Political Quotes

Sen. Paul Simon: “Let me make one other point that I should have made to Senator Conrad earlier when I talked about countercyclical…”

On the recordFebruary 23, 1994
Let me make one other point that I should have made to Senator Conrad earlier when I talked about countercyclical effect. I mentioned that those who now receive the $293 billion in interest are more likely to save the money than someone who gets Social Security or something like that. What I should also mention is that we have 17 percent-plus--no one knows what that plus is--of that interest that goes to Japan, Great Britain, the Netherlands, Saudi Arabia, and other places. That does not do anything. That is roughly $60 billion-plus a year that is a drain on our economy rather than a stimulus to our economy.
Said by
Sen. Paul Simon
Illinois
Source
govinfo.gov

Editor's note · Context

The speaker discusses the economic impact of interest payments to foreign countries.

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