Obama Could Push US Into Insolvency Like Greece: Sen. Gregg

[sabra]

Source: CNBC

The Obama administration is "Europeanizing" the US with big government programs that eventually will make the country as insolvent as Greece, Sen. Judd Greg, R-N.H., told CNBC.

“We’re projecting that our public debt is going to cross the 100 percent line by 2020,” Gregg told CNBC Monday morning. “That means we are insolvent; that means we are like Greece.”

The total US public debt outstanding is $13.2 trillion, according to the U.S. Department of the Treasury, about 94 percent of Gross Domestic Product.

Among the things Gregg, a ranking member of the Senate Budget Committee, said are contributing to this unsustainable path are health care reform, the stimulus package, benefits for retirees and over-taxation.

“We have to make a decision here as a nation, and the decision is going to be do we track the European model or do we reenergize the American model, which is to incentivize entrepreneurship,” said Gregg.

Read more: http://www.cnbc.com/id/38205194

[jpak]

1. fuck you and yer Bush tax cuts and Iraq War dumbass

what happened to "Reagan proved deficits don't matter"????

[hollowdweller]

12. Yeah right. We need more tax cuts.

Isn't this the guy that was almost in the Obama admin? Maybe I'm percieving it wrong but seems to me since Obama offered him the job and gave him some legitimacy by wanting to have him on his team he's done nothing but use that to relentlessly bash the admin over fiscal matters.

Also hot the f'k would taxes hurt the deficit? IMO if we had kept them the same for the last 30 years we'd be in fine shape.

[pattmarty]

2. Please wake me up when the "big government programs" get here.

[Cal Carpenter]

9. Seriously.

They all live in a different fucking world, a fantasy TV-show world, these politicians. All of em, both parties.


what freaking planet is he on?


eta: that's not to say we aren't gonna end up more like Greece. 'Austerity', anyone?

[SoapBox]

3. What an outrageous comment...

And look how the GOBPers / BushCo. / RushTurds all helped to push the WORLD into this mess.

Wake up America...Pull you heads out of your asses and send the RushTurds to oblivion.

[county worker]

4. Here we go again. Widen the divide between the wealthy and the rest of us and we will all benefit.

[bossy22]

5. this guy is an idiot

ill tell you what contributed to largely to our current defecit, a 25% reduction in government tax revenues because PEOPLE LOST THEIR JOBS. here is the ultimate deficit fighting strategy- CREATE MORE JOBS.

[laughingliberal]

8. Have we forgotten this guy was Obama's first choice for Secretary of Commerce? nt

[Iowa]

11. Yep...

Here's a link:

http://www.huffingtonpost.com/2009/01/29/judd-gregg-commerce-secre_n_162378.html

[Overseas]

14. Whoops didn't see your comment before I noted the same thing in my reply.

I hated the idea at the time and have been vindicated many times over.

[maxsolomon]

6. do you support an end to our 2 wars, Sen. Gregg?

no? then GO FUCK YOURSELF.

[laughingliberal]

7. The deficit terrorists are going to kill us all. nt

[YvonneCa]

10. No, Senator Gregg. The president who did that...

...was yours. George W. Bush.

[Overseas]

13. Senator Gregg is a really disgusting person.

I am amazed to recall that President Obama thought about making him Secretary of Commerce.