Phil Gingrey: “I'm so glad that Representative Bachmann brought that out about inflationary spiral; and that's absolutely true. You…”

“I'm so glad that Representative Bachmann brought that out about inflationary spiral; and that's absolutely true. You print this money and this debt has to be paid back. First thing you know, the value of our money goes down, and then we've created all these jobs that maybe pay $25,000 a year, and first thing you know, people wake up and realize that their money is only worth $15,000 a year. So that is a huge, huge problem. As we look at what she was talking about, this national debt, we are approaching a, what, $15 trillion national debt, which is the Gross Domestic Product. The sum of all goods and services in this country is about $15 trillion. And after we add on this debt we're going to be at $12.5 trillion. So anybody that has just a scintilla of knowledge of economics knows that this is unsustainable.”