U.S. Sen. Tom Coburn warns that the United States has only 2 to 5 years to get its fiscal house in order, or face the likelihood of an economic collapse marked by runaway inflation that could approach 15-18 percent annually. The Oklahoma Republican, a physician, has been given the nickname “Dr. No” because of his vocal opposition to wasteful government spending. He advocates strong entitlement reform, elimination of “waste, fraud and duplication,” and an end to pork-barrel projects, saying “both parties have equally participated in abandoning the limited role of the federal government.”
Coburn outlines his ideas in an interview with Reason.TV’s Nick Gillespie, drawing from the senator’s new book The Debt Bomb: A Bold Plan to Stop Washington from Bankrupting Our Economy. Besides the economy, Coburn also addresses legislation he put into place mandating the creation of the website USASpending.Gov. This tool allows you to see how tax dollars are allocated, showing how much money each agency is spending, who gets the funds and what purposes are being served.