Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Will America Ever Repay Its Debt?

Details

  • Description

    Author Mark Steyn argues the U.S. doesn’t need another austerity package.

  • Duration 5:04
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

Now there's an editorial by Harold Meyerson today's wall Washington Post and He actually -- President Obama to do another stimulus -- -- ballots at me.

-- -- Get used to it Charles -- -- -- just want to listen listen to this notion that that we may need another all seriously this fight hold a second gun.

Well you all of breathing hard here.

Despite the drama of the past few months right it is becoming increasingly clear the debt is not.

Our biggest problem jobs and growth are our biggest problems analysts figure how we're gonna get there I mean what are apparent -- you could you could populate these pump more money into these big companies that frankly are not doing -- pooling that we need in the and the lesson may be.

The -- day after day -- and -- hashed out by the way speaking of heavy breathing we've got a guest mark.

I think you'll bring them so hard my knuckles started to -- I want to bring in right now -- wondering why Disney is now the analyst just provided me -- in the bottom has dropped out of fairy tales that's the story that's yeah.

-- not enough.

How well this is a is missing the obvious effect of that isn't enough money in the world for this this is why by the way that downgrade.

And bombing London part of the same story.

Bug bit that what they're -- on the streets in London and I disagree about the way we're.

Sent ten minutes ago that American youth I don't have the energy to action toward that they just gonna tweet that discontent with -- -- -- these this is.

That that in fact.

That all the children of stimulus that of the children of dependency that people who have no need to whack.

Who have lived on welfare since they were born in the late eighties and early nineties and -- capable of doing nothing to smashing windows -- Xbox is.

And iPods that's why this story goes after the downgrade if we don't get serious -- in other words it's inevitable this is where America goes this this is where we're headed if we don't stop spending we don't stop doing trillion dollars stimuli.

That we might as well get used the purple maps.

We don't stop doing trillion dollar stimuli.

-- trillion dollar bills Leon.

-- here's the problem with that aren't I mean it's appealing on kind of a slogan the way.

But but that we will not create jobs the -- cutting that would doing.

This this -- I really we -- this debt deal that we just made it might ultimately in some small way to reduce the national debt but it is not gonna create.

I think that regulation -- -- -- tactic why aren't -- let that let that be part of it.

But let's pull out and do the things we need the most which is to get amount -- working.

Relative toward -- there's a word elected throw out of sustained.

You have the government spends a trillion dollars you'll create temporary jobs thank you the -- -- the only good independent -- piled up what half.

And I want how do you sustain an economy and what about the welfare system that that Marxist that's what I listen clearly there were times to caught in there were times to spin now is it time -- -- -- -- -- -- -- -- Humanism is is so some of -- mentioned QE free electrons come -- you only three months time then -- 3000 do you imagine.

The United States -- in the situation.

That some of these other countries in the right time in my -- -- parent -- parents say so you can't -- 70% we're gonna prevent them.

You know -- okay.

Talk I told -- Eric Bolling the the other night here at fox and He -- -- don't worry America can pay the this -- means nothing America can pay the interest on the debt I wanted to look him in the nine and say do you.

Have any intention of re paying any of this fifteen trillion dollars at that.

Because because out of the -- is beginning to get the impression that while you might be willing to consider re paying the interest every year.

This fifteen trillion dollars today is not going to be re -- It's the Herbert Hoover argument is that we can't do anything -- -- Oh I don't get that off well a little bit about all I wanna talk about what hasn't had.

-- your fan of that which years and knows the answer to the Herbert -- argument it is is the new deal which it's easy to argue that lasted from 19321940.

Didn't really work it didn't work but that's what I want -- have smart.

If you brought -- something I think it's fantastic.

Reasons and except that another austerity package right which I think makes them puts them officially to certain.

They will always be cheap labor for the rest of Europe they'll only be center for a report that its products for the rest of the world.

And I feel America emitting -- heading -- same way.

Yeah I think I think that's true I think when money -- -- -- eventually.

If if if the money is simply believing out of the country.

When you on the broke its nation in history.

Because -- because even these comparisons in the some level -- ridiculous and told about debt to GDP ratio but nobody uses the trillion -- in Iceland.

Nobody uses the trillion -- in Portugal trillion is unique to the United States the scale of the disaster mark there is market would get back on her talk about your book as well and also what comes after.

Load More