Ron Paul Claims We Will Default Because The Debt Is Unsustainable

Ron Paul (R-TX) spoke today on the House floor to say the world is concerned about the debt and what congress is going to do about it. “When a country is indebted to the degree that we’re indebted, the country always defaults….. We will default because the debt is unsustainable,” Paul said today. Paul explained that increasing the debt ceiling will cause inflation. The dollar has devalued 50% to value of gold in the last 3 years. This devaluing of the dollar will cause us to default through inflation. The only way to prevent this is by cutting spending, and Paul said, “the reason we don’t cut spending is because one side loves entitlements, while the other side loves war.” Paul wraps up saying, “If we don’t understand this, this default will not be because we don’t send out the checks. 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.”

This entry was posted in 2012 elections, Big Government, Congress, Ron Paul, The Economy, VIDEO. Bookmark the permalink.