“Apocalyptic pain” from an out-of-control debt could cause 18 percent unemployment and a massive contraction in theÂ economy that would destroy the middle class, a leading Republican deficit hawk said in an interview that aired Sunday.
Sen.Â Tom Coburn, R-Okla., who recently issued a report on government waste, warned that the U.S. only has about three or four years to get its fiscal house in order or it could find itself facing austerity measures seen in Greece, Ireland, Spain, Portugal and earlier in Japan.
“The history of republics is they average 200 years ofÂ life. And they all fail in the history over fiscal matters. They rot from within before they collapse or are attacked,” Coburn told “Fox News Sunday.”
“The problem that faces our country today, the last 30 years we have lived off the future, and the bill is coming due,” he added.
The senator, who was recently elected to a second — and he pledges — final term in Congress, said he’s not trying to scare anyone, but eliminating waste in the federal government’s ledgers is imperative not just to prevent default but a massive implosion that he defined in catastrophic terms.
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