Oklahoma Senator Tom Coburn predicts a “15 to 18 percent unemployment rate,” hyperinflation, and the destruction of the middle class if America’s fiscal crisis is not fixed.
These charges are not new to the debate on America’s debt and deficits, but they are the latest from the conservative hawk dubbed Dr. No.
I think you’ll see a 15 to 18 percent unemployment rate. I think you will see an 8 to 9 percent decline in GDP. I think you‘ll see the middle class just destroyed if we don’t do this. And the people that it will harm the most will be the poorest of the poor, because we’ll print money to try to debase our currency and get out of it and what you will see is hyperinflation.
On Fox News with Chris Wallace, Coburn explained that we are poised to end up with the same end of other failed republics if our fiscal issues are not fixed quickly:
Coburn went on to claim that America only has three to four years to get our finances in order to prevent austerity measures seen in Greece.
Watch the complete interview here: