World Bank Rewards Defaults With Your Money
by Rep. Donald A. Manzullo - The Washington Times
Some things just don’t make any sense. Here’s a prime example: Why is the Obama administration adding more debt onto the American taxpayer’s back in order to provide more than $9 billion a year in loans to help a foreign country, Argentina, despite that country’s continued disregard of U.S. and international law?
Think about it. The U.S. is $14 trillion in debt. That amounts to a bill of $46,000 per person in America, or more than $14,000 more than the average per capita income in Rockford, Ill., the largest city in the congressional district I represent.
As members of Congress, we are scratching, clawing and fighting to keep America’s debt under control and prevent it from destroying our economy. So it comes as a shock that the Treasury Department refuses to place any conditions on World Bank loans to Argentina even though that country refuses to repay the $7 billion it still owes to American investors, including pension and retirement funds, holding onto its sovereign debt. When Argentina defaulted in 2001, it prioritized payments to all creditors except Americans. To add insult to injury, the administration is requesting $1.47 billion in the fiscal 2012 budget to support the World Bank....
Read More: The Washington Times
Think about it. The U.S. is $14 trillion in debt. That amounts to a bill of $46,000 per person in America, or more than $14,000 more than the average per capita income in Rockford, Ill., the largest city in the congressional district I represent.
As members of Congress, we are scratching, clawing and fighting to keep America’s debt under control and prevent it from destroying our economy. So it comes as a shock that the Treasury Department refuses to place any conditions on World Bank loans to Argentina even though that country refuses to repay the $7 billion it still owes to American investors, including pension and retirement funds, holding onto its sovereign debt. When Argentina defaulted in 2001, it prioritized payments to all creditors except Americans. To add insult to injury, the administration is requesting $1.47 billion in the fiscal 2012 budget to support the World Bank....
Read More: The Washington Times
