Hyperbole or prophecy? Mainstreamers predict economic meltdown

May 12, 2011 06:27

Economist Walter Williams, former presidential candidate Steve Forbes, New York Gov. George Pataki, and Rep. Paul Ryan among others have expressed the dire consequences of continued spending and spiraling debt.

By David Patten, Henry J. Reske and Ashley Martella at Newsmax.com


“I think America is going to go the way of other great nations historically,” says author and syndicated columnist Walter E. Williams after carefully observing the political games being played over the deficit. “And that is down the tubes. That’s my prediction.”

Pataki, in an exclusive Newsmax.TV interview, says America is facing “an enormous crisis that looms above everything else.”

GOP budget guru Rep. Paul Ryan has warned that America is “on a path of economic ruin.”

So serious is the U.S. debt crisis, Forbes predicts the nation will have no choice but to return to the gold standard in the next five years. So far, the only likely GOP presidential candidate endorsing that idea is libertarian-leaning GOP Rep. Ron Paul of Texas. But Forbes believes that will have to change.


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