Ron Paul: “We’re Already Over The ‘Fiscal’ Cliff”

 

On Wednesday Texas Congressman Ron Paul spoke with Bloomberg’s Betty Liu on America’s fiscal policy and the prospects of political compromise on the nation’s budget deficit. Paul was not optimistic that the politicians could avert going off the “fiscal cliff” because in his words, “we are already over the cliff.”

This is nothing new to those who know the history, including that prior to Barack Obama. Ron Paul has been warning for decades that we cannot spend more than we have and anyone who has a household or is living on their own knows this to be the case. If you spend more than you have, you inevitably become a slave to debt and then when you can’t pay your debt you go bankrupt. America is broke. Every year the federal government borrows to continue funding the government. This is why Senator Harry Reid wants to bump the debt ceiling $2.4 trillion! It’s so they can keep up the illusion that things are ok, while they burden us with more debt.

When asked if he liked what he heard from Boehner and the Republicans regarding the “fiscal cliff” Paul responded that he thought a couple of things “sounded good” but the problem was “there’s no credibility.” He went on to speak about many of the people that he talks to around the country who think that government is not interested in really bringing a solution to bear on this issue.

No one in leadership in the Democrat Party or the Republican Party are talking about real cuts to spending. Some are talking about “cuts” to projected spending, but that is not a real cut, as I outlined here. Even the budget plan of Mitt Romney would have taken us further into debt and so would Paul Ryan’s.

Congressman Paul said,

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