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-- off tonight but -- started today it would solid gains and it did close off 64 but.
NASDAQ ended down in the overall market still can't seem to shake the fear.
That we could be headed for something worse than the crash of 2008.
So are things really that bad let's ask the -- Wisconsin senator he is an accountant and he is a successful businessman.
And now -- as a congressman who says the country is quote.
Hurtling towards bankruptcy Republican senator.
Ron Johnson joining us from inside the beltway senator thanks for coming -- so.
Do you think we could be heading for something worse than 2008.
Well David I mean let's hope not.
But the fact of the matter is we're not solve the problem here in Washington.
That's rely -- the US senators and we we are in serious financial situation here.
There is no control on Washington spending there's no priority.
There's no limit to what Washington stands and the only way we start fixing this problem is if we establish those one.
You know even Ben Bernanke was try to put as much of a smiley face an economy that's part of what he does he's a cheerleader.
For the economy he's he was speaking on June 7 and he said until.
We see a sustained period of stronger job creation and these are his words we cannot consider the recovery to be truly established.
So he doesn't even believe the recovery -- here.
Well -- -- sure doesn't feel like recoveries here and you -- because of his incredibly loose monetary policy.
-- if it feels like inflation is here as well and I know we don't our -- that way but when you've got gas prices still hovering around four dollars a gallon.
And you -- of the commodity prices of food prices and in everything else it feels pretty painful here.
Well it certainly does to us it does to you I was just up and -- got it does to the folks up there but this what congressman Debbie Wasserman Schultz says.
About who's responsible thrall as she says we -- those in the economy.
We all in the beginning of the turn around and these again her words.
We want to make sure that we continue the pace of that recovery I don't want to continue the pace of recovery.
I want a pace that's a lot bigger than the -- we have now -- 9% unemployment.
-- Listen -- Obama came into office in a pretty tough situation the problem is he made it worse.
He made -- far worse instead of relying on the American people.
I'm what made this.
Country great freedom the free enterprise system.
He embarked on this keynesian economic -- -- and he spent four trillion dollars that we don't hang out that's how much he's added to our debt.
His budget for the next ten years would would increase our debt by another thirteen trillion dollars.
Sorting fact the -- does and this is what is most disappointing here in Washington.
Is President Obama has been showing no leadership.
He's basically down falling in on the economy.
And we we we need leadership in this country that there's only one person who can sign a bill into law -- -- 307 million Americans.
And that's present -- United States we need to get him engaged.
In preventing the bankruptcy of America.
Gonna tell you truth he signed too many things in the law firm for my money and and and it is by march it's a lot of my body.
That's -- that's one of -- you're platforms you want to cut.
You want to make it a law that that would prohibit.
Congress and the president from spending more than what eighteen point 8% of the GDP.
Yeah I mean we have to establish the limits aren't really what what we're talking about.
And I society islands and we're gonna have to cut some spending -- -- the baseline.
We need to establish hard caps statutorily.
And that would put us on a glide path toward a balanced budget and let's face -- long term revenue generation is about eighteen point 8% of our economy.
But dammit I really believe we're gonna be a constitutional.
Amendment is gonna limit the size -- the scope in the cost of government I prefer it just a simple spending limit.
It would limit the size of government to again that long term where revenue generation of -- -- -- percent.
-- a balanced budget amendment I know it sounds better but the problem balanced budget amendment.
Can you think of how hard would be to ever cut taxes under that -- Right so -- I just kind of like the simplicity of a spending limitation that is identical to the statutory spending limit that we have to do in the interim it would get that constitutional limited.
Well I -- you know generally I like your idea but the thing that affects small business that nobody knows this better you do because you had a small business -- -- -- -- small business.
Is there are concerns not necessarily about this this is deficit debt which they don't completely have their head around.
But the fact that -- regulations and increased directly the fact that they they know that their health care cost their premiums have gone up.
And god knows what's gonna happen when a bomb occurs fully implemented they are afraid that their taxes are gonna go up I mean this is what is preventing businesses from hiring.
I absolutely -- you listen if you if you could start over beef you can wave a magic wand he would take the entire Obama Obama agenda and wipe it off the table.
Mean but but that's unfortunately not gonna happen at least next now the next eighteen months so when I talk about the size this goal.
A government that's -- talk about the regulation in every day I'm meeting with with hardworking Wisconsin business people.
That are coming in and in talking about whether it's the EP AR OSHA.
You know trying to enforce some other onerous regulation that is destroying their business so when you limit the size of government.
-- you would rein in those regulatory agencies as well but I I am totally in agreement with you.
Regulation is snuffing out this economy it's got to stop by the way to minnesotans -- -- for our for president Michelle Bachmann and Tim Pawlenty who do you favor.
Well as we've got a long way to go up I know you're really giving an answer -- picture expect a an army that's what the primary processes cornea will separate you know the people -- really have a chance and it is so important we've replaced President Obama because.
He just doesn't understand how the economy works he's he's he's he's blaming ATM machines.
Because he doesn't understand that really what we need to do and our our economies innovate -- that is how we -- our economy forward by making it more efficient.
And -- we ever present we have administration simply doesn't understand.
Basic economics basic business principles and that's that what we're glad for all the business people that are in congress whether Republicans -- Democrats you're one of them senator Ron Johnson thank you very much for coming in appreciate it.
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