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The Debt Clock Strikes $16 Trillion

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    American Action Forum President Douglas Holtz-Eakin on the government’s rising debt.

  • Duration 4:40
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Well it couldn't have happened to the better national convention the US.

Hitting -- miles down the debt clock finally striking sixteen trillion dollars that according to the Treasury Department.

And yes is the Democratic National Convention gets so under -- with more on this Doug Holtz Aiken present for the American action forum.

Great to have you here as always -- how ironic is it that we're sitting here watching these numbers take over just as the DNC.

-- -- for the American public.

That there couldn't be any more appropriate start quite frank I mean third of the national debt has occurred in the last four years.

And if you look at that.

That amounts to 171000.

Dollars for every man woman and child in America.

And if -- put that on a credit card and have to pay it off -- conventional rates would take over 35 years.

So this is an enormous burden that we've placed on the American people.

It's something that we believe is already slowing growth the United States on the evidence is it -- it -- is that the percentage point of growth.

That's a million jobs in the current setting and so.

Now there was some great -- wagered they'll be going to be bookends to this convention the beginning is the debt hitting sixteen trillion.

The end is going to be jobs report on Friday -- can reflect all the trouble that comes having sixteen trillion in debt.

And in between no one's gonna talk about either.

Well -- we're all breathlessly awaiting that jobs report that's going to be very interesting when the big headlines -- today.

From the DNC in Charlotte, North Carolina with this idea that they didn't even put the debt -- up.

-- had for people look at -- they're trying to avoid this put this behind them and if you look at the dead over -- take a look at the numbers and how they're climbing.

2009 we had ten point seven trillion in debt.

When he 1012 point three.

Latin 201114.

And now up to sixteen trillion dollars in gross like topsy and as you said that people -- like something like 50000 dollars.

I -- respond to something that Obama had to say about this debt but some time ago.

Here's Obama so -- -- is is that the way bush has done it over the last eight years.

Is to -- out a credit card from the bank of China in the name of our children.

Driving up our national debt.

From five trillion dollars -- first 42 presidents.

Number 43 added four trillion dollars -- -- so that's irresponsible.

It unpatriotic.

Irresponsible unpatriotic please say.

It raises a question therefore gets you that what this five point three get you and what does the the projected debt that takes us.

Well over twenty trillion if we stay on his policies -- -- so.

I'll tell you what to get -- -- -- bad economic performance.

And it gives you what fed that that are a joint chiefs of staffs of caught our biggest national security threat which is our international indebtedness.

If the United States economy.

Is not as strong as it has been passed we cannot project our values -- -- the globe and we cannot negotiate with -- bankers so.

This gives us serious weaknesses on the economic in the national security front.

And then the ultimate insult or we hand it to the next generations that had no say.

In the kinds of things that we've seen go on for the past four years and asked them to pick up the bill and that seems like -- a gross injustice in my eyes.

And we should respond to something David Axelrod who is the president -- biggest advisor said about this debt and why the president's doing the right thing.

-- The president's plan would do what the Simpson Bowles plan would do which is cut the deficit by four trillion dollars.

Reduce it to under the our debt our deficits under 3% of the gross domestic product which is what everybody agrees we need to stabilize the debt.

And then with -- growth will be in a position to begin reducing it.

Further.

What do you make of that.

Perfect except for a couple of flaws.

Don't we haven't seen the growth and and more unlikely to get the kinds of growth they assumed in those those budgets -- rosy scenarios.

-- those budgets have such a good approach to solving our problems that they got exactly zero votes in the senate.

Zero votes in the house including all the Democrats they are not a recipe for addressing what we need in -- gotten us in some -- as a result.

That was a commission report -- got Republicans it got Democrats the president ignored it.

And lastly -- -- that the only way to solve this problem is to deal with the big spending programs.

The president has been silent about how to solve the problems in Medicaid how the solve the problems in.

The Social Security.

Program he added a new entitlement with the Affordable Care Act and he robbed Medicare to pay for that you know this is not.

The kinds of solutions that are consistent with the words that is advise judges.

Well but it's always great to see thanks for coming on tonight appreciate your.

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