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FBN’s Lou Dobbs compares Spain’s and America’s efforts to resolve their debt crises.
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-- Landers and big trouble and it's easy to see for example Spain is -- -- we don't have to be an economist the -- Big big trouble there Spain is in its second recession in -- -- years.
It has an unemployment -- this is amazing.
A 24%.
Unemployment rate.
-- -- And just had to secure a 37 billion dollar bailout for its banks 37.
Billion.
It's amazing what a suspension -- big solution get ready.
They're not gonna touch pensions.
And they've had enough grief from the at their constituents.
So they've decided to the door to their consumers are hiking their sales tax.
This is beautiful sales tax in Spain.
-- Think about this is the solution for your community your municipality township -- county whatever -- how about this threat acts.
A sales tax just.
21%.
About that.
21 who could be that don't.
Have I mean you've got to laugh about this right.
Until you find out that we are.
That -- in fact.
We -- -- this British government is on track to spend more than 65000.
Dollars.
-- got this is their their budget their federal budget.
65000.
Per.
Capital.
Okay.
Sixty house.
That's per person.
Every year for the next five years that's ridiculous right.
But let's move over to the United States and I have forgive me for having done so but.
I've labeled the side the dollar's side the United States is that the spend 60% more.
Then these dumb people per share.
Nearly 107000.
Dollars.
Per capita.
If you're gonna -- There's down and there's -- But we may in fact we may be in the -- because frankly folks we know better.
On average Spain has a more than 181000.
Dollar debt per person eighteen.
There.
Just -- America's per capita government that this more than.
All we gotta we gotta do a lot better things were a superpower right.
44000 dollars.
Per capita.
Our per capita debt is in fact hire them all the pigs.
And throw in France Portugal Italy Ireland Greece and France.
And folks it's only gonna get worse over the next five years the Euro zone in the United Kingdom are expected to add one point nine trillion to their debt.
One point nine truly.
That'll put their total that -- fifteen point two.
Fifteen -- -- -- it move the numbers down here.
And I wanna remind you that their economy is bigger than ours they have a half.
A billion people living in their economy.
In the United States well.
We're -- second rate economy compared to the Europeans now.
That's what's happened to us over the performs New Year's.
But we've job done them in terms of -- were sitting at just under sixteen trillion dollars.
Sixteen trillion dollars.
In national debt.
And over the next five years the Obama administration has us on track to add another five point seven trillion.
Almost six trillion dollars.
That means by the year 2017.
Our national debt will be over.
22.
Trillion.
Dollars.
That would make us by the way.
Others put -- down here so we can think about it you wanna be -- -- do you want -- be balanced.
Unless we change course and direction and do it now.
This is were -- We've got a chart.
Up next contempt of.
