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Former Deputy Treasury Secretary Robert Kimmitt on why the government needs to rein in the debt and do more to build a stronger economy.
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Anyway Democrats are blasting the guys -- who insists are trying to simply take the country back.
Former deputy treasury secretary Robert -- says now's the time to take the economy back.
Because this isn't merely an economic issue now it's a matter of national security.
But secretary got to tell you that is not being you know driven home effectively to -- Thank you -- I think it's a very important point I think that a strong economy is as important to our nation's security.
As is a strong military and an effective diplomatic effort.
And I would say it's very interesting that this same debate is going on on both sides of the Atlantic right now that is how to put in place.
He firm fiscal foundation.
Pivoting from that to produce growth opportunity and job creation.
I find it very interest since the Obama administration has been consistently critical of the Germans and others in Europe.
Who are moving to put their finances in order to liberalize their labor markets to produce growth and opportunity.
What I worry about it's how we.
Then look like a joke to the rest of the world and obviously if you think someone's a joke you don't take them seriously.
-- and you go ahead and it's your China you make a fifteen billion dollar oil deal with our friends -- to the north because you know you can.
And no one could stop you and and that is a national security issue besides an economical.
No I think that as we project US image and power abroad.
Yes it has to be the world's top military but we also need to be the world's top economy we need to have an effort to put our own house in order.
To create jobs and opportunity and economic growth here at home.
We have to recognize that we live in an integrated global economy especially an integrated global financial system.
What happens here is affected by what happens abroad but people are looking for American leadership as much in the economic sphere as they are the diplomatic and military spares.
You'll worries -- secretary you know this commuter route -- political laps around me on this but what is amazing to me.
Is.
When countries like China and so many others who don't think the world of us -- so much of our debt.
You don't need to be disappeared military power to have a military -- it in just that.
Economic ground.
While we watch very closely how much debt is owned by other countries in including in the Chinese.
It is still a relatively small percentage we've got the widest deepest most liquid.
Debt markets in the United States but that debt market and the growth that that market is an indication of what that we did not have our fiscal house in order.
That we had not reached a conclusion on the proper role size.
And costing -- secretary -- comes to -- the Chinese.
Whatever their ratio having control of so much of our debt.
That does that make us Leary to take them on an international matters precisely because.
When you -- -- you don't make a row.
I am not concerned about where the Chinese are today because I don't think they have control over a significant enough portion of the debt.
To cause concerns however as sort of a -- and it's it's -- to I have to do is is stop buying more debt.
And and and course we create that faster -- I do pileup on the plane and don't preponderance of -- fact but it if they stop and it.
Through their purchases.
-- want them from.
Yeah I don't think they're gonna do that I don't think they're going to move against their own economic interest in the reason that they and other countries throughout the world.
By US debt is we are still the safest credit in the United States we have to preserve that safety.
That credit worthiness on our part we do it by get in our economic house in order.
Thank you secretary it's always listen thank you --
