By: Kenneth Schortgen Jr December 4, 2012
With less than a month before the calender changes to 2013, and the ramifications of the fiscal cliff reach their crescendo, neither Congress nor the president appear strong enough to do what is necessary to avoid this inevitability. However, with Washington rhetoric focused on taxes and spending, one alternative, that has been missing from the entire economy since the credit crash of 2007, could be the real fix to avoid economic collapse, and to carry America into a new era of prosperity.
On the Dec. 3 airing of the Coast to Coast AM radio show, Craig R. Smith, analyst, and author of the new book, The Great Debasement, offered a solution to the problem of the coming fiscal cliff that could very possibly save the economy and bring prosperity, but is unlikely to be implemented due to the lack of will by the people and by our politicians.
Craig R. Smith: The problem we have with the fiscal cliff George, is that it could be avoided if we just brought growth back to this country. We’ve had very anemic growth for the past five decades in this country. We’ve had some good times, but nothing dramatic.
George Norry: It’s going to take a long time, if we can even do that.
CS: Well George, I think that’s why Lowell and I are convinced… I’m not sure we can get out of it right now. Now we write in our book (Debasement) that there are $222 trillion that has literally been confiscated from the American people. That’s what we owe on a long term basis on the long term entitlements, and it just can’t sustain itself.