On the recordNovember 2, 2011
as we debate here in the Senate how to get our economy going again to deal with what is a stagnant economic set of circumstances, something that we have been grappling with now for a few years, I think it is instructive to look at what is happening in Europe. It was interesting to me as we look even at the papers this morning, the front page of the Wall Street Journal, ``Fears of Political Chaos Tank Global Markets as Europe's Bailout Plan Teeters.'' Then much of the paper today, at least in the news reporting, is all about what is happening in Europe and the Greek crisis and the sovereign debt crisis that is being experienced in that country. The business page in the New York Times, ``Aftershocks for Athens and Wall Street; European Debt Crisis Tightens Its Chokehold On Global Markets.'' There is a whole series of stories again there about the same issue. The front page of the Washington Post above the fold, ``Europe Bailout Again In Doubt, Greece Seeks Referendum.'' My point is as we have observed now what is happening in Europe, it should be a lesson to us and a warning sign about what we need to be doing to get our economy back on track in this country. What is really saddling Europe right now is the fact that the European governments have gotten too big for their economies to support, so they are drowning in all of this debt. They have debt-to-GDP ratios that way exceed the normal levels that are required for admission into the European Union.…
