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Simpson: No Shared Sacrifice in U.S.

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    Former Sen. Alan Simpson on the failure of the Bowles-Simpson Act and America’s economic future.

  • Duration 6:14
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It's austerity measures bringing the Italian welfare minister to tears she couldn't go -- Is that a mirror into America's future our next guest tried to do something about her debt debacle the coauthor of the Simpson -- report former senator Alan Simpson.

Joins us now by phone in -- first on Fox Business.

Interview.

That mister Simpson good to have you on thanks for being here as currently edit Monday anytime.

Well that person's day was -- -- -- I don't know if you've seen the tape of the welfare minister and it'll Italy crying as she talked about austerity is that going to be coming here we gonna have cabinet ministers crying in front of the press here.

I don't know -- we'll have a lot of people who are in distress look at Greece I mean as they told him they had to do certain things and they just said now we're not gonna do -- And Italy have -- same thing of this woman what there's never been a shared sacrifice in America since World War II.

You let you get everybody was skin in the game.

And realize where we -- nothing is going to work and let me tell you the group.

Are really really out there now.

The lobbying groups they're content.

That's why that should both -- -- should callables and he's been numbers guided the color.

-- you should callables -- but that's why it if it didn't receive.

-- any initial.

Approval is because -- just specific.

And that just aware that we had a 105 groups testify before every single one I'm said this country's headed for the -- -- -- -- -- on the -- Now that's where we are.

That is fascinating stuff and -- holding in my you have -- copy of the moment of truth the report -- Bowles Simpson report as you'd like to say.

Why do you think the president -- that he he appointed you guises as -- head of the committee he waited for the report and then it didn't go anywhere why.

Well only because it would've gotten it would've been talked insurance that's why I you have.

Equipped political people in that was signed by five Republicans five Democrats and one independent -- he said.

I -- -- sit it out.

And I know right panel come up which now and then that bright young man Paul Ryan came up with the one thing that has to be -- which is.

Health care which is of macedon in the kitchen and old boy he -- pride and guess who was economic record would around the funeral -- it was -- administration.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- He thought the president wanted all right -- get out there to take take the first shots.

So that he'd get pilloried by the press let's just play a little clip from Erskine Bowles your co author again he is a Democrat.

Talking here to Wall Street Journal conference a few days ago.

Great White House there's a small -- -- of people that's around approach to antitrust.

And worked with and I believe it was the Chicago.

-- guess the political team.

Convinced him.

It would be smarter for him to wait and let Paul Ryan go first committee would look like the sensible -- game.

So that's a political our primary he's he's a good numbers guy but he also plays politics is he right is the president you -- -- because he's worried about his reelection plants.

Totally totally correct absolutely.

First -- on the finest people I've ever worked well.

And this president is now.

In -- mode of reelection -- it no matter what comes up now between now and November.

But 2012 everything no single penny doesn't will be painted.

By the fact the reelection wishful which will Begin to Wear -- -- support.

But you know Erskine -- well you know very well is not the only Democrat who's in favor of the Bowles Simpson report so what's Kent Conrad senate senator Kent Conrad.

Democrat who spoke out in favor about over the weekend.

Will there be enough Democrats.

Around who go along -- Republicans in support of the bill.

To sort of forced the president's hand.

Well look at they've got is -- -- -- with Dick Durbin guys you know the same position I held under Bob Dole for ten years took a lot of -- I'm sure Harry didn't like to see him sign up on that bank -- the talked about entitlement reform.

And therefore other good Democrats have signed up let me say -- -- -- -- -- in the garden party innovate going away this country can't exist.

Without doing the heavy lift.

So if you have enough Democrats who follow with the Republicans.

And bring that vigorous rubles or some.

Some semblance of personable to the president says -- say look sir you have to sign this or the economies gonna go down a toilet.

What happens.

Well you'll have to find out -- -- -- with first checked with actual writer Rahm Emanuel and all the political types.

They will not be checked in with the policy types.

If we check in with the pollsters.

Powerless -- affect people in the third district of Ohio where the eight district of Illinois it'll all be equated to that now on him.

So there is no hope of anything in your plan passing until the election -- -- There's one thing they'll ever get -- into legislative language who have take weeks to do that but they cut -- about on the floor of the senate at least they have socialist senator resolution up -- down.

-- 67 page report which was approved by 60% of the commission.

But that was five Republicans one independent up -- down.

Get your -- in the game and then see whether we have a plan and we don't even have a plan that's why they don't mess with France and Germany and Great Britain have a plan even know might be a mass we don't have any thing.

So if this happens if in fact they do presented this senate present citizens send sense of the senate.

Mike this -- that the cornerstone of of a first step.

After the next election.

I don't see it is a good bipartisan vote and already you.

There's 64 damage and hurt by 32 damaged 32 Republicans -- already said you have to have entitlement -- tax reform.

If they came out with a vote like that.

Just saw a plan the -- essential report.

Let me tea the president would be would be in difficult straits of peace -- peace talks that may be over but of course it would have a different they're handling of the optional.

-- what province ever get to him.

Former senator Alan Simpson always tells it like he sees -- thank you very much senator appreciate it.

The very welcome you ventured -- --

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