Great job Obama is doing as president and CEO of the American economy, huh? I don’t mean to say, I told you so. But I told you so.
When I ran for vice president on the libertarian presidential ticket, I played a modern day Paul Revere. My warning was, “The communist is coming! The communist is coming!”
I was among the first to sound the alarm about the danger of putting my Columbia college classmate in charge of the U.S. economy. I stated publicly, early and often, that at best, Obama is an incompetent community organizer with zero business experience who never created a job, made a payroll, or paid an employee’s health insurance — a radical who would manipulate the U.S. economy as a frightening experiment in union activism, affirmative action, social justice, and income redistribution.
Or, at worst, Obama is a socialist out to overwhelm the system and destroy capitalism. Unfortunately, BOTH descriptions appear to be true.
Barack and Michelle Obama are our very own Juan and Eva Peron. Following the exact same game plan of massive expansion of government and unions, the Perons destroyed Argentina’s economy for generations, devaluing the currency to the point of hyper-inflation, and finally bringing about default, insolvency, and bankruptcy.
Our economy is in freefall. Real unemployment, including those Americans that have given up or are underemployed, is at or near 20 percent. Real inflation, counting food and energy prices, is climbing.
Annual deficits are headed for an unimaginable $2 trillion. The real national debt (including unfunded liabilities, such as Social Security, Medicare, and government pensions) is in the neighborhood of $100 trillion, money the taxpayers of America (and their children) are obligated to pay, but have no idea how.
Then there’s the biggest nightmare yet: the insolvency and bankruptcy of cities, counties, and state governments. If you like the chaos and idiocy occurring right now in Greece . . . I mean Madison, Wis. . . .you’re going to love the next few years of chaos and rioting on the streets of America.
I have repeatedly predicted America would soon face an Egypt-like moment, with Obama’s entitlement-addicted supporters protesting, rioting and holding the U.S. economy hostage.
Today teachers in Wisconsin are staying out of school, refusing to do the job taxpayers are paying them to do, threatening the lives of the governor and GOP state Senate, and committing fraud by getting “sick day” letters from union-backed doctors.
Today it is the Democratic legislators of Wisconsin committing fraud and refusing to do the job they were elected to do.
Americans must face the fact that our country is out of money. There is no choice but to reduce the size of government, which means reducing the number of government employees and their obscene pensions. Madison is a preview of what is to come from even a modest proposal to do so. Be aware, our streets could soon resemble those of Cairo.
Remember the Obama supporter who cried at his rally and said to the reporter, “Obama’s election means I’ll never have to worry about rent or gas again.” She’ll be in the streets protesting and rioting as it dawns on her that the gravy train may be over.
How about $200,000 per year firemen in places like Las Vegas who, allegedly, have been cheating the system by fraudulently coordinating overtime and sick days? They’ll be in the streets alongside the $100,000 per year teachers of Wisconsin, as they all fear the gravy train has run dry.
If current trends hold, the economy will continue to decline and government debt will continue to grow, threatening the national security and solvency of America. And with the Fed desperately papering over the problem with credit, it eventually faces two ugly alternatives: hyper-inflation or an unparalleled credit contraction deflation.
Imagine the U.S. as a bankrupt, debtor nation with our economy in shambles, forced to fight a global World War III. See the turmoil and civil war occurring in the Middle East at this moment, threatening oil supplies. This disastrous, worst-case scenario for America and the world appears to be taking shape right now.
Wayne Allyn Root is a former libertarian vice presidential nominee. He now serves as chairman of the Libertarian National Congressional Committee. He is the best-selling author of "The Conscience of a Libertarian: Empowering the Citizen Revolution with God, Guns, Gold & Tax Cuts." His website: ROOTforAmerica.com
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