Who will fix America's massive debt?
Countdown to Election Day
- Duration 7:20
- Date Oct 27, 2012
Countdown to Election Day
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Moret ten days and counting until you decide who's in charge of fixing our massive debts and these numbers only.
Just how broke we are going glad to have him Neil Cavuto and just forget for a moment about the sixteen trillion bucks sounds -- a big number.
So maybe this might help you focus on 47000.
Dollars according to some government -- That.
Each American household share of the debt we -- To foreign countries.
In -- To foreign countries ten grand of that to China alone so when you look at those numbers is it any surprise the world.
Has our numbers to Ben Stein.
So scenes -- McDowell and Adam Lashinsky.
After paying good to have you back my friend.
When they -- that puts it in in in pretty blunt term the.
Does put -- -- pretty blunt terms I would argue US government is absolutely flat broke but the public isn't broke it's a shame that that's our average share of the debt that the government is wildly throws away spends like crazy can't put on there.
In on any kind of control of but.
This worry aren't this we have what two point this where we are at the moment of truth where we keep running this -- we're asking Americans you wanted total -- be more than -- because essentially.
We've become a total -- country a total well -- state and less somehow the American public blitzer put down.
Government won't do that.
Here's what I like about the -- I don't like about it it does put it in starkly human may be -- concerns this is our share.
To folks abroad.
Just a folks abroad -- -- two thirds of Baghdad is held by -- you Leo myself and I want it you know what you're is out -- I'm not benefit you know what I mean.
After the federal probably I have to pay back.
Good point but in order to fix it people are gonna have to give up something whether it's -- some tax breaks.
Whether it's spending on certain things that they love.
Wind is the day -- are arrived -- people are willing to do that.
May be it is this year I thought it was two years ago that there would be something different and frankly even with a lot of the Tea Party -- this -- we just didn't see.
That much movement on try to fix our financial situation and they say.
And Ben Stein.
Well because we got we -- it does he would do a good people are willing to raise taxes there just is not enough to cut.
In nerves of discretionary funding -- majority of these expenditures are fixed by law are -- defense -- we absolutely need.
I did a bigger question is why are these fires that's a very clever extremely well versed foreigners willing to buy so much of our debt they must see some value here.
Then maybe we're too modest and and self phase in the -- ourselves out of -- This country has tremendous value to the rest of the world my unit might be right -- modesty -- thing I've always liked about myself.
-- you know attitude Adam.
You know I think they're investing -- -- -- has nothing to do without risen and it has everything to do with.
We might sting but the world stinks more.
So -- finds a haven -- I had not.
You know saying horrible things about this country -- just saying.
Financially compared to the rest of the world we just don't suck as much so there's a big sucking -- -- capital comes here as a result when you.
Absolutely correct Neil I mean that community should take sides I really mean it was just down in -- I think guide me I like -- -- very much I don't know about about yourself.
But if there's I mean of course we -- to get our spending in line Charles of course we should.
Cut down our debt and of course we need to be making progress toward.
Paying back the people lend us money but the really good news is -- first of all you're right the Chinese for example invest here because they can't do -- or anywhere else and furthermore.
We've got their money we should be very happy about that they can't just ate their money back everyone sentinel while the Chinese are gonna call their loans -- they're not.
-- not going to be able to put that money someplace else.
I got a personal I gotta tell you know I disagree I think the world is on fire like it's never been in the history of mankind.
We're so myopic about America and Europe we don't talk about 5% unemployment Russia we don't talk about the Philippines gets so much when -- hold on we don't talk about -- the -- that we don't talk about the roots delay.
Africa the sold 300 million cell -- -- the world has never been -- -- like this but it's the although job but it's nothing to address that was second Adam.
We are living off of our reputation right now we're living up that -- the rest -- the part of recent back and think we're -- -- -- down.
Forever it's big gigantic mistake.
And you would only -- not always the -- -- did select and I think.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- I think we're -- on a sense of comfort and it's very dangerous because again.
We are worried about foreign nations dumping our -- or not buying any more of that and we continue to.
Borrow money from those very good not suspended and today will -- I don't know what triggered it but the day is sort of.
Unlikely if you're sensitive done I think you know attitude charles' point and hinted about a but we we've we've sort of pretend that how will always have this money coming our way because wells -- -- go.
Well increasingly there are other options maybe not as big as -- -- -- market is ours but other options.
To at least diversified.
And and no no less -- -- Ben Stein wanted to -- greatest financial minds in the country always urges diversification that's why he has.
-- great -- he recommends and everything else and I think.
The world is going to increasingly look at diversifying and that -- will not.
As well as well it should but that's been going on roughly since the -- since the 1950s when after World War II we were the only economy that mattered of course we're not the only economy.
That matters Charles all of these great success stories you mentioned are just that but.
It's like a big investor trying to put money into into a fine.
You can't put enough money into those countries we still have a very good economy here of growing economy with some severe.
Problems that we need to -- and we will what will deal with this problem best deal is economic growth and -- getting it we're just not getting enough but it.
All right that's -- final point.
I don't understand where -- is -- from.
I believe it doesn't even address the world economies like -- -- an enormous inflows of money.
From the US and Europe from Japan and China.
In the developing world so that's -- -- but in the meantime we are the biggest game in town and even if our money is worth residues at the other people's money is even more worthless.
Well I don't know I mean in my viewpoint Charles I think it was I want you to respond to criticism because it's not an -- but data that there are are you -- -- -- -- There are other options foreign direct investment is exploding around the world and will continue to than we rest on our laurels we're gonna -- one day and it's gonna be too late.
All right -- it just does hold back on that never happened and the other -- Well we'll statements -- our back I happen to Spain and happen is a Great Britain that is that in the -- seven -- quite a few countries have been ruled.
Other than their laurels and think their front seven a little -- tell because of excessive debt -- I beg you not to -- I have a guy's guy I'd beg you not to go on to -- and it's.
And I've got just -- just -- and I'm saying this is an Italian car at the --