New Hampshire Senator Judd Gregg predicts the United States is bound for a "financial meltdown." According to Senator Gregg's calculations, this "meltdown" will occur within the next five to seven years. Financial Time's released a video interview with Senator Gregg that focused on the rising national debt, strained financial ties, Obama's inflated budget proposals, as well as Former President George Bush's significant tax cuts, as contributions to looming financial disaster.
Senator Gregg supported his claim with the United States' economic ties with China. He said "We have had China say that they are looking for other places to put their reserves and that is probably a smart decision on their part. So the warning signs are pretty clear and the path is unsustainable and, at this point, unless we take different actions, unavoidable.”
Senator Gregg also downplayed the 2009 study that illustrated how the $787 billion dollar economic stimulus package "cushioned the impact of the recession." Gregg blatantly replied “The facts are wrong. I can understand how a Keynesian would make that argument. I find them absurd on their face.”
Senator Gregg accepted and then declined a high profile position in President Barack Obama's administration last year. Gregg is one of the most "high profile" Republicans in the nation. “The euphoria of the time made me want to try to help. But the practical reality of the situation settled in after a couple of weeks. It would be hard for a hardline fiscal conservative to serve in this administration” Gregg explained.
Gregg also declared that the present financial situation will only worsen in time. He stated "It's the way America works. Good with the next election but not for the next generation."
Senator Gregg will not return to his position in the fall.