Once more, our taxpayer money is about to be spent on yet another bailout.
You didn't know?
Unfortunately, Congress mistakenly bailed out failed banks and the auto industry, but did you know our money has also been handed over to fund public pensions in Greece and bank bailouts in Ireland? Now Portugal is expected to request a bailout worth more than $100 billion from the European Union and International Monetary Fund. Spain and Italy will probably be asking for a bailout soon.
And who is the single largest contributor to the IMF? – YOU.
The truth is that the federal government has left us on the hook to foreign governments and other foreign entities. Under Barack Obama, Washington has greatly increased our financial obligations to the IMF. The sovereign debt crisis in Europe is going to take the United States even deeper into debt, and Obama has even stated he would disregard U.S. law that would require the Treasury to report on the funding it gives to the IMF. And this at a time when our deficits and debt continue to spiral out of control and our ability to fund our own priorities in the future is more and more in doubt.
Washington has our country charging over a cliff. Rather than trying to get us turned around, they latched onto a rope that will pull us off the edge right along with the European welfare states.
Enough is enough. Congress must act to stop borrowing even more from China just so we can pay for the mistakes of Europe. We have decades worth of our own mistakes to pay for already.
