Government spending scarier than sequestration?
Automatic cuts overblown?
- Duration 8:30
- Date Feb 23, 2013
Automatic cuts overblown?
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Six days and counting.
In the -- -- counting the days.
They tremor we'll hit the American economy.
We'll have to scramble to -- child care for their kids.
Would be destructive to our nation's security -- -- air traffic controllers plus to 700.
And 50000 jobs.
Okay this will be laid off.
Is burning crazies and -- -- Starting criminals fleeing.
-- -- So if Washington can't act that -- -- amount.
Is the real scared not cutting and all hi everyone I've read about this is bulls and then let's -- rat -- Couple that there's -- hairy -- that opens Nick Jonas Max there's a lot what John Layfield and your new green welcome everybody I think John.
Lawmakers using scare tactics for 85 billion in cats but you -- the real -- is not cutting it off.
Yeah you better believe it look when you have no facts use emotions and fears -- -- my god children are gonna starve to -- our streets.
And air air -- is going to be shut down completely like that that's that's what -- don't have facts.
Use emotions like that.
Both -- to do this both sides refused to cut look according to president Obama's own budget we're gonna run trillion dollar deficit ten years from now.
Ten years worth about that in 48 trillion dollars over the next ten years we're trying to cut one trillion is that a barn 45 -- our dollar we're asking our government to borrow only 38 cents for ever dollar is that is but it three point 83 or they just spent three point seven tree it.
If a company can't cut 2%.
Not my last the entire 40% that -- borrowing.
Something's wrong this is fear mongering at its worse.
Well -- do we have reason to be afraid aren't you scared.
Yes and we absolutely.
Have reason to be afraid Brenda.
How do you spell bad news for the economy ask.
You you you get the point sequestered.
Now when you think about the scare factor here.
Yes it's not as bad as if this had happened at the new year.
We were looking at the fiscal clip but is there really a difference between the exorcist and that shining but here is there.
Of course we need -- you needed in stages you don't do let me economy is fragile he do when that recovery is stronger.
These across the board cuts.
That OK so then I wouldn't even column cuts that are really just trams and you know to hear the White House -- afraid to -- house should we be scared of this well.
Say the economy it is scared some Nelson and they're scared of the sixteen trillion turning and it is John says to 26 trillion dollars in a fifteen trillion dollar economy no -- We would enact in fact -- Greece beat the the any fights.
Billion -- course doesn't account for the fifty or sixty billion we're getting in sandy relief so if you add that backed him.
This is literally what the government spends every government spends four billion today so this is actually sentenced to carry the four this about you know maybe ten days of total spending all -- Now it's not a big deal it's total -- haven't gotten an -- that's spell yeah.
To show how.
Bulls a -- all right Gary be should -- be hitting.
The panic button absolutely not we should be independent but it and we do nothing because there's few.
Had structures here I know Jim -- is very worried about this but look.
I'm Jim -- or any agency out there in the government they can't say you know what.
We're working to -- while more work harder percent no wonder if any free time no one is that it takes a walk out to have a cigarette during the remember the Internet or anything else might as.
-- certain that.
Waste fraud Augusta probably ten times that in every agency permit from the app.
DA that Department of Commerce to some useless agencies like -- Department of Education the other thing.
We saw on the clip that President Obama had the first responders the firefighters and -- oh my gosh are all going to be an actual critical question.
Why is firefighters -- -- a federal function.
Told people need -- network paying for firefighters to our tax money in in Arizona and times when -- That's all local and -- you think that small dollars that's 310.
Million dollars we filed for the government does to spend on localities.
-- I mean get to suggest some and I wanna let him do that respond going.
Well the fact sire -- the sequester that GDP goes down.
If unemployment goes up that's not good for anyone 101000 teachers are going to -- risk of losing their jobs.
The walk your way to put why I -- all contains -- gesture of health services.
-- general we are so -- I'm really yeah.
Responsibility proclamation will be affected all right -- point five million children.
-- education will be affected with this the question I'm concerned about the origin thousand people were going to lose mental health services.
That TF -- it will be -- that and a traffic controllers I don't get a lot of play a 100000 -- okay are on top of this.
And amazingly wrong -- -- it okay.
I want -- -- -- -- -- here just please don't go.
The look there's two problems here first of all I don't see the urgency is to pay off this stuff debt and for the next couple years Wally -- slow because right now the -- or into the negative interest -- he literally their debt gets cheaper to pay off because of inflation every year -- and that will be forever but right now that's the case.
And on the other problem we have a much bigger longer term spending problem that needs to be addressed.
And but led by doing this sequester we think we've solved the spending problem which we are not even in the ballpark or solving would be better off doing no cuts for a year -- -- major ones they're gonna kick in over the next twenty years to really balance the budget.
With all the overtime -- that's the big problem that we're -- not address with this code of.
Better off but but I want to get to -- -- that we might be better off I mean look at Washington could do this.
Any easier way and on and add more professional way but we're not likely to see that so maybe the sequester is the only way we're getting pats.
We're not -- -- -- look what nobody wants to cut spending nobody.
According to president Obama's own budget we're running a trillion dollar deficits ten years from now.
Backs fed up what what we talk about 26 trillion dollars ten years now -- -- rate -- we're not and have money to pay any thing Jim -- So it's not a matter of our cut -- thousand teachers out of eight million it's a matter we have to do something were doing absolutely nothing you can't cut 2% thought.
Who's wrong take -- had hired a well well that this is you know John brings up a good point when he says the cut the 101000.
Futures this is an Obama straw man -- all my gosh all these teachers are going to be managed.
You know as I get back to the point.
That teachers -- firefighters don't tell law and -- responsibility -- -- I'm wrong.
There is no US government high school out there -- teachers are employed so let's go off laying off those TSA workers got more talk get about trooper federal we're not talk about dismantling the entire Department of Homeland Security you've got to put this stuff and first this.
Well to do what they don't because -- get a -- at some point of a -- it any of the map is maybe -- born that's horrible fight thousands he did but -- out of the eight million teachers we probably have to put it in context of how large a thirteen trillion dollar economy is if you keep it in context.
Then then if you don't cut now we don't cut ever -- this is the best idea of a bad situation let it happen.
Well there's lots of things to cut -- counter you don't have to cut the important people.
It's not that it's a red Herring if if the federal government cut.
All the employees we have in to still but still glad to be set up of the Social Security checks and Medicare.
We're still gonna have a Greece deficit problem and 25 years so this these little cards aren't solving the real problem which needs to be addressed which will bring confidence back in to lenders -- government that we are gonna make payments and 1020 and thirty years.
The next twelve months where -- -- going to that's just not enough money and it's not the real problem.
-- -- -- -- I've got to start somewhere entitlements is a big issues are people don't have the guts to do it so.
85 doing great that's -- start okay thanks guys.