The Real Obama: The national debt
Voters about to face a choice between two very different futures
- Duration 7:01
- Date Mar 27, 2012
Voters about to face a choice between two very different futures
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Anti we get taken the job the mainstream media refuses to do and that's vetting President Obama now in just over three years of his presidency.
Our national debt has increased by more than four point nine trillion dollars and as CBS news reports.
That is a greater increase in the entire eight years under George W.
Bush -- the debt now stands at over fifteen trillion dollars.
But what's even more concerning from a national security standpoint is that nearly half of our publicly held debt.
Is now owned by foreign countries and as you can just see how dramatically that -- has increased over the years.
So as we approach the November election it is clear that we now face a choice we can either continue on the path of fiscal insanity.
Or we can chart a new course could help -- -- vision is the chairman of the House Budget Committee Wisconsin congressman Paul Ryan -- -- health.
I'm doing great John -- to be with you I watched you know Chris Wallace is able to really squeeze out of you the the willingness that you consider being VP.
-- it really like satellite in question did you.
Not really picked -- all right -- -- -- we have other issues to deal with actually is Democrats have put forward their budget the president put forward their budget.
If you look at these numbers.
In July of 2008 President Obama said that George Bush was unpatriotic.
Right and irresponsible.
For four trillion dollars in debt over eight years this president and has done that in less than four years.
And so the question remains.
You know how bad is said and when you look at the democrats' plan in the president's plan what does it mean for the country.
What -- a debt crisis -- Also saying let's -- another eleven trillion on top of what he's already done if you take a look at that chart the red tidal wave of debt.
-- the most predictable.
Economic crisis we've ever had in this country to debt crisis our debt literally gets out of control that -- the American dream as we know it's.
And the senate isn't even doing a budget so the president at least gave us a budget and that shows you a mountain of red ink a debt crisis more debt.
And in an American dream that that the -- even bothering to pass a budget for the thirty hero we're passing a budget again on Thursday like we did last year.
And we're showing the country exactly how we would get his dad paid off and that's what the Green Line on the chart shows you.
These specifically our plan for getting government spending and borrowing under control -- getting it paid off what.
Go back to this charge here because it is as you know they have demonized you every time you have talked about dealing with the thief the foundation.
In terms of the problems that are are at the root cause of our problem that's entitlements on the Green Line is -- Republicans.
And you're saying the current path the red twelve yellow -- red block there right.
That that is the president and the Democrats plan you're saying that we're going to be that's.
Yes that's on the gun that's even in the president's budget he shows us those numbers.
That's what the government is telling us is our current path of debt in America that the president is accelerated track us down we're saying let's get off this path.
Let's get back to a path of prosperity and debt reduction paying the debt off.
It's -- what I'm basically saying is we're offering that country choice of two futures.
And so we're going to the country and saying here's what you need to do to get back prosperity limited government economic freedom a debt free nation for your children.
And the sooner we have to do this the easier it is to accomplish the more you kick the can the worse it gets the more imperil our economy becomes.
And the more of a debt crisis we have on our hands and people seem to be short -- a little bit myopic and people and maybe think for the moment.
As you look at for example the total government spending and you you got the president's plan I got another chart -- -- put up.
And what they show -- this total government spending as a share of the economy.
There's the current path and -- -- your -- now by the wait for the record neither one of them gets to a balanced budget but there obviously is dramatic difference here.
-- it's it's like 151213.
Vs you know nearly 50% as a share of the the economy.
What is the -- result if we stay on the path because you're you're criticize you wanna throw granny over the cliff congressmen that's a way that portray.
So if we stay on this path what happens to the country.
The first hop.
To put it in perspective for the last forty years in America.
Government federal government has taken twenty cents out of every dollar made in America ought to run the federal government.
What this path that we're on right now that the president is proposing says.
By the time my kids are my age let's take forty cents out of every dollar made in -- to pay for the federal government.
Then by the time my grandkids are raising their -- into the -- -- eighty cents.
Out of every dollar.
Just to pay for this federal government at that time no new government no new programs is the current promises of the government's currently making.
That's what it will cost because of the explosion of these entitlement programs.
And what we're doing is we're still going to showing the country the -- on today's.
Doubles and then doubles government again.
Over the course of of our kids in -- -- -- -- in our lifetimes are we this is unsustainable.
We all look at the gas prices which I think is a single.
That that the single one issue that drives me nuts because it's preventable.
The president is against you know drilling and using our own energy so that that's obviously a clear difference here I think that would help the economy.
Lift a burden off people that are pain now a least a hundred dollars -- -- -- up there.
Their cars of the trucks at the at the tank.
At at the gas station Bernanke says -- job market remains quite weak we know about the latest housing numbers are just awful which are people getting its investment.
What happens in two to three years if the bond market says too much -- we can't give -- T anymore.
What have a passenger.
But we have a massive spike in interest rates all the exits are telling us we have about two to three years the time -- they tell us.
Was in the bond -- member have from our debt is owned by foreigners.
And forty cents of every dollar government spends -- borrowed money so we're really in debt coming into a huge amount.
And so the bond markets if they turn on us -- our interest rates go up tremendously.
That -- car loans housing loans business loans home loans all that stuff gets really expensive it shuts down and slows down the economy.
The same time you can have an inflation problem that he can get out of control.
So your money -- -- buying as much that used to because the Federal Reserve.
I'd like I get got -- out of control so we have a real problem on our national America is Greece.
America's broke right if we stay on this path -- you're saying that I guess everything that's happening Greece comes here is is that we -- suggest yes he and we think it's a debt crisis is a bitter austerity.
Cuts to current seniors cuts the safety -- huge tax increases that hurts the young from getting jobs and inflation problem and high interest rates that's exactly.
-- all the experts are telling -- will happen.
If we don't fix this problem that's what we're proposing these solutions all right -- -- -- congressman had saved warning hope people paying attention to.