Posted on 11/12/2016 7:14:14 AM PST by Son House
Former Reagan Budget Director David Stockman on the need to rein in America's mounting debt. "We'll hit the next recession with nothing to break the fall." On the GDP, "The growth in the baseline is totally unrealistic." Stockman also discusses a new Federal Reserve Chief, "Get the Keynesian money-printers out".
(Excerpt) Read more at video.foxbusiness.com ...
With Trump spouting Truth, folks like Stockman have to admit he’s right in order to maintain a semblance of credibility...
I wonder what old Ed would say about the $10T of Obama debt? Probably, it was needed to fight those white devils?
Yes, and what does he propose that we do about it?
You are right about all your ideas above, but we still have to cut government spending. That is going to be the rub because the GOP has shown no inclination to cut a dime.
Didn’t this buffoon advise all his clients to get out of the market before Trump got elected? Didn’t he predict a 25% crash or something like that?
Experts are generally the stupidest people on the planet. They are no more reliable than the psychic in the strip mall.
How about when Clinton was trying to sell Utopian economics? Missing any opposition.
One more, those protester should have been be protesting this debt mess their going to have to pay off, well the ones who choose to join the productive....
Yup, that's my reaction to this article too.
[$6 Trillion]
I was under the impression it was more like $8 Trillion - close to $9 Trillion by the time he leaves office.
Anyone? Bueller?
With the exception of watching Lou Dobbs I don't watch Fox so I don't know if it's a new show but I do know I've never seen Stockman so many times in less than a week.
And so the Trump bashing at FAUX begins again with fresh new faces
There is a very interesting way to decrease the national debt or at least slow it down significantly. If we had a 5% growth rate it would need about $1T per year increase in the money supply. The Fed could buy up $1T per year. The interest from the FED owned debt goes back to the treasury minus a small handling fee.
re: the GOP has shown no inclination to cut a dime
Not all GOP are the same.
Ted Cruz, Mike Lee, Perdue in my GA will vote to cut spending on many things...and to eliminate entire agencies from the budget.
The House Freedom Caucus will cut. Many outside the Freedom Caucus will cut some programs, but not as many as the Freedom Caucus wants to cut.
The real problem is the Hatch-Corker-McConnell-Sasse types in the Senate.
We need to grow the Freedom Caucus. The best way to do that is to replace Dems in MO, IN, OH, MT, WV, FL, etc with not just Republicans, but with Freedom Caucus Republicans.
The big mistake is for Freedom Caucus supporters to fight each other because they didn’t all support Trump from day 1.
Obama talked about Bush driving the economy into a ditch, but he drove it off a cliff, and I really felt that we passed the point of no return a couple of years after he took office.
When interest rates begin to rise, the deficit will get even worse due to the interest owed one all the debt. The first years of Regan’s term were very painful and our debt was tiny compared to this, I shudder to think what this will be like.
Be ready for it to get worse before it gets better, especially if Stockman is right about the long-in-the-tooth economy.
Changes will either be made, or the problem will take care of itself. Just realize that a large part of the National Debt includes programs like Social Security which is owed to Americans.
FDR took care of his problem by confiscating the gold, and once it had been collected, the currency was devalued, and lost about 40% of the buying power, which hurt Americans.
My grand parents saved Silver Dollars after that, in case of further devaluation.
Social Security funds have been squandered when it shouldn't have been accessed by Congress.
It’s way beyond Social Security - most funds have been squandered by Congress, and the American people should have never been subject to an income tax or property tax. Payroll taxes, are just another form of income tax - the original name was for Old Age Survivors and Disability tax (now called social security).
The program was set up to provide - Insurance-not retirement. The excess paid in is “invested” in non-negotiable Treasuries - so called trust fund, and becomes part of the National Debt.
Whenever the outgo exceeds the amount paid in, the Treasury Department “liquidates” a few of the non-negotiables to cover the shortfall. When the rates were raised, and retirement age raised, and a surplus was coming in, it was changed from an off-budget item to an on budget item, so that the budget deficit appeared to be reduced.
It’s all smoke and mirrors with Washington DC. I think a good way to conceptualize it is that they have a bunch of charge cards. One is the one used for Social Security, another for Medicare, and so forth, only instead of Master Card, the American people are the ones the debt is owed to.
Just like MasterCard, we have paid for whatever Congress has purchased, but soon they will not even be able to pay the interest on the debt, let alone the principal. They have actually been defaulting on that debt by printing money which devalues the dollar, and has the same effect as huge tax increase, since the money available for discretionary purchases goes down, and eventually even necessities become difficult to afford.
Well, anyway, I have a feeling that we passed the point of no return, during the Obama Administration, and whatever crash is coming, will likely happen during the Trump Administration, and Pubbies will get the blame. Hope I am wrong.
The best way to impact health care costs, is get rid of the “diseases of civilization” which are so related to unhealthy eating-the USDA pyramid is NOT healthy eating. What is used to make Beef fat? GRAINS. Is it a shock that if people eat 6-11 servings of grains per day, they get fat and develop diseases?
We are subsidizing things like corn and wheat - this is refined into the “processed” foods which gives everyone something cheap to eat and sugar or HFCS is added to make it palatable, along with chemicals to make it shelf stable. Then people get sick due to improper
diet, and they tax us to provide medical care. Vicious cycle.
Sorry for the rant.
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