By Adele Hampton - 01/20/12 07:53 PM EST
Paul spoke out this morning against the dangers of federal spending and the “entitlement system."
“John Adams warned if [the U.S. government] ever evolves from a republic to a pure democracy eventually society would murder itself,” Paul said. “So in many ways we’re murdering ourselves by our spending and our extension of our troops around the world. And now we still accept this notion, which has to be challenged: entitlements are not right.”
The congressman from Texas went on to blame the country’s debt and lack of economic growth on "malinvestment" and the financial woes of Europe.
“The system we have is very destructive to the positive things we need in the economy,” Paul said. “Our problem basically is we don’t follow the rules of the marketplace. The debt has to be liquidated. But instead of liquidating, what they do is the debt that the sovereign nations and big banks run up they take the debt and they transfer it to us. The people have to end up owning this debt. This is why Wall Street still thrives.”