By Bill Wilson — The IMF, which the U.S. funds, has already committed over $100 billion to bailing out Greece, Portugal, and Ireland. Now with more money promised to Greece, that means the U.S. stake in propping up Europe will only grow.
The U.S. needs to rescind its own $100 billion line of credit to the IMF, only $7 billion of which has been used, before it is too late and any more of it is wasted refinancing the debts of profligate countries that refuse to cut spending. We should not be subsidizing socialism.
Representative Cathy McMorris Rodgers and Senator Jim DeMint have taken the lead on this critical issue, gathering over 110 congressional cosponsors to stop this bailout. Now it is time for these pieces of legislation to get finally their proper airing on the floors of both houses of Congress.
With a national debt now larger than our entire economy, it is time members answered the question: should taxpayers be bailing out Europe? A failure to bring these bills to the floor is a tacit acceptance of bailouts, which Republicans promised to bring an end to in 2010.
Bill Wilson is the President of Americans for Limited Government. You can follow Bill on Twitter at @BillWilsonALG.
