You're watching...
WSJ editorial page deputy editor Dan Henninger weighs in on the debt ceiling debate and the economy.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
And let's bring in Dan had a -- deputy editor of the Wall Street Journal's editorial -- page shut topple this the president we said they don't talk about the Slater -- the -- the jobs council is no more.
-- making a kind of mad Max comparisons in the Wall Street Journal so that the -- -- bully is that basically what that means or something close to -- Well I think the president basically attempting to impose his will on other Republicans in congress and he's doing this by attempting to discredit them that's what Barack argues that the -- reason for all of these attacks spread and clearly John Boehner -- Saunders.
Good that what's going on here is that he's in the thunder -- the famous mad Max battle arena.
Rather than in a kind of good faith negotiation with with the president.
I'm so glad -- in that in your introduction you said 450 billion dollars at least twice.
450 billion dollars is an incomprehensible.
Amount of money.
And so the debate is about this word spending but I think we have to try to understand and economic terms exactly what exactly is going on.
The Democrats.
Are arguing that they need to spend this money because they feel that with the economy week.
Public spending will lift the economy the so called keynesian multiplier every dollar spent will raise the economy a dollar fifty cents.
The Republicans are arguing that rather than say spend up for -- something -- let's talk about the sequester which is 69 pilgrim.
Rather than spend that 69 billion let's take the sequester and put that 69 billion back in the private economy.
Where it will be used more productively and more efficiently.
In other words were kind of talking about.
Two economies of Democrats want to support the public economy the Republicans want to support the private economy if that's what this spending argument is all about.
Which economy gets the money -- The Democrats seem to have it both ways to have Jay Carney blaming the GO paying.
For economic weakness which he did in his press briefing number one but then it seems to give.
The Democrats ammunition that -- very economic weakness for more government spending that's it not because again it was the drop off -- government spending.
The calls the economy to contract in the.
Fourth quarter.
Well that's right they -- about ways is what I'm so they can no private spending exactly they can try to have it both ways.
But once again you could get democratic economist on this program round the clock and they will all say the same thing.
We have to stimulate the economy with public spending -- public spending pours money into the economy and causes consumer demand to rise.
The Republicans are trying to say that the more efficient way to do that is to leave that money.
In private hands private businesses right private economy.
There has been no evidence over the last four years the -- their theory of an enormous amount and there has been tremendous public spending the last four years that that has raised the economy indeed we have just had a contraction in the US economy so where is the success in in in their theory but to go back to the earlier point of why we.
At a contraction was -- that because there was.
For the government spending particularly military spending pullback mean that was the reason given when you look at the GDP figure that came out yet.
That's the argument around yesterday's GD.
Really figure but be recession ended in early 2009.
After -- recession you should have a growth rate of the 45 even 6% we've had about.
2% -- for four years and they have spent enormous amounts of money why do we not have growth rates above 4% at this point in the Obama presidency.
You make you made if you've made -- clear argument and laid out in the private economy vs the public economy.
For the last couple of years -- you know didn't help Mitt Romney.
And it certainly if the message the way that the Republicans are getting their message out are fighting back against the president.
Is failing -- and which you outlined in the column what do you make it.
It's a big problem because as you just -- that they will stand there and simply talk about spending.
You're not going to hear Mitch government Mitch McConnell say the sort of things that -- I'd -- so that I just said -- they simply related to Washington's problem the budget the deficit and that is not what is on the minds of people sitting out there are looking for a job and in extreme economic straits.
They want to know what those Republicans are gonna do.
To help them.
And just talking about the beltway spending problems doesn't quite convince them that they need to.
You know take these these measures are Dan thank you as always -- could -- yes -- been -- here.
Tax happen next time -- we fight that path and her --
