Fresh off a weekend tea party rally where Sen. Marco Rubio said the “world cannot afford for America to be diminished,” the Florida Republican warned of the pending debt crisis following Standard & Poor’s announcement of a negative credit outlook for the country.
Rubio, whose campaign for election last year including predictions of the debt crisis, has taken a hard line stance against raising the nation’s debt ceiling. He called credit agency’s rating a harbinger of things to come.
“How many more warning signs will it take for Washington to realize we are facing a debt crisis that will ruin America?” Rubio said. "Today, it’s a major credit rating agency like S&P bluntly saying they don’t believe Washington politicians have the fortitude to get serious about our debt. This will send even more entrepreneurs running for the hills and taking their best ideas with them as investment capital becomes more elusive.
There will be dire consequences if the debt issue is not addressed, Rubio said.
“Eventually, the specter of higher inflation will erode the dollar, diminish consumer spending power, and make it harder for families to buy cars and homes or pay tuition. And before you know it, we will have lost the essence of what has made America exceptional for centuries. None of these scenarios are a question of ‘if,’ but rather a question of ‘when,’ unless we act now.”
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