Congressman Ron Paul says Obama’s blowing it.
"You can take care of people, but never with a deficit, never by expanding the spending," the Texas Republican told Yahoo’s Tech Ticker.
"The more we do to interfere with the correction — the longer it lasts."
The recession that came after World War I only lasted a year, Paul says, because the government didn’t intervene.
“Hoover messed things up and Roosevelt compounded it because they believed the government had to prop up prices,” he notes.
“It didn’t work.”
According to Paul, the Great Depression actually ended after World War II. “It took that long to liquidate all the debt and bad investment,” he notes.
Paul describes himself as “very pessimistic” about the economy, adding that he thinks we’re only about one-third through the crisis.
“The one good thing that’s happening now is that people are starting to save money,” he says.
However, Paul suspects a second stimulus bill would get through Congress.
“When the economy has a few more bad statistics … we’ll frantically pass more money and continue to do the things that created the problem in the first place.”
Most state leaders attending the National Governors Association meeting are not rallying behind calls for a second stimulus package.
"The American people right now are rightfully concerned about this incredibly unbelievable rate of spending," Mississippi Governor Haley Barbour told Fox News.
"I'm one of those Americans who is worried about the effect this is going to have on the value of the dollar."
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