Ryan: Obama has U.S. on the ‘path’ to a European-like ‘debt crisis’

Nicholas Ballasy Senior Video Reporter
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Republican vice presidential nominee Paul Ryan warned on Monday that President Barack Obama has put America on the “path” to a debt crisis like the one “plaguing” Europe.

“When President Obama came into office, he inherited a difficult situation. Both political parties contributed to this mess, Republicans and Democrats,” Ryan said at a Wisconsin campaign rally.

“You see, what’s happened is decades of politicians from both political parties made lots of empty promises to people to get elected, and pretty soon, if we have a debt crisis like that which is now plaguing Europe, these empty promises become broken promises – that’s what’s happening in Europe today.”

Ryan said the governments of Italy and Greece have resorted to “slashing health and retirement benefits for current seniors” and “cranking up taxes.”

“The unemployment rate of youth in Italy and Greece is over 50 percent. They’re losing a whole generation of people. If we copy and follow European economics, we will copy and follow European results,” Ryan said.

“That’s the path that President Obama has us on, and that’s the path we’re going to get off when we elect Mitt Romney on November the 6th.”

Ryan said the debt per U.S. citizen has increased 45 percent since President Obama took office.

“Every man, woman and child’s share of the national debt was $36,000 when President Obama came into office. Now, four years of failed leadership, of empty promises, it’s gone up 45 percent. It’s $51,000,” Ryan said.

“That is the share of debt that every single person has. Every child born into this society, into our community, into Wisconsin, starts off 51 grand in the red. That’s something we simply cannot afford. We cannot afford to keep piling this debt on to our children and our grandchildren.”

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Nicholas Ballasy