Bill Posey: “Well, first I will comment on the value of buying homes on credit. I think it's a pretty good idea; but when you go to…”

“Well, first I will comment on the value of buying homes on credit. I think it's a pretty good idea; but when you go to get qualified for a home, the rule of thumb is that you should buy a home roughly not more than 2.5 times your annual income. If you compare that to our known debt of $15 trillion, our revenues of about $2.2 trillion, you would see that if our debt was a home loan, it would be 14 times our annual income. No lender would loan you money under those circumstances; they would say you are bankrupt far beyond any possibility of recovering. And that doesn't include the $60 trillion unfunded liabilities for Social Security, Medicare, and Medicaid. So I don't know if that was really a very good analogy. Now, to my point, there is an old political axiom that says that anytime you promise to steal from Peter to pay Paul, one thing usually happens: Paul votes for you. Total revenues, as I just said in answer to the chairman's question, are about $2.2 trillion; total expenses the Federal Government spends, $3.6 trillion. Where does the money come from?…”