Is massive US debt straining American households?
Colorado Treasurer Walker Stapleton weighs in
- Duration 4:11
- Date Jul 12, 2012
Colorado Treasurer Walker Stapleton weighs in
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Welcome everybody I'm Neil Cavuto and it's not just Europe it is now us because -- these numbers are -- We are drowning in debt more -- 44000.
Per person that is twice that of Spain that is worse than Greece as the US -- just keeps piling up.
Think about it this way.
You got a -- -- There's one problem you're way over your limit by -- sixteen trillion dollars.
You might just have to skip that family vacation put -- buying that new car go to community college and forget the Ivy League school may be forget -- in general.
-- and if you think about retiring at 65 forget it.
Think it can't happen.
Roger walker Stapleton says it'll ready -- -- very good to have you what's happening here.
Neil this is this serious severe problem which Americans need to be aware of you know in this country.
We become desensitized.
To big numbers billions trillions most people don't really understand how it affects them and affects their home.
-- as these figures that you site point out this is threatens every single American household with a mountain of debt 45000 dollars.
Up to 75000.
Over the next ten years he's a real numbers in Europe.
We've seen our counterparts in Greece and in Italy Spain they normally reacted to this problem after there's been a catastrophe after -- been riots in the streets.
After their big.
Make buying up as you say it.
A car more expected this will make buy groceries more expensive drug I don't think it.
Stalking on people and I and I I don't know why maybe it's something about they look at what's going on in Europe that.
Can't possibly happen here all they hear the per capita figures that I just mentioned is that -- but the United States week.
We print money congress -- goes by -- a year.
Why are you saying now is particularly more egregious or more words yeah.
Neil we already saw evidence of this last summer when the S&P downgraded the US treasury and we hope that more rating agencies don't end of downgrading.
The US treasury.
The and we hope we don't have to get to the place former -- defaults are a lot loss of confidence in our.
In -- in our economy however.
But that's the way we're headed if we don't address this problem where we're headed for a crisis of crisis of confidence both domestically and internationally with the US -- with the US treasury bond.
Where it makes borrowing more expensive.
We hope it that it makes for an investment more costly for foreign countries and we need to get a handle on this problem and Americans need to realize that.
Domestically and internationally interest rates are being kept artificially low by the actions of the Federal Reserve.
And by the actions of the European monetary union at some point there's gonna be massive bloodletting we're going to be headed in my continued to appeared at hyper inflation.
Everything is -- to be more.
Expensive we're not gonna have economic growth we're not -- the job growth that we need to have and we're gonna have a very tough times ahead it -- that the politicians.
Iran is somebody just album and we've been warning and worrying about that out loud here to treasure but.
You know I'm wondering if the first signs are appearing earlier than we thought all -- these cities and states in the rest San Bernardino California State if things are gonna get into on the -- That that are claiming on Hamas is that we can't do there's there's not enough money in -- so we either threaten to go bankrupt there we go bankrupt.
And I'm wondering whether that's a brush fire here and we're gonna see a lot more.
I think he could be a brush -- I think the scary thing about.
The statistics -- ideals that they don't even -- on the state problems that we're facing with entitlements out of control health care entitlements as a result of the federal health care mandate -- to touch retirement entitlement.
As part of a defined benefit guarantee public pension system which could be Morton trillions more in debt which ultimately impairs our national security in this country.
An average Americans need to stand up and say enough is enough we've got to get on.
Reforms you have to stop out of control spending and if you're just spending -- on -- out of control train without commensurate entitlement reform you're throwing money down a black -- Treasure that is very well spoken factors are very good avenue.
Thanks for having me walker Stapleton -- more signs today that the weakness.