This has to be the most twisted thing I ever heard. The International Monetary Fund is going to give Greece a $140 billion dollar bailout. Since the United States is a member of the fund, part of that $140 billion will come from us. Our cut comes out to about $7 billion.
NY Post: US taxpayers will be helping to foot the bill for the Greek bailout, via the Interna tional Monetary Fund. And if the Obama administration doesn’t draw a clear line, Uncle Sam may soon be on the line for even more and larger European “rescues.”
The Greek government, with its high taxes and profligate spending to support large bureaucracies and social programs, is bankrupt. Its bonds have been downgraded to junk status. …
Concerned that the fiscal damage could spread throughout the EU and the world, other European Union members and the IMF have pledged $145 billion to bail out Greece. And since the United States is the largest contributor to the IMF budget, our government will be funneling billions of American tax dollars to Greece.
No one wants to see Greece fail — the economic stability of Europe is important. But US taxpayers have funded bailout after bailout, and our country faces a debt crisis of its own.
Our unemployment rate stands at nearly 10 percent. The public debt now stands at $9.2 trillion. The Congressional Budget Office predicts that America’s debt held by the public will reach 90 percent of gross domestic product within 10 years under President Obama’s budget. Without dramatic spending restraints, America is on a path like the one that led to Greece’s financial catastrophe.
In these days of massive bailouts, giant stimulus packages and a new trillion dollar health care program, $7 billion sure does not sound like much. However, just like the bailouts, the stimulus and health care reform, the $7 billion dollars for Greece is money we don’t really have. Basically we are over spending to save a nation that over spent. Has anyone in Washington noticed the irony in that?
What I would like to know is after we have spent ourselves into a whole, just like Greece did, who is going to bail us out?
Via: The New York Post