On Tuesday’s broadcast of Bloomberg’s “Balance of Power,” Sen. Rand Paul (R-KY) said that the proposal for defense spending is so much that “you can’t even print it that fast,” “it threatens our country. The biggest threat we have right now is our debt. We are more in danger of devaluing our currency than we are of Iran invading the United States.” And said that people are also feeling the squeeze of inflation.
Paul said, “He was clear in his testimony that they also want 1.5 trillion as the base budget. So, we currently spend a trillion. He wants 1.5 trillion. That’s a $500 billion increase, plus another paltry 37 billion on top of the 500 billion. No one in the history of the country has ever asked for this much money. This is more money than — you can’t even print it that fast, alright? So, it’s — it threatens our country. The biggest threat we have right now is our debt. We are more in danger of devaluing our currency than we are of Iran invading the United States.”
He added, “The greatest threat to our national security is our debt. That’s what Adm. Mullen said ten years ago, and it’s gotten ten times worse. It is completely and utterly fiscally irresponsible [for] someone to ask for a 50% increase in the military.”
Paul further stated, “We have an unpopular war. And we have a war that’s increasing prices for people already pinched by — look, we’ve had 25% inflation in the last five years. Inflation is cumulative. People don’t say, oh, I don’t care that I had 9% inflation under Biden, they still lost 9% of their purchasing power. It’s all added up. And even with inflation going down, we’ve had a 25% loss of purchasing power in the last five years. So, people…if you haven’t had a 25% increase in wages, you’ve lost money in the last five years. Add on top of that the gas prices, there are a lot of people being pinched.”
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