Madam Speaker:
Ireland, with a population of just 4.4 million, has been forced to get a 90 billion dollar bailout to keep from crashing.
With our debt of almost $14 trillion and trillion-dollar yearly deficits, we are very close to becoming a gigantic Ireland financially.
A similar bailout for the U.S. would be over $6 trillion dollars.
In yesterday’s Washington Post, columnist Fareed Zakaria concerning what he called our economic crisis wrote this:
“Washington is asking consumers to stop saving and start spending while the government issues more debt and the Fed lowers rates --- all measures designed to increase debt.”
“In other words,” he wrote, “we are fighting a crisis caused by excessive debt by encouraging excessive debt. Is that really the best way to get growth?”
A few months ago the Post editorialized, “It’s time to stop worrying about the deficit- and start panicking about the debt. The fiscal situation was serious before the recession. It is now dire.”
