Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
By Off The Grid News
Contributor profile | More stories
Story Views
Now:
Last hour:
Last 24 hours:
Total:

Former Reagan Official Warns: ‘Fiscal Bloodbath’ Imminent, Gov’t To Run ‘Out Of Cash’

% of readers think this story is Fact. Add your two cents.


Stockman, left, with Reagan, Image source: Reagan Library

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.

Get Ready For Blackouts With Backup Electricity Today!

“I think what people are missing is this date, March 15th, 2017. That’s the day that this debt ceiling holiday that Obama and Boehner put together right before the last election in October of 2015. That holiday expires. The debt ceiling will freeze in at $20 trillion. It will then be law. It will be a hard stop. The Treasury will have roughly $200 billion in cash. We are burning cash at a $75-billion-a-month rate.

“By summer, they will be out of cash. Then we will be in the mother of all debt-ceiling crises. Everything will grind to a halt. I think we will have a government shutdown. There will not be Obamacare repeal and replace. There will be no tax cut. There will be no infrastructure stimulus. There will be just one giant fiscal bloodbath over a debt ceiling that has to be increased and no one wants to vote for.”

Stockman also believes the stock market rally is the “greatest suckers’ rally of all time.”

Goofy Gadget Can Jump-Start Your Car — And Charge Your Smartphone!

“It is based on pure hopium and not any analysis at all as what it will take to push through a big tax cut,” he said. “Donald Trump is in a trap. Today the debt is $20 trillion. It’s 106 percent of GDP. … Trump is inheriting a built-in deficit of $10 trillion over the next decade under current policies that are built-in.

“Yet, he wants more defense spending, not less. He wants drastic sweeping tax cuts for corporations and individuals. He wants to spend more money on border security and law enforcement. He’s going to do more for the veterans. He wants this big trillion-dollar infrastructure program. You put all that together and it’s madness. It doesn’t even begin to add up, and it won’t happen when you are struggling with the $10 trillion of debt that’s coming down the pike and the $20 trillion that’s already on the books.”

Stockman served as a U.S. Representative from Michigan from 1977 to 1981 and director of OMB from 1981 to 1985. Stockman predicted a Trump victory last year in his book, “Trumped! A Nation on the Brink of Ruin.”

What is your reaction? Share it in the section below:

Learn How To ‘Live Off The Land’ With Just Your Gun. Read More Here.


Source: http://www.offthegridnews.com/current-events/former-reagan-official-warns-fiscal-bloodbath-imminent-govt-to-run-out-of-cash/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.


LION'S MANE PRODUCT


Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules


Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.



Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.


Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.