Billionaire Tells Americans to Prepare For 'Financial Ruin' (Trump)

Moneynews ^ | June 30, 2014 | Newsmax Wires

[driftdiver]

The United States could soon become a large-scale Spain or Greece, teetering on the edge of financial ruin.

That’s according to Donald Trump, who painted a very ugly picture of where this country is headed. Trump made the comments during a recent appearance on Fox News’ “On the Record with Greta Van Susteren.”

According to Trump, the United States is no longer a rich country. “When you’re not rich, you have to go out and borrow money. We’re borrowing from the Chinese and others. We’re up to $16 trillion in debt.”

He goes on to point out that the downgrade of U.S. debt is inevitable.

“We are going up to $16 trillion [in debt] very soon, and it’s going to be a lot higher than that before he gets finished. When you have [debt] in the $21-$22 trillion, you are talking about a downgrade no matter how you cut it.”

[driftdiver]

Trump has the optimistic view in this article

[driftdiver]

ping

[FlingWingFlyer]

Well, look at the bright side. We’ll each have 20 or 30 illegal aliens to mow our lawns.

[ClearCase_guy]

Trump should offer $5M to anyone in the IRS who can come up with the missing emails. You know someone has them.

[al baby]

At least someone is talking about it. I am so happy i have no kids and im getting on in years it sickens me greatly

[wideawake]

Who is the billionaire they are referring to? It certainly isn’t Donald Trump.

[Ray76]

That’s what a century of appeasing communist democrats gets you.

[Dilbert San Diego]

I wish we could have part of America secede from the liberal parts, and let the liberal parts go their own way. Let the liberals figure out how the heck they will pay down this debt.

Candidate Obama was shocked, just shocked, at a total debt of about $9 trillion, and how unpatriotic it was to borrow from China to finance increasing deficits. Deficits and total debt have exploded during his time in office, and now he has nothing to say about that subject.

[Mears]

I have a grandchild entering college,a couple in high school,and a couple in middle school.

I fear for their future.

.

[cableguymn]

My youngest is 6.. I question myself as to what I am going to do to try and leave things better than they where given to me.

[doc1019]

With all the benefits we will be giving them and the lost of jobs for the rest of us ... we may be mowing their lawns.

[goodwithagun]

My son will be six the end of September, my oldest daughter will be three the end of August, and my baby girl will be one mid September (insert Christmas break joke here). I’m quite frightened.

[FlingWingFlyer]

I believe you’re right.

[The_Media_never_lie]

We each might house 20 - 30 illegal aliens in our garages.

[PistolPaknMama]

We’ll each have 20 or 30 illegal aliens to mow our lawns.

Yeah, cause you know I'm not going to do it./s

[CrazyIvan]

“If there must be trouble, let it be in my day, that my child may have peace.”

Thomas Paine, The American Crisis, No. 1, December 19, 1776

[goodwithagun]

That’s what I’ve been typing on FR since the GOPe coli chose Willard. I’d rather fight the war, with my children learning by observation.

[al baby]

I fear for them too and my nieces and nephews some of whom voted for that bastard

[PistolPaknMama]

I find myself wondering if my generation (the 1950s) was the last generation of the American dream. My children are not better off. My grandchildren will certainly not be better off. Sometimes I could, and do, cry.

[nathanbedford]

I have three children in college and one in high school. I have one grandchild in college and three entering college and one in high school.

I share your fear.

Yet every day I read Goldman Sachs reports that are uniformly optimistic. For example, Goldman Sachs is downplaying the significance of the 3% drop in the first quarter GDP and predicting 2+ percent increase in the second quarter and for the year.

They have been doing this since the onset of the great recession. I am fully in Donald Trump's camp but the question for me is not whether but when. Many have gone broke betting against Goldman Sachs, many have gone broke trying to time the market and I think the same caution applies in trying to time the reckoning.

I hope Goldman Sachs is right and Trump was wrong but I do not know the answer to that any more than I know which one of them is more arrogant.