Tomorrow's troubles today? Why debt is major issue right now
Columnist Deroy Murdock explains
- Duration 3:21
- Date Feb 17, 2013
Columnist Deroy Murdock explains
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And on these days neither political party wants to take the blame for our outrageous national debt.
That climbs higher and higher by the afternoon no doubt you've heard politicians say were passing these major problems down toward children and grandchildren but by the looks of things.
It's not just our -- problem it's -- the problem is now sister right Murdoch -- a syndicated columnist and Fox News contributor he joins us here.
Troy thanks for coming on -- things so I couldn't be -- you're you're really -- columnists and what she said we really would miss framed the debate.
This is a problem.
Frogs it's a problem today a lot of good blitzer well would wanna pass these bills along toward children and grandchildren.
The -- that as the people say well you know we've got ten or twenty years of kids grow up so let's spend money now what's the hurry.
And that just delays the decision we need to make which is to reduce spending today.
David -- passes a terrific economist and former Reagan the Reagan Treasury Department official.
Took a look at this and what he based PCs is tremendous crowding out Uncle Sam is at the -- -- windows of banks gobbling up the money.
And it's just a little bit left over for small businesses in for -- between the second quarter of 2011 and a year later just let a third quarter of last year.
The amount of money -- by the government went up 12% and credit to.
Private sector small businesses down one point two amount of money to -- down one point 9% sourcing this money that should be going to job creation.
Innovation and new factories new companies all that's just being -- up by the government for most of it and I think that's part of recently a seven point 9% unemployment rate and the economy actually shrinking.
Point 1% last quarter and some -- Viewers right on a regular basis that you know these cuts were all talking about -- these big cuts in sequestered all of the stuff stuff that Paul Ryan have been pushing for.
Actually wanting -- sequester back in 2011.
But they're not really cuts right that these are budget in -- the budget to go up every year so we're really cutting.
The rise in some of these budgets every year but we -- them as big cuts and we're going to be in real probably always hear about these draconian cuts -- grandma won't -- the kids will -- in the streets and on and on and on with a sixteen point five trillion dollar national debt that just keeps going up up and away.
And we're not talking about actually cutting anything -- -- -- going up 5% of the three and said three maybe it'll go to we need to look at it looked at the federal.
Programs across the -- Do we need Department of Agriculture -- -- -- -- -- housing sector in which the federal government's busy trying to raise home prices are what has a valuable nest -- -- -- trying to build affordable housing so we have affordable housing at a time where.
Warehouses more affordable than ever the federal government is wrapped up in so many activities that literally is contradicting itself -- and we need to have a major -- shut down programs shut down agencies get government complete out of certain areas.
Which has -- involved and then you have actual budget cuts rather than.
Then increases don't don't go quite as much as people might want but certainly it's worth noting that the sixteen point five.
And number of our debts -- -- -- train.
Is the official armor but it does not count unfunded liabilities the promises we made in Medicare Medicaid Social Security -- who are citizens why this company include if you -- that that figures around eighty trillion I don't know what ever will pay these bills off the least we can do is stop making problem -- -- what we're doing now.
And that the moment has come now not in ten years or twenty years and kids grow up has to happen today.
Prepared remarks I -- -- -- Tucker before but I remember as a kid thinking when I saw that number one trillion dollars in debt.
-- -- my teachers how we're gonna pay this off now it's 616 point five rise unbelievable all right -- thank you so much Martinis everywhere sugary drinks.