Ron Paul: U.S. should declare 'bankruptcy'
June 28th, 2011
12:32 PM ET
9 years ago

Ron Paul: U.S. should declare 'bankruptcy'

NEW YORK (CNNMoney) - How should the United States deal with its growing debt problem? Ron Paul thinks declaring "bankruptcy" might be a good idea.

The Texas congressman and Republican presidential candidate was discussing Greece's fiscal trouble with Iowa radio host Jan Mickelson on Monday when he was asked, "If bankruptcy is the cure for Greece, is it also the cure for the United States?"


Filed under: Ron Paul
soundoff (29 Responses)
  1. Sniffit

    Bye Ron. You just jumped the shark (again).

    June 28, 2011 12:43 pm at 12:43 pm |
  2. FM

    This man talks nice but which will never takes him anywhere. I do wonder why he can not realise this!!!!! And also his son to tell his daddy that he looks as if he is playing a big drum in deep water. First of all, time is not on his side, and managing to lead just a small portion of people will not make his dream come true anyhow!

    June 28, 2011 12:44 pm at 12:44 pm |
  3. ConservaFASCISTS

    I don't agree with Ron Paul on much, but I agree with him that the Fedral Reserve should be done away with.

    June 28, 2011 12:45 pm at 12:45 pm |
  4. The Other Michael in Houston

    I happen to love Ron Paul, I really think he should run as an independent and get away from the waste of a party.

    June 28, 2011 12:50 pm at 12:50 pm |
  5. Marie MD

    Big and little paul . . . Sort of like the bushes but just a little bit more out there!
    Why don't you start walking to Ft. Knox to check on that gold. You might arrive before the elections in 2012. It's not as if you Are going to be in the running anyway!

    June 28, 2011 12:55 pm at 12:55 pm |
  6. Mises

    You people should really open up an economics book before you crack on Dr. Paul. The governments failure to adhere to sound money, constitutional, free market polices has put us in this mess. @ Sniffit i suggest you read and learn something about Hayek before you open your diarrhea mouth to slander dr paul.

    June 28, 2011 12:55 pm at 12:55 pm |
  7. S. In California - Obama 2012

    These Paul's are CRAZY. Anyone and I do mean anyone considering voting for these mental specimens are just as crazy and delusional as they are.

    June 28, 2011 12:55 pm at 12:55 pm |
  8. Rudy NYC

    He's probably right in saying that about the Republican Party. They are morally bankrupt. I guess this is Ronnie Pops' way of letting us know that the Republicans plan to default on our debts just so that they can point a finger a Obama, "It happened on his watch." They must think the American people are too stupid to realize that such an event would also be on the record of all of those who are currently in Congress. The President cannot sign a law that has not been created by, voted on, and approved by the Congress. Congress has the ball, and the GOP controlled House is stalling the game.

    June 28, 2011 12:59 pm at 12:59 pm |
  9. mgc florida

    Take your medication congressman Paul. When we will stop having to listen to nuts??

    June 28, 2011 12:59 pm at 12:59 pm |

    Term limits! Term limits! Term limits.

    June 28, 2011 01:01 pm at 1:01 pm |
  11. JohnnyAnglo

    This guy is the most Anti-American presidential candidate I have EVER seen...

    June 28, 2011 01:07 pm at 1:07 pm |
  12. Candide

    Yes, bankruptcy is absolutely the answer Ron, if you want to destroy whatever credibility the United States has in the world and send the world's financial markets through the floor. If you think that Greece has rioting problems, what do you think will happen in this country when everbody's wealth is wiped out? Please restrict inflicting your brilliant ideas on your Texas constituents.

    June 28, 2011 01:08 pm at 1:08 pm |
  13. vet in texas

    Paul is telling us what we need to do, unfortunately, for Greece, the real reason for their current fiscal issues are that the rich did not want to pay taxes and literally didn't pay taxes. We can't cut spending fast enough, so taxes must be raised in order for us to end the deficits.

    They need to keep the SSI rate at 4.2% across the board for all rates and get rid of the $106,800 limit....that will make SSI solvent

    Take the 2% from the SSI reduction, add 1% to it's solvent

    Take the last 1% and add that to the highest bracket for families making over 1million and you'll solve the tax issue, just to keep them happy, keep a few of the loopholes because their income over $106,800 will be taxed at 4.2% so they will need it.

    Tie tax breaks to unemployment levels for the "job creators" as they like to call themselves so that they will get an incentive to hire, otherwise the new 39% (see above) rate for the top earners will just buy more wine and tiffany's jewelry instead of "creating jobs".

    June 28, 2011 01:14 pm at 1:14 pm |
  14. Democrat Class Warfare - Destroying the economy, destroying the country

    Problem is we owe a lot of money to ourselves!! The government has plundered the "Social Security Trust Fund" and left IOUs in place of investments. And then nobody would lend us any more money without paying astronomical rates, which might be a good thing and make us live within our means. But I doubt the leftists and massive government entitlement society we have cultivated over the decades could EVER live within our means.

    June 28, 2011 01:18 pm at 1:18 pm |
  15. B

    Oh yeah, that would be great right now and show the World how reliable we are..

    Can you just imagine this guy in the White House pulling extremist decisions like that?

    The steady hand at the helm we already have now is just fine thankyou.

    June 28, 2011 01:25 pm at 1:25 pm |
  16. Jrdz

    Wake up and smell the coffee this man is a total loser and will never get to the White House Ever.

    June 28, 2011 01:25 pm at 1:25 pm |
  17. rs

    Classic thinking from today's Republican Tea Party. Run up record debts (under Reagan, Bush I and Bush II), then declare bankruptsy- isn't that precisely what they tried to keep private citizens from doing?

    The Republican Party has sooooo lost its way.

    June 28, 2011 01:41 pm at 1:41 pm |
  18. Thank God I am a Democrat

    Well he is the first to offer an actual solution on anything other than just bash Obama all day. With that said not sure that this solution will be well received by anyone.

    June 28, 2011 01:42 pm at 1:42 pm |
  19. gt

    that just tells you how really bad shape were in... pathedic....

    June 28, 2011 01:46 pm at 1:46 pm |
  20. Kenny K

    Some of these people in power do not comprehend some financial decisions. Ron Paul needs to understand what bankruptcy does to lenders and/or creditors. He should let everyone who owe him, every company he invested in, and every bank he save at file bankruptcy so that he can experience what it feels like to be on other end. It is not a good feeling when you are on the other end; I have been there. The country should be responsible for its obligations. He sounds like he applaud people walking away from their mortgage obligations, or stop making payment on them.

    June 28, 2011 01:47 pm at 1:47 pm |
  21. michaelam

    Congressman Paul-your logic, or lack there of, is soooo flawed and on so many levels. What you suggested is like having a leaky faucet. Instead of fixing the problem, you would throw the faucet out, buy a new one, replace the sink and all the plumbing. How about we fix our problems instead of throwing out the baby with the bathwater? How about we work together to move our nation forward?

    No wonder your son is such a freak-–apples do not fall far from the tree!

    June 28, 2011 01:48 pm at 1:48 pm |
  22. Frank

    The man is right as the United States is bankrupt. What's wrong with the truth? Go bankrupt and start over just like many American families have had to do in this depression!

    June 28, 2011 01:55 pm at 1:55 pm |
  23. diridi

    It has been declaring bankruptcy ever since Reagan's Trickle down economy, and Bush's Iraq needless, Obama is trying to fix it....dogs are barking, and giving hard times...bow...bow,...bow...bowwwwwwwwwwwwwwwwwwwwwwwww...

    June 28, 2011 01:56 pm at 1:56 pm |
  24. A Kickin' Donkey

    Ron Paul is like the crazy uncle you keep in the attic.

    1st – He says something somewhat reasonable like: The Constitution never intend us to us our Defense [originally War] Department as an instrument of diplomacy or commerce; only to defend the Homeland

    2nd- Then he alleges something WACKY like a "National Treasure", movie-like conspiracy saying that the gold in Ft. Knox has been stolen.

    3rd – Finally he says the United States should apply the Donald Trump University method of fiscal management – STIFF YOUR CREDITORS. Never mind that tSection 4 of the 14th Ammendment to the US Constitution reads: The validity of the public debt of teh United States shall not be questioned.

    And I am one of those that would support Obama hiring the guy IF you could find a very narrow, focused job for him to do that was consistent with the wishes of the majority of the American people. If you could keep him on target in that way, he might be very effective.

    June 28, 2011 01:57 pm at 1:57 pm |
  25. Mike

    You know what's funny? Paul predicted the Housing Bubble when everyone laughed at him, this country is in serious troyble and time will prove Paul was/is correct again, instead we will have these people posting crap instead of trying to educate themselves. Paul advocates that we defend the "Constitution" the founding documents of America and people say he's full of rubbish. Call yourselves Americans Go figure

    June 28, 2011 01:58 pm at 1:58 pm |
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