CNN Newsroom – 01-14-13

Ben Stein says:

  • The US is borrowing 40 cents for every dollar it spends, a terrible situation. The government has been living beyond its means for years, is spending too much money and heading for default – a real doomsday scenario.
  • The US will have a $20 trillion deficit within 36 months and double that not long after, and will never be able to pay its bills so will be compelled to default.
  • Obama has to negotiate with Republicans – saying he won’t is a form of negotiation a la General Electric and unions.
  • If the US treasury defaults on its debt then it will simply issue instruments to debt-holders saying when they will get their money plus interest,  so is resolvable.
  • Republicans have more African-American in Congress than Democrats so criticism it is not a multiracial party is nonsense.