Obama doesn't view debt as immediate crisis
President sending troubling message?
- Duration 9:20
- Date Mar 16, 2013
President sending troubling message?
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Do you want to know why our debt is a problem maybe because the guy in charge of the country doesn't think it's a problem.
Give everybody a -- to -- -- -- why -- over sixteen trillion dollars in debt when President Obama doesn't appear to be hitting the panic button.
Here we don't have an immediate crisis in terms of -- -- for the next ten years.
It's going to be in a sustainable place -- Wait a minute.
That if he's not worrying is it any wonder senate Democrats want to just keep on spending it.
Because after waiting nearly four years to cook up a budget a blueprint that leaves taxpayers while still -- tried to.
Trillion bouts in more debt over the next ten years -- Feeling kind of well done.
Well how about just don't.
See Charles Payne and -- -- -- down Adam Lashinsky Charlie Gasparino.
All right first Charles Payne and Maria AA tournaments we can to protect.
And it went.
I told them that you -- me.
-- had a good -- -- about the good -- -- data that the cubs are.
What do you make of this and all of a sudden because you can do the thing like Uga -- -- -- problem and then the problem I guess goes way.
But it I don't figure this case goes.
I gotta tell you -- when I saw that George Stephanopoulos that interview and I wanted to scream I wanted to cry and I was that -- and and then I wasn't totally Stephanopoulos or was -- -- the president I'm not sure because that got the same -- -- -- Dennis Rodman interview some still don't I don't want that but.
The idea that there's no mediate the crisis -- listen there's obviously -- disconnect Demi we know there's a crisis.
And -- this and genuineness of the whole thing here's the same president I keep saying you know we don't somehow figure -- -- way to shuffle out trillions of dollars and US economy and money.
To fight global warming because it's -- to get one degree warmer in the next hundred years.
We -- worry about the deficit that continues the clock never stops it never stops moving it is a crisis is that it's an immediate crisis he to be honest about that.
They and he was saying on the distribute.
The benefit of the doubt here that that in and of itself the balanced budget.
-- isn't the goal but it it it it it's getting to that but but not at the expense probably.
But in saying it and taking of the things he has said in the past about spending not being a problem.
And hearing Harry Reid said don't touch entitlements and Nancy Pelosi that don't raise the Medicare retirement age.
And she also saying we don't have a spending from -- but I've put a lot of that together and and you've got.
Patty -- but did not that went back right you got I've my -- my favorite little I guess give the president with the hundred billion dollars in new infrastructure spending.
That is in the budget and they don't they and they -- Freely raising new revenues through taxes.
In this budgets about a -- out like one and a half trillion dollars in new tax revenue that's on top of the 600 billion dollars.
In higher taxes earlier this year that's on top of the more than one trillion.
In obamacare taxes so this is that this is an exact Natalie -- doesn't balance editing and to rise at this is a blueprint for what the president wants and for what all Democrats want that is.
Higher taxes more taxes.
And they're going to spend.
Until the bond market says.
Hold it you can't spend and and sell that anymore but -- our.
Like -- I mean I just think it's fast and what you put a time stamp -- it's not ten years like ten years isn't.
Look like it's way out there in the future for everything is just comes pretty pretty quick.
Yeah I think what's scary about this and again the media lets him get away with it because I think you know Obama sounds -- art.
But when you strip down what he really says it is actually pretty stupid.
He did not -- there was irrationality of four like right now we can still -- -- get because every place else is screwed up.
But it does suggest that ten years from now.
We're gonna have a problem and that's not coming like in relative terms tomorrow.
It's stupid I mean I'm not the that you want you wanna give the president respect.
Right guy his statement was stupid.
Adam -- and at a restaurant.
I don't actually know I don't and I -- and I have.
And I don't think that that call and the president's stupid it's David up early so he's seen -- try to help you capabilities that help you understand what words about about how I heard what he says it's okay let me answer got a he said and I think rightly so that we shouldn't get so concerned that we have a problem tomorrow that we do something stupid instead he's saying of course I agree and understand that we need to get this under control.
And we have time to do that by the way.
There's a difference between saying that the Democrat -- senate democratic budget calls for increased spending which is true which what we're flashing on the screen.
With saying that it won't attack the deficit orbit debt problem which is not true because they project that it will.
Reduce out of the act at a healthy at I don't know I think we're as far apart -- -- -- we on the show I mean the Democrats and the Republicans in congress.
Are as far apart as were making this out how to -- I added you know we have a problem.
President Ryan's budget also calls for tax gross that is you know we studied as you know that you know what doesn't it if -- it's -- -- -- how does he know that prediction.
I'm saying that you sit here is giving.
You're you're talking about a time stamp he's not how -- Even -- I years he's saying most of five years that the debt that that Wall Street and the global financial community.
Is gonna stop by our -- well you're asking a circular quest how to.
-- felt he -- I don't know.
-- -- -- -- -- -- -- Was spent and and tells him -- you know we would this is he really does seem to be sank.
I don't want to do editing the risks to overdo it to do kind of a paraphrasing here.
What Europe has done and and cut their way.
Into austerity now I always like to remind people who are afraid of over -- that they need not worry we're not doing -- approaching.
Anything -- that's so if you're concerned that all of a sudden we're we're going to be greets you you you don't have.
By the way although they used the term austerity to describe what they're trying to do in Europe for the most part it's higher taxes and and and a lot of that austerity is just coming -- -- slowing the -- grow right pushing back with an iron and it is that -- didn't have that -- so -- has austerity doesn't work you simply saying.
Higher taxes -- don't work that's what you read Obama.
Is all for austerity.
He's raising taxes who's he kidded for Europeans are okay it's there he is raising taxes.
This year -- small businesses he raise taxes on every single American.
This man this president is for austerity you know what -- put that but he sport.
He's a very Smart man and he is nearly -- not what Carter did -- he's not Charley did not say the president was stupid he did no way to police.
Economically the -- Illegal -- what that at this statement with -- -- and I used -- wanna smack Charley tomorrow -- all right I hear your point your point was what a micro.
My point is that.
The president is at gull -- what the American people feel what is palpable for them are extremely low interest rates long term rates.
You can borrow money to buy a house and rates that most people have never seen in their life with a hard to get a -- and there is not a lot of inflation except for gasoline so he is playing into that hand -- -- you know -- -- don't know that I I don't.
You brought that up because here's the thing though.
Regular people do what maybe fill that way but people who know better including the president he is what he's actually saying is.
So one of those who have doctors in the doctors as you may have cancer in which he did you go on the senate smoking one pack of cigarettes a big smoke to.
Saying while it may not be full blown cancer for a -- let me get it -- while I can.
And I think the average person can understand that sort of analogy because that's what we're go -- What you I don't I don't have a great -- -- -- but it -- playing anywhere ever -- last great economic prediction be -- before this ten years since.
Obama's -- read that the stimulus plan would stop unemployment and we would have about 5% unemployment right now that was his last one.
Now what's ten years and you know then why is Wall Street racing to these new arms race and -- buy stocks.
When you take interest rates to zero when -- -- in Manhattan before putting what happened before we print.
My legal we had great slow and we got to know dry climate data and of course he sings and I don't understand -- -- you do you won't know exactly what it's like when it.
Very low rates for a long time and that that has been brought buying like crazy and -- -- -- -- it click that all of a sudden the Dow's gone from six to find out.
Why don't get this record -- answer you.
Long gone from six to fit it just hits it doesn't add anything to do it isn't good the White House is arguing it has it -- -- let's hear me out if we are such at a depth and we are so.
Stupid or the way we say -- decide to do it.
Then why is the market -- was a take interest rates to zero when you reduce bond yields returns on bonds to almost nothing.
Anybody -- half a brain and a dollar which aren't you are.
-- -- -- -- -- Wall Street must have been tapped the brain and more than a few dollars was running -- I can believable very blunt -- -- investors are buying stock to set a bottle but yet you're basically buying a stake in American continent a lot of money it's -- there and -- commodities commodities gasoline it's like that but we're just very commodities Obama -- body parts.