FoxNews.com
12/26/2010
“Apocalyptic pain” from an out-of-control debt could cause 18 percent unemployment and a massive contraction in the economy that would destroy the middle class, a leading Republican deficit hawk said in an interview that aired Sunday.
Sen. Tom Coburn, R-Okla., who recently issued a report on government waste, warned that the U.S. only has about three or four years to get its fiscal house in order or it could find itself facing austerity measures seen in Greece, Ireland, Spain, Portugal and earlier in Japan.
“The history of republics is they average 200 years of life. And they all fail in the history over fiscal matters. They rot from within before they collapse or are attacked,” Coburn told “Fox News Sunday.”
“The problem that faces our country today, the last 30 years we have lived off the future, and the bill is coming due,” he added.
The senator, who was recently elected to a second — and he pledges — final term in Congress, said he’s not trying to scare anyone, but eliminating waste in the federal government’s ledgers is imperative not just to prevent default but a massive implosion that he defined in catastrophic terms.
“I think you’ll see a 15 to 18 percent unemployment rate. I think you will see an 8 to 9 percent decline in GDP. I think you’ll see the middle class just destroyed if we don’t do this. And the people that it will harm the most will be the poorest of the poor, because we’ll print money to try to debase our currency and get out of it and what you will see is hyperinflation,” Coburn said.
“If we didn’t take some pain now, we’re going to experience apocalyptic pain, and it’s going to be out of our control. The idea should be that we control it,” he said…
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In one of his last acts in the lame-duck session that ended last week, Coburn, an obstetrician who earned the nickname “Dr. No” for his refusal to spend taxpayer dollars, was a critical factor in getting a health care program for Sept. 11 responders reduced in scope and cost. The $7.2 billion program was cut to $4.3 billion and was paid for through additional fees and reductions in other spending.
Coburn called the agreement a rare example of Congress being willing to do the hard work.
“I took all the heat, but we solved the problem and spent $7.2 billion less than we would have, and there is not going to be any difference in impact for the people we’re trying to help,” he said…
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Related: Mark Steyn vigorously defends Tom Coburn over 9/11 bill
