Posted on 11/12/2016 7:14:14 AM PST by Son House
Former Reagan Budget Director David Stockman on the need to rein in America's mounting debt. "We'll hit the next recession with nothing to break the fall." On the GDP, "The growth in the baseline is totally unrealistic." Stockman also discusses a new Federal Reserve Chief, "Get the Keynesian money-printers out".
(Excerpt) Read more at video.foxbusiness.com ...
They discuss Trump may need Democrat votes in March because Republicans are not going to want to vote for a $20 trillion debt ceiling that the new administration inherits from the deal between Beohner and Obama.
Democrats are not going to agree to getting rid of Obamacare, many regulations, a tax cut for the rich, they might argue on a tax cut for cooperation and how it looks.
Back to deficits matter again
I’ve seen too much of Stockman this week - would’ve been good had he been this aggressive these eight years. He’s correct that the debt is a major important issue but it’s secondary to economic growth. Absent growth, we’ll not be able to a damn thing about the debt.
Lameduck session should raise the debt limit on current admins watch.
Gee....all of a sudden Wall Street recognizes we have a 20 Trillion Dollar debt and that we’d better do something about it for the coming next ‘recession’. What’s wrong here?
Wall Street is pissed because they won’t be getting any more QE (they got half of $85 billion per MONTH where the Government bought Mortgage Backed Securities). And then the Fed bought the other half in T-Bills to semi-legitimize the $1 Trillion of debt it took to give to the Stock Market.
They did this for 6 years at least - There’s your 6 trillion Obama bought off his deficit with to give away ObamaPhones, Section 8, EITC, WICs, SNAP and all the rest.
Back to deficits matter again
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Yep. Just like it will be back to homeless matter again, real unemployment matters again, underemployment matters again, peace in the middle east matters again, Hurricane Katrina matters again, etc., .......... whatever the media gave obama a pass on will matter again.
Not a peep was said about this in the election.
Stockman also discusses how the IRS collections have been flat for the last 4 or 5 months and the economy is 'long in the tooth', slipping into recession in the next 6 months.
Repatriate the trillions parked off shore
Radically cut Regulations and Regulatory agencies.
This is the fastest way to grow the economy. Everyone agrees on #1. Trump can undo regulations unilaterally.
This will grow the economy, the tax base, which is most important to handle the debt.
Then address entitlements. Tax reform. But these will probably take a long time in Congress. Does anyone believe Trump can quickly push them through as fast as Obamacare was pushed through?
Yep, I must say it is n^th degree refreshing to hear actual economic discussion on the news rather than a Democrat economist telling saying the Stimulus is working...
“Repatriate the trillions parked off shore”
total held assets exceed $10 trillion above historic normal. Companies are scared to invest it. If Trump can get rid of ObamaCare, the EPA, international sell outs (bad trade deals), and the IRS, this economy would take off like a rocket.
They added 1.4 trillion just last year. Current fiscal year with no change in law necessary, they are going to add 1.7 trillion!
Not true: Trump mentioned it often. But he did not do a very good job of explaining its true impact(s), and how to reduce the debt, other than general statements about making gov’t more efficient and promoting economic growth. It was as if he thought most people already understand it...
Oh, I should add, I believe Trump may have said something about selling off some Federal Lands?
Politicians love cutting taxes, yet they haven't cut the national debt in decades.
This idea that we are gonna grow out of this debt is crazy, especially in a globalized economy with wage arbitration, we might have had a chance a few decades ago, but it might be too late now.
Not saying he’s wrong but where has he been the last 4-8-12-16-20-24 yrs?...He was a real douche when he was on with Cavuto election eve.
Yeah, that didn’t take long!
Yep. GOP let Obama do this. As long as they got their second-tier vig. Damn bunch of featherbedding crooks.
The show must go on.
Reagan put Stockman on the map, only to be backstabbed by him. Now, after 8+ years of drunken sailor economics by Obunga, with nary a peep from ol’ Dave; Now he suddenly becomes a budget hawk. A BS artist is what he REALLY is. IMHO.
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