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Alabama Congressman Mo Brooks continued his series of House floor speeches highlighting “bad example” countries who are reaping the consequences of financially irresponsible leadership, and again called on America to balance the budget before it is too late.
America must learn from nations like Greece and Venezuela . . . and from Puerto Rico, a territory that has had its credit rating cut to "junk bond status” and is defaulting on its $70 billion debt. As Puerto Rico desperately seeks a bailout, today Brooks asked: “Who will bail out America when America defaults on its debt?”
Brooks stated, “Puerto Rico, like America, suffers from a bloated central government, welfare programs that undermine the work ethic, decades of financial mismanagement by elected leaders, and a resulting anemic economy and shrinking job market that causes roughly 7,000 citizens to flee Puerto Rico each month.”
Brooks continued, “Puerto Rico’s debt defaults and resulting economic morass have forced Puerto Rico to delay tax refunds, fire public-sector workers, raise sales taxes to a record 11.5%, and close over 100 schools. Unfortunately, these austerity measures, and more, are inadequate because Puerto Rico’s self-serving and financially irresponsible elected officials waited too long. Puerto Rico still cannot pay its bills or creditors.”
Brooks concluded, “If voters do not elect financially responsible officials to Washington, America will endure the same debilitating bankruptcy and insolvency that wreaks havoc in Greece and Puerto Rico . . . with one major difference . . .
. . . unlike Greece, which has been bailed out three times by the European community, and unlike Puerto Rico, which may yet be bailed out by American taxpayers . . . there is no one who can, or will, bail out America!”
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