Ron Paul: US Will Default on Unsustainable Debt

Wednesday, 20 Jul 2011 01:10 PM

By Newsmax Wires

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
U.S. Rep. Ron Paul predicts that the United States will default on its debt, plain and simple. “When a country is indebted to the degree that we’re indebted, the country always defaults,” the 2012 GOP presidential candidate said during a speech on the House floor Tuesday.

“We will default because the debt is unsustainable,” the Texas Republican said.

The best solution is to impose concrete spending cuts, said the 75-year-old Paul, who recently announced that he will resign after this term, having been in Congress since 1997.

Story continues below video.




“The reason we don’t cut spending is, one side loves entitlements and one side loves war,” he said.

Failure to stifle that spending will propel inflation even as it erodes the dollar’s buying power, he said.

“If we don’t understand this, this default will not be because we don’t send out the checks,” Paul said. “We will send out the checks. It will be defaulted on because people will get their money back, or they will get their Social Security checks, and it won’t buy anything.”

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved