Dr. Tom Coburn, the Republican U.S. Senator from Oklahoma, spoke at length yesterday on ‘Fox News Sunday’ on the state of the economy. Senator Coburn is calling for aggressive spending cuts or warns that Federal spending may bring about ‘apocalyptic pain’ and even compared the potential financial crisis with the Fall of Rome. Coburn has been widely criticized by both Liberals and Conservatives of late. Liberals attack him for blocking the latest $1.1 Trillion dollar Omnibus spending bill because of some $8 Billion dollars of pork and earmarks. Conservatives were unhappy with Coburn voting in support of the Obama Debt Commission plan to cut $100 Billion from the budget over ten years. Coburn, himself, pointed out to Fox News Sunday host, Chris Wallace, that he can think of some $300 Billion dollars that can be cut.

WASHINGTON, DC - DECEMBER 01: Sen. Tom Coburn (R-OK) speaks during the National Commission on Fiscal Responsibility and Reform December meeting on Capitol Hill December 1, 2010 in Washington, DC. Commission co-chairs Erskine Bowles and Alan Simpson unveiled the commission's deficit reduction proposal during the meeting. (Photo by Win McNamee/Getty Images)

Fiscal responsibility is at the heart of the matter. Coburn says that “We didn’t do the hard work. The hard work is eliminating the parts of the government that aren’t working, that aren’t effective, and also a lot of it that’s not even in our constitutional role.” When Wallace asked how much spending the new Congress may cut, Coburn replied “I think it remains to be seen.”

Senator Coburn then went on to explain “We could certainly cut $100 to $200 Billion and help ourselves. What most of America doesn’t understand is if we don’t put our house in order, we are going to look like Greece or Iceland or even Spain and Italy, which are coming, or even maybe ultimately Japan.” Coburn adds later, “The problem that faces our country today, the last 30 years we have lived off the future, and the bill is coming due.”

When asked for specifics on what spending could be cut, Coburn answered “But for example, we could save about $50 billion a year by eliminating programs. I’ll give you a couple of examples. We have 267 job training programs across 39 different agencies. Why do we have 267 of them? We have 105 programs to encourage people to go into science and technology, engineering and math. That’s 105 sets of bureaucrats. None of them have metrics on it. We have $100 billion at a minimum of fraud in Medicare and Medicaid. The healthcare bill didn’t significantly address that. That is money that’s just being blown away.”

Senator Tom Coburn (R-OK), who is calling for spending cuts, is by profession a doctor and has already stated that he will uphold his promise to respect his self-imposed term-limit and not run again in 2016. He chided many of his colleagues for not living in the ‘real world’, spending too many years inside the Beltway. His observations that historically, most republics fail after 200 years from fiscal disasters is accurate. Coburn warns that if the United States government does not curtail it’s spending spree, the end result would be ‘apocalyptic pain’. This stemming from currency devaluation as the only ‘quick fix’ Washington DC seems to be practicing is to monetize our massive debts. The result of which will lead to chronic high unemployment, from 15-18%, and a decline in the GDP.

WASHINGTON - MARCH 26: U.S. Sen. Tom Coburn (R-OK) speaks during a news conference March 26, 2010 on Capitol Hill in Washington, DC. Coburn spoke on an unemployment benefits package the Senate Democrats seeking for approval before the Easter recess. (Photo by Alex Wong/Getty Images)

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