Catastrophic Warnings
In The Coming Economic Earthquake (Moody Press, Chicago, I11. • 1991), Burkett delineated growing federal deficits and the ever increasing use of debt by business and households out of control. Burkett points out those severe economic times will appear sometime shortly after the millennium, unless current polices are changed. Burkett believed that Keynesian economic policies, with ideals for continuing federal deficits and the implicit preference for higher levels of consumption, reduced saving, and a larger role for government in the economy, are a means to disaster. Burkett wrote that as interest on the debt consumes a larger and larger portion of the yearly federal budget, and more money is borrowed each year to pay the interest on what was borrowed in previous years, there will be a temptation to “monetize” the debt at an increasing rate; this would lead to a calamity not seen since the Great Depression. Burkett questioned whether or not elected leaders would take action in time to prevent fiscal chaos, and believed they would not.
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