Current Policies Will Push U.S. to be a Third-World Country in 25 Years

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While countries like China, Brazil and India are on the path to ascendency, the United States appears to be heading in the opposite direction, according to the former CEO of a major U.S. bank.

In a segment on the Jan. 7 broadcast of the Fox Business Channel's "Stossel," John Allison, the former CEO of North Carolina-based BB&T Corporation (NYSE:BBT), the 10th largest bank in the United States, warned of dark times ahead if the country continues on its current course.

"Now, it's a long-term trend," Allison said. "We will have some kind of economic recovery and we'll have some economic growth. I think the most likely intermediate scenario is stagflation like the 1970s."

"But if you run the numbers on the deficits we have in Medicare, the deficits we have in Social Security, the operating deficits which are over a trillion dollars a year now, and how you undo those is unclear," Allison continued. "We have a dysfunctional foreign policy. We have a real big demographic problem because of the retirement of the baby boomers and that's going to reduce productivity, the big demographic problem. And we have a failed K-12 education system."

"In 25 years, the United States will be a third-world country if we don't change direction," Allison said. "And ironically, we need to go exactly opposite of the way we're going. We need to return to the ideas that made America great - life, liberty and the pursuit of happiness, each individual's right to their own life."

Allison said education is a key to success, but our behemoth bureaucracy fails to educate because it lacks the discipline of the markets...

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