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Our -- -- democratic congressman has also been very busy one of the most respected on the hill says the Ben -- might want to stop here and slow down and think about what's going on that spending has -- -- work.
Does work and continue.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- Happy Friday it's good to be at the you know.
-- -- -- worry about congress and in the and they believe me and my fears.
I'm not sure.
We could say that that that stimulus is working so recommending that we do more of it is is it is at best -- You.
Know I don't I think -- stimulus is the only thing that is working and I think that Ben Stein was correctly pointed out.
That the administration is being rather optimistic that the economic numbers are very weak.
They're completely different than when the Obama administration came into office a year and a half ago when -- administration came into office.
We were losing 770000.
Jobs a month.
We we turn that around mostly through stimulus bill.
And now we're gaining about 250000.
Jobs a month which is too small -- a heck of a lot better than losing so a lot of the census job now.
Well -- 440 yes no.
200000 of those in one month -- -- -- -- but so what they jobs.
The only problem that is that the -- the only problem with that is that congressman I mean not well -- -- but -- -- but the real.
Yes -- -- temporary jobs and the point is that we need more stimulus replace them -- we have learned economically.
That when it let's put it this way the the basic recession -- depression that we're in now was caused by the housing bubble that burst by Wall Street's irresponsible behavior by the lack of proper regulation over the years of Wall Street and this caused a loss of about eight trillion dollars in purchasing power.
By people who lost their homes and then what's the jobs and so forth.
There with consumer spending very weak.
That's the the money to buy things in order is that people can be paid to make them and sell them and market them and everything else we do -- -- come from somewhere.
When the normally you'd say.
Reducing interest rates but the Fed reduced the interest rates and people borrow more in -- -- but it -- but when the interest rates -- essentially zero as they have been the last year.
You can't do that and the only thing that can get -- -- of that kind of -- of the recession or depression which is caused by a complete lack of demand.
Is government spending and creating the.
Then well I -- I guess usually they would not mind reminding might just a basic philosophical difference around and I respected local channels here economic well actually economic now know there is no other place that is pure economics and you lose sight of the fact.
We have pure economic cycles to right.
Recessions generally and after eighteen months.
And then yeah I mean what's what movies is not a normal all right well then I guess recession everything is different but I'm no value congress -- -- opportunity -- get me out on believe L let -- -- Then maybe we decide -- out of this and -- accrediting something you guys did by throwing.
You know hundreds of billions of dollars -- a problem for an improvement that we would have seen just -- up.
Well you can always imagine what might have happened.
But there's no evidence -- that.
And the fact of the matter is this is not the -- is no evidence to say what you're saying it's right.
On the contrary we know we know that the government spending created jobs you may say.
That there government jobs do that -- government take for jobs -- within that is good is it to try to market it created by itself.
But we know that a number of teachers were hired and not fight you know the cops were -- -- that fight we know that people put to work and on construction jobs that because the government -- that I mean these things we know it.
That's -- -- you know save vs created job thing in congress and you're too Smart about it.
No I'm not too Smart to buy that I'd buy that you don't know why -- no other administration has ever use that kind of -- by the news on non government.
And it's just a moment I'll have a number of jobs game we have a great leaders say and I could tell you that I could craters save a bunch.
-- -- Estimates its Canadian candidates and ridiculous but you have but you have it's not a ridiculous argument look at the evidence and that started saying this is not a normal recession.
A normal recession is -- cyclical dip in the business cycle.
This is the first true depression we've had since 1929.
When there was a.
We when we have had -- -- then and now.
Demand crunch where there is no money in society to buy the things and a credit crunch.
And when you get into that situation the only way to get added it is by stimulating the economy through government and if we I'm worried about it.
Isn't it that we're digging deeper understanding that maybe the better part of -- just put the -- them.
No we've we put the shuttle them would create we will be doing the same mistake that Roosevelt did in 1937 -- -- done enough on the depression.
And you try to balance the budget -- has handled -- matter is it's a huge gamble and got a lot of -- and really it's it's not really that you'd begin will be yeah prince.
Did did not tell you OS -- -- you give them.
The difference is in terms of debt service on the money that you're doing for our current deficit is about 110 of 1% of GDP.
That his work.
Getting us out of the recession and -- the only -- we're gonna get out that we should do some more stimulus.
For another time of the year and then we should start worrying about reducing the deficit mostly by going our way out of it as President Reagan said.
You can grow your way out of this.
You can if you get the economy working again.
Well we'll -- congress and pleasure have a good weekend.
You two are right congressman Jerry.
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