Dave Stockman: U.S. Has Been Living Beyond Its Means for 30 Years

Former Reagan budget director David Stockman explains why the U.S. has been living beyond its means for over 30 years.

DAVE STOCKMAN: I think whoever is elected will inherit a recession. After all, if you expect four years of no recession, that's 140 months from the last recession.

We've got a deflationary recession emerging everywhere in the world. Japan, you know, is an old-age colony sinking into the sea. China is a massive speculative mania that's going to collapse any day.

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We've been living beyond our means for 30 years.