Paul Ryan on EU Economic Crisis: "What We Are Seeing Is the Failure of European Socialism & the Social Welfare States" (Video)

“What We Are Seeing Is the Failure of European Socialism & the Social Welfare States”

Rep. Paul Ryan (R-WI) talked about the financial crisis in Greece this weekend on Up Front with Mike Gousha. Here is what the popular and brilliant Republican had to say about the European financial crisis:

Rep. Paul Ryan sends a warning:

“I am enormously concerned. First of all, Greek contagion can spread to some of these other countries like you said. What this basically is… It is so ironic coming from the cradle of Western Civilization. What we are seeing is the failure of European socialism and social welfare states. What is basically happening here is this sovereign debt crisis could come over and spread to us. We’ve got to make sure we put in the right kind of fiscal controls, the right kind of balancing to prevent this from happening. Because what’s happening is the markets are questioning the viablility of sovereign debt. The markets are questioning whether or not governments are going to be able to live up to all the promises and debt that they have racked up… Sooner or later you run out of spending other people’s money with welfare states.

Sooner or later you run out of spending other people’s money.

Barack Obama tripled the US budget deficit his first year in office.

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