You're watching...
Sen. Rand Paul, (R-KY), on why balancing our budget depends on citizens waking up to the waste of the nanny state that we support
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Tonight on the dock at the deadly sin of gluttony and -- absolution called austerity.
Today Greece passed its cost cutting package.
Now it looks to the International Monetary -- and to the European Union to be rescued but what will the road ahead -- would bail out money.
Look like for Greece and the rest of the world.
Let's hope it's less violent than the protests against reducing the size of the government that have filled the streets there.
Today here the president held his third press conference of the year.
Making it the fourteenth of his presidency the president suggested there is a rough blueprint of a deficit reduction deal.
He pontificating and at all but chastise the Republicans.
On the need to slaughter there his words sacred cows to him that means raising taxes.
That's ironic since many progressives on his side in the I'll.
Carry the torch forgotten -- entitlement programs should we get rid of or reduce them mister president.
The president believes that when you tax the rich the government has more money to give away and giveaways produced prosperity.
Where is she bid for the past three years the feds have given out food trillion dollars and we still have the worst economy in forty years.
Here now to discuss what's at stake for our economy under our current leadership.
Kentucky Republican senator and position Rand Paul senator Paul -- pleasure welcome back to freedom watch.
-- -- judge what did you think of the president's comments today particularly those deriding millionaires and billionaires -- he claims.
Yet again are not paying their fair share of the government's.
-- I think the politics of class and beyond what most Americans are interest in the end.
Most Americans realize that we live in the most mobile society ever known -- man.
Really a significant amount of people who were enough bottom part of the -- economic ladder through their lifetime actually make it into the upper echelons.
It is really -- one of the great aspects of America so for him to vilify people who make a lot of money.
Even those of us who don't make a lot of money know that we work for people who make more money than we do that punishing them actually may.
Could -- damper on in May threaten or jeopardize our job.
Is it just basic economics 101 which I know you understand and the president doesn't seem to.
That unless people put their money in -- shoe box no matter how rich they are whatever they do with that money.
It's going to generate economic activity and produce jobs and make everybody's prosperity go up.
Whereas -- that money goes to government bureaucrats.
It all happened so -- I don't happen to it is the same as what happened to the two trillion the government has given away in the past three years.
The other thing about the class warfare -- the politics of envy is that.
It mistakes and things that big corporation are some other people.
Corporations are often -- you know if you had any retirement money that you put into a for a OneCare and Ira.
You by corporations in your part owner -- we punish those corporations we punish all of the individuals who have invested in this corporations.
And the people who work for them.
It's a nonsensical.
Idea -- non starter.
And the vast majority of economists around the country say.
Bad idea to raise taxes on any -- when you're in a recession.
-- senator you have authored legislation.
Which would reduce by serious numbers the bloated federal budget I think it's half a trillion a year.
For the next four years it would actually bring us.
Two -- balanced budget before your term in the senate is over if it were to be enacted.
What is the status of that legislation where's the Republican leadership.
On its.
-- we have a budget -- our office parties that would balance the budget in five years and we have a couple of Republicans who have signed on I believe senator demand.
And senator Mike Lee signed on to support our budget.
What -- voted on again 74 we got seven votes.
The reason we chose to try to balance in five years is that's what.
The balanced budget amendment would require.
So those who support -- balanced budget amendment need to realize that ultimately they would have to endorse a budget like I've proposed that would actually balance the budget in five years.
It is easy you have to believe -- Many things we do in Washington shouldn't be done here they should be sent back to the states and to the people respectively.
Until we understand that though.
I don't know how we will balance our budget they're still a disconnect.
Between those who say hello it's balance -- budget but they can't cut to 300 million from Amtrak you know.
I think one of the critical most critical votes that members of congress will cast in their careers will be coming up in the next month and that's whether or not to raise the debt ceiling.
Has the secretary of the treasury has the chairman of the Federal Reserve.
Has the International Monetary Fund us here -- GO into believing that we have to let the federal government borrow more money or you gonna stick -- sound.
Money routes and so you guys are gonna bother and borrow another nickel on my watch.
But the thing is is the.
-- are not spending the money that we've given them wisely.
-- wasteful they can't account for much of the money the Pentagon can't balance its books and all.
They say they're too big to be audited so no I don't think they deserve any more money.
The other thing about the debt ceiling is it's a false choice they think it's an either or situation that he do you raise it -- there's going to be Armageddon.
Really we bring in 200 billion dollars a month in revenue interest payments about twenty billion there's no excuse for ever.
Defaulting on our interest.
We can continue to bear interest -- -- tax revenues.
They won't tell you that because what it would mean as we would have to balance our budget we would have to cut spending elsewhere.
Is the senate gonna stay in session during the fourth enjoy what was to be the fourth of July recess -- hundred -- address these issues because everybody going home again.
What is interesting thing you know I think it's American celebrating the birthday of our country.
We're celebrating our founding I think America deserves better.
And what they're getting in Washington so I've stood out today -- senator Ron Johnson from Wisconsin.
And he said he's had enough he's gonna object to everything.
Including recess and I promise that I will stay here to support him.
And we're putting the Democrats on notice that you know we haven't had one hearing on the debt ceiling.
We haven't had one minute of debate on the debt ceiling.
-- you know we don't -- -- balance a budget any kind of budget the Democrats have about.
Passed a budget in two years nor any appropriation bills it's irresponsible.
And we've said no more you're not -- -- home and less you're willing to talk about the debt ceiling.
Senator Paul you have your work cut out for you as always it's a pleasure thanks for joining us tonight.
Thank you damage with the --
