Next Debt Crisis May Start in Washington: Bair

  •   The Alex Jones Channel Alex Jones Show podcast Prison Planet TV Infowars.com Twitter Alex Jones' Facebook Infowars store

CNBC
November 26, 2010

  • A d v e r t i s e m e n t
  • {openx:49}

The US needs to take urgent action to cut its debt in order to prevent the next financial crisis, which may start in Washington, Sheila Bair, chair of the Federal Deposits Insurance Corp. (FDIC) wrote in an editorial in the Washington Post.

The federal debt has doubled over the past seven years, to almost $14 trillion, and the growth is a result of both the financial crisis and the government’s “unwillingness over many years to make the hard choices necessary to rein in our long-term structural deficit,” Bair wrote.

Fresh food that lasts from eFoodsDirect (AD)

Retiring baby boomers will impact government spending heavily and this year, combined spending on Social Security, Medicare and Medicaid are expected to make up 45 percent of primary federal spending, compared with 27 percent in 1975, she explained.

Read full article

This article was posted: Friday, November 26, 2010 at 11:57 am







Infowars.com Videos:

Comment on this article

Comments are closed.


Watch the News

FEATURED VIDEOS
White House Tells Parents: Children Could Be Terrorists! See the rest on the Alex Jones YouTube channel.

Al Sharpton: Mob Rat For The FBI See the rest on the Alex Jones YouTube channel.

© 2013 Infowars.com is a Free Speech Systems, LLC company. All rights reserved. Digital Millennium Copyright Act Notice.