Jun 282012

If you really want to know how bad America’s debt is, listen to Eric Hovde, a Wisconsinite running for the U.S. Senate.  While the whole video is good, the debt part starts at the 8:30 mark so if you are short on time feel free to jump ahead.

“If a government gets more than 90% debt to their economy and it stays that way for three years you are left with one of two options and both are utterly disastrous.  A default or a massive debasement of your currency which causes hyperinflation.  Folks, we’re at 100%.”

Those three sentences should be enough to slap a bit of reality into everyone.

Here is a link for the book Eric rightfully gives credit to when speaking the three sentences above, “This Time is Different” by Ken Rogoff and Carmen Reinhart.

And for all you lefties out there that recognize about 40 seconds of this video, congratulations on finally seeing everything Hovde said and not just the food stamp part. Isn’t it amazing how hearing the entire comment makes those few words take on a totally different meaning? Not that you really care to know what was really said or anything…….. If you don’t know what I’m talking about, check out this from HuffPo. More proof how libs will distort anything to fool their fellow lefties.

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