The U.S. led International Monetary Fund (IMF) is bailing out Greece using U.S. taxpayer dollars, and at the current rate of projected bankruptcies in the Eurozone, Greece won't be the only country we, the American Taxpayer will be on the hook to bailout.
Portugal, Spain, Italy, Ireland and the U.K. are next up on the list projected to fail. No wonder Germany doesn't want to "participate" in the bailouts, they fully understand the damage that will be done to their own economy if they do.
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.
The IMF has 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 the majority, about $100 billion U.S. taxpayer dollars to Greece at a time when our own financial house is in disarray.
America faces the same problems Greece does, a debt to GDP ratio of 90%, burgeoning deficits exceeding $1.5 TRILLION dollars a year as far as the eye can see, public employee union pension fund payouts that exceed 5 times that which public employees put into the funds in the first place, a 10% unemployment rate and more than $12,000,000,000,000 (that's trillion) in public debt. We haven't even counted the more than $60,000,000,000,000 in unfunded Social Security, Medicare and Medicaid benefits that the Government owes because they stole the money from those funds!
Are we on the verge of becoming Greece? YOU BETCHA!!
In fact, Federal Reserve Chairman Ben Bernanke recently warned congressional leaders that, without significant spending restraints, the United States would soon face a debt crisis like the one in Greece. It is unfair and unwise to ask US taxpayers to fund bailouts for EU countries while America racks up huge deficits.
It's unlikely that Greece will be the last major EU member to seek financial help. High-debt Portugal, Spain and Italy could all face similar crises soon. Estimates are that Spain will need a $450 billion bailout while Italy will cost more. We haven't even begun to talk about Ireland and the U.K. which are also on the verge of going bankrupt becuase of their generous, benefit laden socialist systems and who's going to bail them out? U.S. Taxpayers? Rev up the printing presses at the Treasury, we'll just sell more junk bonds to China and sell our great-great-great children into indentured tax servituded to them as well!
The American people already know what the governments of Greece and other EU members must learn: A nation can't borrow, spend and bail out its way back to a growing economy. The Tea Parties, election of Chris Christie in New Jersey and Scott Brown in Massachusetts are proof of that.
In New Jersey Gov. Chris Christie is making tough choices without raising taxes or requesting aid from Washington, DC. Scott Brown was elected in Massachusetts to stop ObamaCare, and the current Administration from racking tens of trillions of dollars of debt as a result. (While the that failed, the fight on this topic isn't over yet!)
The point is, if America isn't asking Europe for help with New Jersey, why should the EU ask the US for help with Greece?
Enough is enough. America's taxpayers are out of money. Our children's, children's, children's futures are already mortgaged by an over-spending socialist zealot, none of us want to see another generation of America's children become tax slaves to our own government, much less that of the E.U.
Suck it up E.U. You're on your own.
AZ Governor Jan Brewer Takes On Obama
Broken Borders are no laughing matter, watch as Brewer delivers a solid right-hook to the Obama Administration. Obama thinks our borders with Mexico are a joke, the joke will be on him in November.