Tags: Barack Obama | Economic- Crisis | economy | bloomberg | riots | obama

Bloomberg: Economy Woes Will Lead to 'Riots'

Friday, 16 Sep 2011 02:46 PM

New York City Mayor Michael Bloomberg warned Friday that there could be “riots” in the streets of U.S. cities if the economy doesn’t pick up soon.

The lack of jobs is making people increasingly desperate, Bloomberg said on his weekly WOR radio show.

"We have a lot of kids graduating college, can't find jobs," Bloomberg said, according to the New York Daily News. "That's what happened in Cairo. That's what happened in Madrid. You don't want those kinds of riots here."

Spain has seen massive demonstrations over the foundering economy, and in Egypt economic woes helped fuel the protests that led to the ouster of longtime strongman Hosni Mubarak.

"The damage to a generation that can't find jobs will go on for many, many years," the multimillionaire mayor said.

Bloomberg, an independent, said President Barack Obama is not to blame for the country’s economic problems, saying they “developed over long periods of time."

He praised the president for coming up with a proposal to try to fix things.

"At least he's got some ideas on the table, whether you like those or not," Bloomberg said. "Now everybody's got to sit down and say we're actually gonna do something and you have to do something on both the revenue and the expense side."

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