Protecting America's Solvency
To emphasize the gravity of America's debt burden, over the next few weeks, Congressman Brooks will be giving a series of addresses on the House floor, highlighting “bad example” countries such as Greece who are reaping the consequences of financially irresponsible leadership, and calling on America to balance the budget before it is too late.
Currently our nation is facing a complex set of issues. How we respond to America’s growing annual deficits and accumulated debt, appropriations bills to fund the government, the debt ceiling, and how these issues interplay will significantly impact America’s future.
House Republicans inherited a $1.3 trillion deficit in 2011 and successfully cut annual deficits every year since winning the House in 2010 (to a still dangerous but much better $439 billion by 2015). However, newly released data from the nonpartisan Congressional Budget Office (CBO) projects Fiscal Year 2016’s deficit will worsen by $105 billion (the first deterioration since Republicans won the House in 2010) and that America will blow through the $29 trillion debt mark in a decade, in large part because Congress passed a trillion dollar Omnibus spending bill that adds tens of billions of dollars to FY 2016’s deficit. The CBO warns that, absent correction, America’s debt service costs will increase by $600 billion per year within a decade . . . roughly what America spends on national defense!
Brooks: Washington is Engaged in the Worst Generational Theft in American History
“Washington must balance the budget before America’s debt burden spirals out of control . . . before it is too late to prevent the debilitating insolvency and bankruptcy that awaits us.” – Rep. Mo Brooks
Video of Congressman Brooks’ remarks is available HERE.
Brooks stated, “Mr. Speaker, Americans are rightfully angry at Washington elected officials who care more about special interest campaign contributions than American voters or America’s future. Will the American people channel their anger in the 2016 elections and elect Washington officials who both understand the threat posed by deficits and debt and have the backbone to fix it? The answer to that question determines whether America continues as a great nation and world power . . . or declines into the dustbin of history.”
America Must Learn from Greece Insolvency Damage
In an address to the U.S. House, Rep. Brooks highlighted the debilitating economic turmoil that is afflicting Greece, and possibly awaits America, because of decades of financially irresponsible leadership.
Video of Congressman Brooks’ remarks is available HERE.
Brooks stated, “In the past five years, Greece has repeatedly failed to meet its debt obligations and subsisted on three bailouts from the European Union. The result? Greece’s economy is in shambles. The Greek government has limited the right of Greek citizens to withdraw their own money held in Greek banks. Violent demonstrations have ensued as pensions have been cut, taxes increased, and citizens struggle with paying back debts incurred during unsustainable spending sprees.”
Brooks continued, “There is an old adage that ignorance is bliss. I don’t know about that. But I do know that ignorance is dangerous. In 2009, Greece spent 3.2% of GDP on its national defense. Five years later, Greek defense spending was cut to 2.3% of GDP, a 28% cut! Now, perhaps the world will not suffer from Greece defense spending cuts, but what would be the effect on world peace if America’s defense spending suffered a similar fate? Washington must learn from the insolvency consequences Greek citizens are now facing and recognize that if America does not quickly change its course, we will suffer a similar fate.”
America Must Learn from Venezuela Insolvency Damage
Congressman Mo Brooks continued his series of House floor speeches highlighting “bad example” countries who are reaping the consequences of financially irresponsible leadership, and again called on America to balance the budget before it is too late. Rep. Brooks assessed Venezuela’s “out-of-control spending financed by more borrowing and higher debt – the same temptation Washington politicians have succumbed to for decades,” and their resulting economic collapse.
Video of Congressman Brooks’ remarks is available HERE.
Brooks stated, “Mr. Speaker, America has led the world culturally, scientifically, militarily, in freedom, and in many other ways. But if America does not stop its overspending and binge borrowing, then we are doomed to follow the footsteps of countries that chose to be financially irresponsible, and are condemned to suffer the same dire consequences. America need not speculate on our fate; rather, America must learn from ‘bad example’ countries such as Venezuela, a socialist country that has already walked the financially irresponsible path America unfortunately is on.”
Brooks continued, “The IMF (International Monetary Fund) reports Venezuela is experiencing ‘widespread shortages of essential goods—including food—exacting a tragic toll.’ Grocery stores have rows and rows of empty shelves. Venezuelans can’t find food to feed their families and form long lines outside of stores, hoping to buy whatever is in stock, from sugar to shampoo . . . . Inflation and food shortages are only the tip of the iceberg. When supplies run out, when jobs can’t be found, violence erupts. In just one month in 2014, violent street riots killed 43 Venezuelans, blocking citizens from accessing food, transportation, and medical services. Occupied buildings were torched, injuring hundreds.”