“Destructive Tipping Point” at hand for U.S. economy; does Congress care?

Seeds of DestructionWhen a guy who’s the former chairman of the President’s Council of Economic Advisors, and currently dean of Columbia University Business School, says the U.S. economy is going down the toilet, we should probably listen to him.

R. Glenn Hubbard, the highly credentialed guy, is the one who says “America is very close to a destructive tipping point,” in a new book he’s co-written with Peter Navarro that’s titled Seeds of Destruction: Why the Path to Economic Ruin Runs Through Washington, and How to Reclaim American Prosperity [find on Amazon].

Hubbard makes good points in a brief video interview attached to this article.

Hubbard and Navarro’s prediction follows on those of Nouriel Roubini, who correctly predicted the mortgage meltdown and now says the U.S. “has run out of bullets” with which to battle a double-dip recession or even a depression. There’s been a lot of pooh-poohing of Roubini, but Hubbard hardly qualifies as another “Doctor Doom.”

With respected government/academic voices like Hubbard’s joining Roubini’s and Peter Schiff’s, how can House Minority Leader John Boehner even consider the reimposition of earmarks in Congressional legislation? Is Boehner as out of touch with fiscal reality as Nancy Pelosi?

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