WASHINGTON – The United States is on the brink of a “fiscal bloodbath” that will cause the government to run out of cash, according to former Reagan budget director David Stockman.
Stockman served as the director of the Office of Management and Budget under Reagan and believes debt will bring the United States to its knees.
“I think we are likely to have more of a fiscal bloodbath rather than fiscal stimulus,” Stockman told USAWatchdog.com. “Unfortunately for Donald Trump, not only did the public vote the establishment out, they left on his doorstep the inheritance of 30 years of debt build-up and a fiscal policy that’s been really reckless in the extreme.
“People would like to think he’s the second coming of Ronald Reagan and we are going to have morning in America. Unfortunately, I don’t think it looks that promising because Trump is inheriting a mess that pales in significance what we had to deal with in January of 1981 when I joined the Reagan White House as budget director.”
Stockman’s belief is that the national debt is so high it will be impossible for America to pay it off.