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Encima Global President David Malpass on the need to rein in the government’s mounting debt.
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Three months -- -- just -- things have to become a lot faster than that.
Because Washington's debt is soaring twice as fast as our economy is growing.
To the president David mouth and sort of -- right now David and have you high yield good reader.
We really do need to pick up mighty quick and we're not.
And what.
That's right and so we've become less and less vibrant as an economy as the government takes things over -- slows down the growth rate.
You just made the point -- Bank of America they're they're cutting.
-- maybe some of the overhead and the stock price goes up so that's really what the United States needs you need the president call in the cabinet.
And say hey guys we're spending three point eight trillion dollars I need some ideas let's slow it down give me some ideas they don't even.
Have the capital he's and so the debt just keeps piling up in.
We're billion dollars a day but here's a words -- comes out -- -- moderate Republicans have a much more aggressive on reining in spending in the house that would argue that they've tried but.
My worry -- on on all of this data is that.
The president proposed spending half a trillion dollars because he's as.
Afghanistan and Iraq that's trillion dollars -- who wants to worry about someone to spend have to.
Has it the other half would go -- some some imaginary definitely and that's what worries.
-- other tricks through loud -- in terms of how they do the budgeting really the president is proposing 47.
Trillion.
In spending in his ten year budget so you know the way the government operates.
They put out kind of a concept piece and then what's been going on the last three years is it just dies because neither party wants.
To actually make there are the Democrats don't wanna put forward -- a budget.
So I don't know where this you know right now there's no action forcing event that makes them do anything the president doesn't have to have his cabinet meet.
At all whether we have the election -- -- -- it is you've went on the -- and no one's cutting anything here and in the most aggressive -- we're gonna about curtailing.
The growth of this debt problem rather than paying it off -- the growth of Medicare the growth to Social Security -- so.
We can't even agree on the -- It's right that that's right it and from the standpoint of the private sector you're sitting in the private sector trying to decide whether to hire someone and you see the government.
Debt growing twice as fast as the economy.
You decide not to hire and so the a lot of that's what companies are holding on.
All this cash.
Yes yes I do.
The tax code is on certain the health care laws are on -- and the government spending money like crazy meaning future taxes.
And so it doesn't but it doesn't pay to invest let's and they have.
Actually go through that they do they actually start -- well because I see the government -- -- knowing I'm not today patsy.
Think that when I just think a lot of these guys no offense to any of -- Base it on their own business.
You you know business confidence though is absolutely -- is soft science what goes in to.
What making someone aggressive well it's the whole atmosphere of the country do you think we're on the right track -- on the wrong track so I really do things.
That if the government started getting its act in order.
Then you would have more business confidence in more hiring -- I think there's there's -- tight -- especially when debt is this high -- it would you cut taxes and in this environment.
I I think we could have a tax reform.
That lowered the top marginal rate that caused the debt that caused more business investment.
-- that would help the economy.
The big problem though is on the spending side you've you've got -- lead off with the idea of asking.
-- exited the cabinet departments to find ways to cut do it symbolically now.
The book says that old hands and jump off the cliff together and that's and blood the I really don't think it jumping off the cliff is it -- -- slowly with -- having big government be more productive and more -- -- downsizing.
Would make everybody in the country more confident mountains you make some sense.
Did enough test.
When an enterprise and -- out there in the.
