A Quote by Paul Ryan
To borrow a phrase from my friend Erskine Bowles on the Fiscal Commission, we are the healthiest looking horse in the glue factory. That means America is still a step ahead of the European nations who are confronting a debt crisis, of Japan that's in its second lost decade.
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I do think that all economies need a sense of fiscal discipline especially over the midterm and if you are in the middle of a debt crisis you can't borrow your way out of a debt crisis. That's logically impossible.
When a horse falls, foam comes out of its mouth. When it falls, the legs of the horse thrash and the horse is no good... So somebody shoots it. The horse turns into glue. A machine puts the glue into bottles and children squeeze the bottles to get the glue out and stick bits of paper onto cards. Glue gets on the children's hands and the children eat the glue. And the children become the horse.
European government is a clear expression I still use, you need time, but step by step, as in the Austrian case, the European Commission takes a political decision and behaves like a growing government.
President Obama has offered a plan with 4 trillion dollars in debt reduction over a decade, with two and a half dollars of spending reductions for every one dollar of revenue increases, and tight controls on future spending. It's the kind of balanced approach proposed by the bipartisan Simpson-Bowles commission.
The moment a large investor doesn't believe a government will pay back its debt when it says it will, a crisis of confidence could develop. Investors have scant patience for the years of good governance - politically fraught fiscal restructuring, austerity and debt rescheduling - it takes to defuse a sovereign-debt crisis.
Our debt is out of control. What was a fiscal challenge is now a fiscal crisis. We cannot deny it; instead we must, as Americans, confront it responsibly. And that is exactly what Republicans pledge to do.
The amount of U.S. debt held by countries such as China and Japan is at a historic high, with foreign investors holding half of America's publicly held debt. This dependence raises the specter that other nations will be able to influence our policies in ways antithetical to American interests.
In the E.U., the initiation of policy comes from the European Commission - not the European parliament, the European Commission, an appointed body; a committee of 27 countries where everything is haggled away.
We are thus in the position of having to borrow from Europe to defend Europe, of having to borrow from China and Japan to defend Chinese and Japanese access to Gulf oil, and of having to borrow from Arab emirs, sultans and monarchs to make Iraq safe for democracy. We borrow from the nations we defend so that we may continue to defend them. To question this is an unpardonable heresy called 'isolationism.'
I actually feel like the phrase 'big in Japan' is not appropriate for me. The reason is that there are more people who sympathize with my practice in America than there are domestically in Japan.
I don't understand how the Republican party is the party with the reputation for fiscal conservatism and fiscal sanity, when they're the ones who run up the debt. It was Reagan who ran up the debt and now Bush is doing it again, and in between, Clinton and Bush's father, I must say, worked so hard to get that deficit and that debt down.
I've known Alan Simpson and Erskine Bowles and they're two of the most independent people I've ever known in my life, and the thought we could somehow bend their views I find really beyond my capacity to believe.
I'm quite worried about the fiscal imbalances that we've got and what that might mean in terms of financial crisis ahead.
As the President reviewed the state of the union and unveiled his second-term agenda, he fell short of adequately explaining how he intends to set America back on the course of fiscal responsibility and secure the fiscal health of the nation.
At the first meeting of the newly constituted Warren Commission, [former CIA Director] Allen Dulles handed out copies of a book to help define the ideological parameters he proposed for the Commission's forthcoming work. American assassinations were different from European ones, he told the Commission. European assassinations were the work of conspiracies, whereas American assassins acted alone.
We know that advanced economies with stable governments that borrow in their own currency are capable of running up very high levels of debt without crisis.
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