Risch Calls U.S. Money Borrowing a Ponzi Scheme

Senator Jim Risch (R-ID) “on Thursday called the way the U.S. borrows money a ‘Ponzi scheme’ that could soon throw the country into financial turmoil,” according to the Floor Action blog.

"It took time for this to set in," said Risch, according to northern Idaho’s Coeur d’Alene Press. "What I realized was this country is no longer the master of its own destiny."

Risch described in detail how the Bureau of Public Debt, through the U.S. Department of Treasury, goes about borrowing the $4 billion to $5 billion a day needed to keep the federal government running.

"There’s no money," said Risch. "It’s a Ponzi scheme."

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Filed under Budget, Debt Ceiling

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