Noted investor, free market advocate, and author Jim Rogers during an interview with Glenn Beck on Wednesday said the State of the Union address makes you wonder whether President Barack Obama is “delusional” or just a good liar.
Our “debt is physically impossible to pay off,” Rogers said after Beck asked whether the country has passed the point of no return. “We are the largest debtor nation in the history of the world.”
“If everybody paid 100 percent of their earnings as taxes, we still couldn’t pay it off,” he added.
The famed investor then turned his attention to the president’s statement that our economy is getting stronger.
“Mr. Obama said last night that everything is great,” Rogers said, much to Beck’s amusement. He added: “He said that everything is great and that the middle class is on the way back and everything is fine now. I mean, the man is delusional. I was really afraid when I saw that,” he continued on a more serious note. “It’s delusional. It was frightening.”
“I don’t know if he believed it or if he was just lying,” Rogers added.
On the greater subject of future economy, Rogers asserts farming is the new growth industry.
“The average age of farmers in America is 58,” Rogers noted. “In Japan, it’s 66. In Canada, it’s the oldest in recorded history. In Australia, it’s 58. In 10 years, those guys will be 68 (if they’re still alive). Somebody has got to go into the fields.”
“More people in America study public relations than study agriculture,” he added. “We don’t have any farmers coming up.”
Something remarkable is happening right now in the value of U.S. cropland, according to bankers surveyed in the latest report from the Kansas City Fed.
“Farm income and land values were boosted by high crop prices and high crop insurance payments. In North and South Dakota, land lease revenue increased thanks to the region’s energy deposits,” Business Insider notes.
“Bankers in the Corn Belt and Central Plains reported strong annual increases. Meanwhile in Texas, where growing conditions were poor, farmland values increased a modest 2.6 percent year-over-year,” the report adds.