Former Prime Minister Margaret Thatcher once said, “The problem with socialism is that eventually you run out of other people’s money.” Knowing the inherent flaws of the socialist system – plus the desire of many DC politicians to take the government’s “cultural of bailouts” to a global level – on March 24, 2010, Rep. Cathy McMorris Rodgers became the first Member of Congress to warn about the potential of a “Euro-TARP” – the transfer of up to $100-150 billion (or more) of U.S. taxpayer money to bailout Greece and the European Union.
At the time, the idea of a EU bailout was publicly dismissed by the Obama Administration and the International Monetary Fund (through which U.S. taxpayer dollars would be funneled). But a month later, the EU and IMF quietly approved a $157 billion bailout of Greece, and not long after, the EU and IMF joined forces again to launch a $1 trillion bailout fund for the entire Union. Through it all, Rep. McMorris Rodgers worked to stop the bailout, while working with other Republican leaders to stop future bailouts.
As of March 2012, the total cost of the Greek bailout has reached over $500 billion (which is larger than the entire Greek economy). Meanwhile, Ireland has tapped the EU/IMF bailout fund to the tune of $137 billion and Portugal has received $122 billion. Spain, Italy, and perhaps other countries are close behind. Rep. McMorris Rodgers has introduced two bills to stop U.S. participation in these bailouts. As she said at a press conference last year, “We cannot take the ‘too big to fail’ philosophy to a global level. The only thing ‘too big to fail’ is America itself.”
To learn more about the EU bailout, please see below for recent news articles, press releases, op-eds, videos, and legislation. With events changing fast, please be sure to stop by frequently.
H.R. 2313, “To repeal the authority to provide certain loans to the International Monetary Fund, the increase in the United States quota in that Fund, and certain other authorities, and to rescind related appropriations.”
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