Greece is the new France
What do I mean? Greece is now the nation whose name Republicans invoke to make the case against Democratic policies. Here's Rep. Eric Cantor (R-Va.) on today's unemployment report, which has unemployment ticking up to 9.9 percent as more people enter the work force.
I look at the horrible images coming out of Greece and I am struck by the reality of what can happen when a country goes on a shopping spree without paying its bills. Thank goodness America is not at that point. We have time to right the ship and get serious about tackling our own debt crisis.
Here's Rep. Todd Tiahrt (R-Kan.), a candidate for U.S. Senate, decrying the idea of a bailout for Greece.
The Congressional Budget Office now predicts that our nation’s debt held by the public will reach an astonishing 90 percent of Gross Domestic Product within ten years. By comparison, Greece’s current debt to GDP ratio of 112.5 percent has resulted in a lowering of their credit rating to junk status. Without dramatic spending restraint, the U.S. is on a path toward the same crisis.
And here's Rep. Ron Paul (R-Tex).
Expect to hear more of this -- both the argument that the U.S. shouldn't even think about aiding Greece, and the argument that Greece's crisis was brought about by deficit spending of the kind America has engaged in during the recession.
May 7, 2010; 10:10 AM ET
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