Unfortunately Rep. Danny Davis (D-IL) is clueless as to what to do about it. Democrats seem to really believe that we can tax our way into prosperity with no end to spending increases. If we tax 100% (confiscate) all the wealth in the US it would barely make a dent in what we owe.

By Edwin Mora at CNSNews.com

Rep. Danny Davis (D-Ill.) told CNSNews.com that he agreed with debt commission Chairman Ersine Bowles’s analysis that America now faces “the most predictable economic crisis in history” and that it could strike the nation within two years.

Bowles made his forecast in testimony before the Senate Budget Committee last month, stating, “I’m really concerned. I think we face the most predictable economic crisis in history. A lot of us sitting in this room didn’t see this last crisis as it came upon us. But this one is really easy to see. The fiscal path we are on today is simply not sustainable. … This is a problem we’re going to have to face up to in maybe two years, maybe a little less, maybe a little more.”

On Capitol Hill on Wednesday, CNSNews.com asked Rep. Davis, “Erskine Bowles, the co-chair of President Obama’s Fiscal Responsibility Commission, told the Senate Budget Committee that America faces the ‘most predictable economic crisis in history’ because of deficit spending and that this crisis is going to hit in about two years. Do you agree with Mr. Bowles?”

FULL ARTICLE

The only thing propping up our economy is the fact that the US is the best of the world economies that are all in crisis. Obama’s own bipartisan commission established to study the debt problem headed by Erskine Bowles and Alan Simpson co-chairs explained the dire consequences of continuing deficit spending and rising debt. Alan Simpson (former senator from WY)  said economic collapse will ‘be very swift and very dramatic’. When asked why the markets haven’t reacted to the US being on the precipice of collapse, Erskine Bowles said its because the US economy is  “the best lookin’ horse in the glue factory.” – Editor

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