Also in this playlist...
This transcript is automatically generated
Well government shutdown has been avoided at least for now but our next guest says the congress isn't fixing the root of the problem.
And that's government spending joining us now is Brian darling -- -- -- fellow for government studies Brian.
We keep hearing that spending is a rooted a problem but can you elaborate for those who may not understand exactly what that means.
Well we spend far more than we taken on an annual basis as a nation or carrying fourteen point seven trillion in debt.
That's almost as much as our gross domestic product for.
For this coming year were almost approaching a 100% GDP to debt ratio that's outrageous this you're gonna carry about one point six trillion next year projected one point three trillion.
Meaning we're spending -- cells into the poor house and we're going right down the road of Greece -- European countries that can't balance their budgets.
So what what's the problem in Washington because we just had a little mini drama play out about a continuing resolution that would fund -- government just till mid November so.
Is there the political will in and in Washington DC.
Did to do the right thing.
No there really isn't on a bipartisan basis.
Congress has not sat down and pare down the budget gotten rid of wasteful programs like the Legal Services Corp.
The Corporation for Public Broadcasting.
We need to privatize Amtrak which loses.
Billions every year and look at the problems of the post office and you can go line by line the federal budget and some members half.
You look at Rand Paul's budget He wants to balance a budget in five years He went to eliminate whole departments like the department of Commerce Department education hide.
I'm he's looking at a radical program and I think that's what we need to do because right now.
Your politicians in controlled Washington right now they just don't wanna change all that much there.
They're freighter around the edges and making small changes to spending programs but they're not willing to digging deep.
Reform entitlement programs and cut that discretionary side.
Well you know you use the word radical there as it this.
Is it that anyone who comes up with any ideas I don't care was -- the right are they just so intimidated by their own base.
That they're afraid to even speak out.
One we we we have this situation Washington right now where the president's campaigning and raising taxes.
On the American people that's not popular you have Republicans talking about cuts to programs and they have to be more specific because the American people fear wholesale cuts to departments they want to see exactly where the money's gonna be cut from.
They wanted to be proven to them that these programs are a waste of money.
And -- both parties I think can get together and come to a consensus and getting rid of some of the ways to the federal government.
Then we'll get back in a pathway to having a balanced budget.
You know Brian you know it seems though that both sides have sacred cows both sides have -- -- ideological things that they.
Believe in deeply in both sides are frightened of of offending their base in any way shape perform.
So is this the gridlock that we bargained for because I remember.
Last year and a lot of people say you know what gridlock is a good thing we don't want Washington to move we don't want them to do anything it's have helped the stock market.
It doesn't -- like gridlock was a good bargain so far.
No gridlock is good because we slowed the expansion of government.
I think the American people the Tea Party boom it's a great example the American people are looking at Washington and they want them to change their ways and for whatever reason both parties.
Have not followed the will of the American people so the gridlock we have now it is causing problems on Wall Street because people get scared when they see the government on the verge of shut down.
But the bottom line is for the long term health of this country gridlock is great.
We need to stop the expansion of the federal government and trying get in a situation where we can balance the budget.
Without increasing taxes in the American people.
You just use the -- so well and American in -- same line any compromise to this article yesterday.
-- your -- sought in the FT the chairman of Coca-Cola Amu -- -- saying that it's easier to do business almost anywhere in the world China Russia.
Than it is here in American out to me it was a direct.
Message screaming message to Washington DC do you think Washington.
Here's a leader like that someone who knows what businesses like all around the planet and it's telling us we're headed in the wrong direction -- Washington capable of caring that.
They can hear it but they need to do something about it that's one of the problems with these politicians.
President Obama has great rhetoric I mean when he's on the campaign trail talking about the problems of average Americans.
He sympathizes with Americans and He tells them exactly what's going wrong used.
He's been telling Europeans what He thinks they need to do about their debt crisis but when the -- -- road these politicians do a terrible job of implementing these ideas so.
We we hear from corporations we have too much regulations.
We have all these hidden taxes or regulation on the American people it's very hard to do business here that tax structures a mess we need to clean up the tax code.
But these politicians haven't done anything about it is bipartisan agreement that we need tax reform why haven't these guys done anything about it today.
So -- listen we're essentially out of time but I'm gonna ask you to answer this very quickly.
Will we get anything concrete done between now and November 2012 over this is all about the election.
It's all about the election the president's stimulus plan.
His plan of the deficit commission -- political posturing Republicans are doing the same thing.
I don't expect anything substantive to get done before the elections thank you very much Brian darling of the -- -- foundation we appreciate it.
Still ahead -- once stock.
Filter by section