Former U.S. House Speaker Newt Gingrich uses his latest Human Events column to discuss why he believes government is following information technology, housing, and Wall Street as the “fourth bubble” ready to burst.
Looking back everyone wonders why we didn?t see those three bubbles coming.
The failure to anticipate them and to take appropriate, corrective steps before it was too late has caused enormous pain in the American economy and for the American people.
This fourth bubble is even bigger and more dangerous. If we don?t get state, federal and local spending under control we will have a wave of crises that will shatter our economy with higher interest rates and a series of state and local defaults.
The federal government will be pushed into inflation (printing paper to get rid of the debt by devaluing it and cheating every person holding American assets), draconian spending cuts or draconian taxes.
