Monday Dec 31, 201206:59 AM GMT
Ron Paul: Fiscal cliff is fight over power
Mon Dec 31, 2012 6:59AM
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Republican Rep. Ron Paul says Congress and the White House pretend they are fighting to reach a deal to avert the fiscal cliff of year-end tax increases and spending cuts, but in fact they are fighting over power.

 

He explained that even if Congress manages to come up with a solution to avert the “fiscal cliff,” it won’t be worth anything because it’ll probably only deal with tax rates and ignore the problem of runaway government spending.

 

"We have passed the point of no return where we can actually get our house back in order," Paul told CNBC.

 

"They pretend they are fighting up there, but they really aren't. They are arguing over power, spin, who looks good, who looks bad; all trying to preserve the system where they can spend what they want, take care of their friends and print money when they need it," he added.

 

With social safety nets available to rich and poor, there is no impetus for change and "the country loses," but Paul concludes, the markets are starting to say "there is a limit to this." Zero Hedge

HIGHLIGHTS

Rep. Paul said, “I believe there is too much bipartisanship on the spending. Nobody is talking about cutting any spending.”

 

That’s not to say Rep. Paul doesn’t believe U.S. lawmakers will come up with temporary solutions to things like the “cliff.”

 

“[It’ll be] sort of like - how many times have they had a ‘solution’ for the Greece crisis? About ten or 15 times?” the congressman asked, referring to the eurozone’s most unstable and financially broken member.

 

“There’s no admission that they [U.S. lawmakers] have a crisis. They have no admission that the country is bankrupt. There’s no admission that our government is spending way too much and it’s way beyond our means and there’s not a single bit of effort to cut anything,” the congressman continued.

 

“They are so they so far removed from admitting the seriousness of this crisis and if they don’t admit it, they can’t solve the problem. They’re like a bunch of drug addicts that just want another fix. That’s what they are looking for,” he concluded. The Blaze

AGB/HJ

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