Good read by Mike Pence and Cathy McMorris Rodgers in the NY Post on how the US Taxpayers could be bailing out Greece, whose self-inflicted problems are due to years of rampant socialism.
US taxpayers will be helping to foot the bill for the Greek bailout, via the Interna tional Monetary Fund. And if the Obama administration doesn’t draw a clear line, Uncle Sam may soon be on the line for even more and larger European “rescues.”
The Greek government, with its high taxes and profligate spending to support large bureaucracies and social programs, is bankrupt. Its bonds have been downgraded to junk status.
As economist Milton Friedman once said, “If you put the federal government in charge of the Sahara Desert, in five years there’d be a shortage of sand.” Greece has run out of sand.Concerned that the fiscal damage could spread throughout the EU and the world, other European Union members and the IMF have pledged $145 billion to bail out Greece. And since the United States is the largest contributor to the IMF budget, our government will be funneling billions of American tax dollars to Greece.
No one wants to see Greece fail — the economic stability of Europe is important. But US taxpayers have funded bailout after bailout, and our country faces a debt crisis of its own.
Our unemployment rate stands at nearly 10 percent. The public debt now stands at $9.2 trillion. The Congressional Budget Office predicts that America’s debt held by the public will reach 90 percent of gross domestic product within 10 years under President Obama’s budget. Without dramatic spending restraints, America is on a path like the one that led to Greece’s financial catastrophe.