

At the same time, Coburn says the nation's economic output could drop calamitously — by 9 percent. Once that happens, he predicts the middle class could be destroyed.

“I think you’ll see the middle class just destroyed if we don’t do this,” Coburn told Fox News, adding that he hopes President Barack Obama and Congress can work together next year to cut $100 billion to $200 billion as a “down payment” on debt reduction.

He goes on to add that they only other way to pay down our debt would be to print money out of thin air. However, this would cause the prices on everything to be much higher without salaries going any higher. Who will this hurt the most? No, not Warren Buffet. The poor will be the ones who will hurt the most from having to pay $10 or more for a gallon of milk.

He, also, puts forth the idea that we're going to have to experience some pain any way that we go to fix this problem, but it'd be better to pick our own way to deal with the pain rather than it be dictated and forced upon us by other means. For example, if every country refused to let us borrow money from them, then, we'd be forced to make massive cuts to everything all at once, which would be devastating to our economy. We need a plan to move forward out of this debt that won't be a total shock to the economic system.

Now, some may chastise him for using such colorful language and implementing the "politics of fear" by warning of an apocalypse cause by uncontrollable debt. However, this is a very serious issue that needs immediate attention.

People have seen what has happened in Greece and what is happening in Ireland and Britain, where they've hit full panic mode over the debt, and people are taking to the streets because of all of the spending cuts to their entitlement programs. Most Americans don't want what is happening in Europe to happen here and have beginning to call for the government to get control of their pocketbooks, just as everyone else does.

One of the main tenants of the TEA Party is to cut down the deficit and to cut spending, and the rise of the TEA Party is an example of how everyday citizens are taking control of the agenda on this issue in Washington and want change to a more responsible form of government.

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