You're watching...
Libertarian Economist and Hoover Institute Senior Fellow Thomas Sowell discusses economics and freedom with Judge Napolitano.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Legislation in -- to -- 38 billion in spending but it ended up spending 5% more this year than it did last year.
Leading to a whopping one point three trillion dollar deficit.
Why can't the government stops -- Let's bring in economist and author -- Thomas -- read.
Professor Thomas -- himself professor so all it's a pleasure as always welcome back to freedom watch.
Good to be about how did we get here.
How -- we come to this point in 2011.
Where we have sixteen trillion in debt.
With a debt goes up a 1000000000003 each year and we're now even Republicans seem to be seduced into thinking that we should borrow money and that we don't have.
And spend it on repairing highways.
Well I'm afraid I feel like -- -- -- to me lady was as I don't do windows.
I don't explain Republicans it's beyond my and how that's.
All right how did the economy get in the mess that it's in today.
Spending.
There are people who think that if you call spending stimulus that will stimulate the economy opens you call it a jobs bill -- -- -- And structure but it's all just spending.
Do you think of that the president stands a chance.
At being reelected.
With nine point 2% unemployment.
With the government spending all government spending and about 40% of gross domestic product.
With with things as bad as they are now professor soul.
I'm afraid I do think -- Don't forget the Franklin D.
Roosevelt was elected after two consecutive terms in which the unemployment rate never got as low as it is today.
Where the unemployment rate was always and double digits every single month for two consecutive term.
If what can be done.
-- what can be done what what would you do if you look power of the purse and the power of writing legislation.
All good heavens I would just abolish whole cabinet departments.
Thought -- with commerce labor education.
Probably interior is well.
But -- that that's something they need to worry about as I have no political skills.
Well.
I guess we also need worry about because the big government folks and both parties.
Seem to think that they can generate their own reelection.
By spending money that we don't have on services of the constitution doesn't even authorize the federal government to perform how about this how credibly -- the corporate tax rate down to zero.
Cut -- capital gains down to zero wouldn't that be a stimulus to the economy that would cut unemployment that down to zero but certainly far less to where it is today.
Oh absolutely if you look at what has happened historically.
There's -- this has been.
A winner most the things they're doing about been losers and Obama talking about how he's gonna spread the wealth.
And like most people who sell the spread the wealth gives -- -- -- He ended up spreading poverty lot of people on Wall Street today who are calling it it demonstrating -- Wall Street today.
Where claiming their -- saying they have a right to a job.
And a right to an income.
They don't have a right they have the right to look for a job but not the right to get a job from the government.
Was going to be bought for them to get a job if they're not looking good a job and it's leaving out there and deploy arts.
I I can't imagine any working people who can afford to spend four weeks since leaving out of some -- Enjoying the good life as they define it.
These people obviously are not those kinds of they're not working variable.
Got it professor Thomas solve from the Hoover institution at Stanford it's a pleasure thanks for joining us.
Thank you revolution continues and.
