Our politicians in Washington (especially the Obama administration) are following the economic policies of Federal Reserve Chairman Ben Bernanke, who made these economic predictions over the past four years (YouTube Video):
Congressional Budget Office Director Douglas W. Elmendorf gave a fiscal wake-up call to Senate Budget Committee members in testimony on July 16, noting that “the federal budget is on an unsustainable path — meaning that federal debt will continue to grow much faster than the economy over the long run.”
Congressman Ron Paul’s H.R. 1207, calling for an audit of the Federal Reserve, has attracted 270 cosponsors in less than five months. The Republican congressman's bill has received strong bipartican support, and approximately 100 of the bill's cosponsors are Democrats. Support for H.R. 1207 has frightened some of the Fed’s champions in the academic world, Fed officials themselves, and, of course, many of the Fed's friends in the financial world.