Senator Says Obama Budget Will Hurt Americans and Bring Economic Disaster

The Ranking Member on the Senate Budget Committee told New England Council members that the effect of Brother O's trillion dollar deficits and other-worldly spending will bankrupt the country.

---

"We are right now, unquestionably, on a financial course which is unsustainable, which if we continue on this course, will lead our nation into some level of fiscal bankruptcy," Senator Judd Gregg (R-NH) told the Council in Bedford, New Hampshire, on Tuesday.

Brother O's $3.83 trillion proposed budget would adversely affect the American people, both in the short term and long term, and lead to economic disaster, Gregg said.

"[F]ive to seven years from now we're going to have to substantively devalue the dollar, creating an inflationary event which would be a horrific event for the American people … or alternatively, we will have to raise taxes so dramatically … that we will basically crush productivity," he added.

Gregg, who is currently the only Republican in New Hampshire's congressional delegation, will join Evan Bayh in retirement next year having served three terms in the U.S. Senate. New Hampshire's fiscally conservative Senator could have inadvertently shed some light on why he and so many others are retiring. They may be abandoning an ill-fated ship of state. Seeing that Barton Biggs points out, "Mankind endures 'an episode of great wealth destruction' at least once every century," perhaps it's time to pay attention and prepare for the worst.