The top Republican on the Senate Budget Committee says the Obama administration is on the right course to save the nation’s financial system.
But Sen. Judd Gregg of New Hampshire also says President Barack Obama’s massive budget proposal will bankrupt the country.
Gregg says he has no regrets in withdrawing his nomination to become commerce secretary. He pulled out after deciding he could not fully back the administration’s economic policies.
The senator said Obama’s spending plan in the midst of a prolonged recession would leave the next generation with a country too expensive to live in.
Gregg appeared Sunday on CNN’s “State of the Union.”
Source: AP
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2 Responses
In the words of Lipa’s father…. VEK UF!!
If the current situation is a mere recession triggered by, and limited to, an unusual crisis of the banking system, Mr. Gregg is correct on both points. However they can “un-print” the money, as happened in the 1980s, and put an end to inflation.
HOWEVER, If this is the beginning a depression involving permanent changes in how Americans (and other) behaive (more frugality, no living beyond one’s means, a movement to small “c” conservative personal finance), then he’s wrong on both counts, and the massive public spending will not be inflationary and won’t be effect as anything more than a cushion.