“UNSUSTAINABLE”: Congressional Budget Office Highly Critical of Obama Policy (Guest is in PST)
In what is becoming standard protocol, the Congressional Budget Office (CBO) is once again dressing down the White House for its fiscal math—this time lowering the boom on a budget bound to go bust, saying it will add more than $9.7 trillion to America’s national debt by 2020.
Reiterating the words of CBO spokespeople and economists alike, Swiss America CEO, Craig R. Smith, says Obama’s path is “unsustainable.”
“If interest rates ever start inching up, which we all know they will do,” says Smith, “we will quickly find our government paying 50, 60 or 70 percent of all revenues on interest alone on $12 trillion. And that $12 trillion doesn't even take into account unfunded mandates like Social Security, Medicare, Medicaid and government pensions.”
As the CBO went on to calculate that this debt will amount to 90 percent of the nation’s GDP in 2020, with interest payments alone around $800 billion, CBO Chief Douglas Elmendorf (pictured) said, “The U.S. is entering unfamiliar territory in its level of public debt . . . It will be larger over the next decade than it’s been in half a century . . . The choice is not whether to change course from current policy but how quickly and in what way.”
As complicated as this beast may seem, Smith says the solution—as always—is simple. “Stop government spending, reduce the size of government, and cut taxes across the board to grow the economy and create jobs.”
But, more than that, he adds that the mindset of America must change as well. And not just at the government level. “We simply must get away from the cradle-to-grave entitlement mentality that suggests it is a birthright in America to have food, shelter, clothing, education, retirement and, now, healthcare. We cannot continue to spend money we do not have.”
And if we don’t change our ways? . . . Call Special Guests today to get a coldwater economic view that crosses over into that of a cultural shift everyone in the U.S. must realize for ourselves and future generations. Schedule an interview with Craig Smith.
During your show, Smith will also offer, FREE, Swiss America’s latest Special Report, The Incredible Shrinking Dollar: How to Fight Back, along with his company’s Gold 101 DVD. They’re both available just by calling 800-289-2646.
ABOUT YOUR EXPERT GUEST CRAIG R. SMITH:
Craig R. Smith is an author, commentator and popular media guest because he instantly engages audiences with his common-sense analyses of local, national and global trends. Serving as CEO of Swiss America for more than 25 years, Craig understands that Americans want solid answers to the tough questions and that real leadership begins with servanthood. Craig's most recent book is Black Gold Stranglehold: The Myth of Scarcity and the Politics of Oil, which he co-authored with WND columnist Jerome R. Corsi.