Monday, July 22, 2013

Sen. Rand Paul on Detroit bailout: 'Over my dead body'

As discussions emerge of a possible federal bailout to bring back to life the bankrupt city of Detroit, Sen. Rand Paul (R-Kentucky) warns that he won’t let Uncle Sam step in and save the faltering Motor City.
Detroit, the mid-western metropolis that one time was the fourth-most populated city in all of the United States, officially filed for bankruptcy last week after years of consistently dismal economic news. But as lawmakers in Washington weigh the option of lending a helping hand, the often out-spoken Sen. Paul says he’ll ensure this incident serves as a lesson to the rest of the US.
There’s some good things that come out of bankruptcy,” Paul said in a phone interview to last week from Iowa. “One is you get to start over. Bankruptcy lets you be forgiven of your debt. And you do so by getting new management, better management and by getting rid of unwieldy contracts, contracts that give you where public employees are getting paid twice what private employees are and things come back more to normal. That’s the way cities and businesses can recover."
"I basically say he [Obama] is bailing them out over my dead body because we don’t have any money in Washington,” Sen. Paul added.