U.S. Rep Johnson Opposes International Bailouts

Press Release

U.S. Rep. Timothy V. Johnson today joined leading Republicans in objecting to the planned $40 billion bailout of Greece by the International Monetary Fund, to which the U.S. is the largest single contributor.

The U.S. may also be asked to participate with the European Union in a near-$1 trillion bailout to keep the Euro afloat.

"American taxpayers should not be on the hook to bail out a country whose financial mess is entirely of its own making," Rep. Johnson said. "This is the most socialistic country in Europe and it has created this problem by uncontrolled spending on entitlement programs that cannot be sustained. Greece has the most generous government pension system in Europe, allowing people at an average age of 53 with 80 percent of their government salary. It is this kind of policy that led to this situation, and a problem for which American taxpayers should not be held liable.

"Our own politicians better take a cue from this episode. Our own bailouts, expanding entitlement spending and runaway deficits will one day haunt us in the same way."

Source