tv Right Side With Armstrong Williams FOX January 17, 2016 5:00am-5:30am EST
it. joining us is mark hyman, vice president of corporate relations for the broadcast group w wch owns news channel 8 and wjla channel 7. cooper, and michi. gentleman, i see you have your note cards. first what is it that the american people don't understand about this deficit? i know we know people that probably make 50,000 a year. they have $100,000 a month in credit card bills. do they not mirror the federal government? how many decades have we been doing this? what is the price in the future? >> public should be outraged. understandably, look this has
we are at 18 trillion dollars plus our national debt. no one is being held accountable. this is not about one party or the other, this is republicans and democrats in control. you use the phrase spending like a drunken sailor, that is where we are today. promises to spend money today, but will reign it in, in years, 7, 8, 9 and perhaps 10. we are going to overspend, flat line and in year 10 we might have meaningful savings. this act replaces what they put in place in 2013 which had the same approach, spend money first
budget caps in place. that 2013 budget act replaced 2011 budget control act. spend more today, save later. it is ground hog day. we keep repeating this. it is unfair for the people that are too young because they are the ones that is going to pay the bill. >> how does that play out? >> to your point, st country, you, me, a lot of the people around us have decided easy credit is good for us. we show up at the store, we decide to make casual purpose chass that don't fit within our budget. difference between what the government is doing and too many of us are doing at home, two
typically don't rack up doubleover triple of quadruple the side of the house hold budget. yes you bought things you can't afford and in over your head but you do it within some reason. our government is doing it in a way that is just unsustainable. it is totally reckless. you own your debt. american people own their debts. what our government is doing is saying children that have not yet been born are going to have to pay back those debts. that is fundamentally immoral. overspending is irresponsible. passing on the responsibilities to people that never had a say in the matter, that is fundamentally immoral. >> when you talk about debt, we talk about deficits, there is
administration tries to bring out. what tax payors need to know it is not good news. over this past year, government outlays spending up 5%. talk about the shrinking deficit, yes it did shrink, 439 billion dollars. first four years ot president obama, trillion dollar deficits, four straight years. we are raising government spending. this impacts you and i and everyone at this table, families and children who can't watch the show right now. that is how it plays out. people don't know how bad it is and how much they owe and won't know until they see the full details. >> where will the accounting come from? >> from the voters at some point. we use the phrase spending like
i served 34 years in the navy. when sailors ran out of money they stopped spending. we continue to spend, no end in sight. we are sending 230 billion dollars a year on interest payments on the debt. most of that is going to china. that one data figure alone should worry people. we see china as our biggest military adversary. we are paying a quarter of a trillion dollars every year to pay the interest on the debt and goes to china until the public realizes. has to be a painful level. >> let's come back to the painful lefrl. more about the budget deficit
on "rights >> welcome back to the forum. my guests, mark hyman, vice president of corporation relations horice cooper and amichi for the tax payor's protection alliance. i want to show you a stat. look at this stat. look at the screen. look at this. what does it tell you? talk about that pain, mark. >> 18 trillion. trial now, gross domestic product 17.4 million dollars, our national debt averaged 35% of gdp. it has been about 75%. it has taken a lot of people a
in the last several years, our national debt has been 75% of the gdp. today over 100%. it is 106% of gdp. those are unsustainable numbers. the bill is going to come due. there will be a day where there are painful measures. early this year the president referred to mindless austerity. "new york times" called it painful austerity. we are not in a period of austerity. we are spending money frivolously. if we cut federal spending in half today, it would trust us back to the dark ages of 2002. not a difficult time when it came to spending.
we ought to be looking at 200% ratio of debt to gdp. here is the reality. there are americans in this country, they come home and look at the bills, maybe incomes aren't working for them. maybe husband or wife lost a job. maybe some other financial claimty. they are selling a car. they are giving up vacations. they are calling it stay-cations. only the federal government says if i have to reduce the rate of increase will i scream and yell and cry. the truth of the matter is, only unsustainable, ultimately we are going to find ourselves in the very same grief scenario. outsiders dictate to us their terms.
>> you know, mark, express -- experts say debt is good, it is an asset. >> i disagree. >> how could they come to that conclusion? >> that is for them to explain. >> there is nothing wrong with the idea of getting a loan for something. there is something wrong with getting that loan only because you will never be able to set aside the resources. that is what our federal government does. financing a home loan term, nothing bad about that. if the only way you can go out and spend dinner and movie for your wife is to finance it, there is something wrong with it. debt that has long term benefits worthwhile. draws no distinctions of any
>> i think what is important, as we watch the graphic as you put up, it is not going down. that is one big problem. second what horice said, it is unsustainable. right now there are things that the federal government refuses, tax and enentitlement reform. entitlement reform desperately needed in a responsible way to make sure that number doesn't keep going. it is going to be over 20 trillion. both parties own this. whether they are in the congress or the white house.
this was what a year earlier chris mitchell and john boehner, our priorities many of the most pressing -- americans stealing from children and grandchildren robbing them of benefits and leaving them with burdens nearly impossible to pay. when republicans retake the senate in 2014, they are headed towards january 2015 in charge of the houses of congress, republican leader, senate, house both say we have to get this overspending under controlling. we can't steal from our children. a year later they are part of this budget deal. two-thirds of the republicans in the house voted against it. two-thirds in the senate voted against it. blows out our spending caps,
washington establishment which is what elevated bernie sanders, elevated ben carson and donald trump, people seen as not part of this process. we need to take meaningful steps. it is not going to change until there is a preponderance of people in washington, house and senate, to vote properly, reign in spending and president of the white house who will sign that budget agreement. >> the people that you owe those to are coming up with innovative solutions. they are selling you a car and putting kill devices in them. they can stop the car, safely in your driveway or at your job and come and bring it back. you know what? when you have credit cards and
they are requiring people to put a security deposit down. you are going to need external controls so that you can get government under control. that means something like saying, 16% percent of gdp is enough income for the government. constitutional amendment to limit them. when i say 16%, people go running to the hills, that seems crazy. you know why? we are spending 17, 18, 20% of the gdp the government is spending. we have no control whatsoever. we need external controls that limit the ability. >> look at the states, some of the states and some of the governors and state legislatures
they have bills to pay, too. they have reforms they have made in places whether it comes to pensions or labor reform or how they spend money on education. federal government is can look at states that have to balance the budget. there are ways but if you do it in a responsible name, it is important 6789 >> we need a cap on the absolute number of employees that work for the federal government. we need a cap on how much the government is spend on pensions. we need a cap on the overall threshold and we need to have a conversation with all of the folks that rely on entitlements. we are going to reach a point
transform them and reduce the cost associated with them. conversation. same kind of external force that changes us that we see in the private sector. >> part of that includes let's turn the camera back on us. we need to do a better job of addressing the issues. both the "washington post" called it arab austerity. budget control act went into effect. 2.7%, nine-tenths of aof percent. we in the media need to do a
ju >> greetings, i am julius grayson as a recent graduate, i am dedicated to serving underrepresented students. i pay it forward through mentorship, educating on a collegiate level and via my blog. my blog show cases those passionate about serving those in the community using their own gifts and talents. >> almost back to the forum. we can never thank you enough for joining us every saturday live and your wonderful feedback