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.
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?
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 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.
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.
With Trump spouting Truth, folks like Stockman have to admit he’s right in order to maintain a semblance of credibility...
I wonder what old Ed would say about the $10T of Obama debt? Probably, it was needed to fight those white devils?
Yes, and what does he propose that we do about it?
Didn’t this buffoon advise all his clients to get out of the market before Trump got elected? Didn’t he predict a 25% crash or something like that?
Experts are generally the stupidest people on the planet. They are no more reliable than the psychic in the strip mall.
With the exception of watching Lou Dobbs I don't watch Fox so I don't know if it's a new show but I do know I've never seen Stockman so many times in less than a week.
And so the Trump bashing at FAUX begins again with fresh new faces
There is a very interesting way to decrease the national debt or at least slow it down significantly. If we had a 5% growth rate it would need about $1T per year increase in the money supply. The Fed could buy up $1T per year. The interest from the FED owned debt goes back to the treasury minus a small handling fee.
Obama talked about Bush driving the economy into a ditch, but he drove it off a cliff, and I really felt that we passed the point of no return a couple of years after he took office.
When interest rates begin to rise, the deficit will get even worse due to the interest owed one all the debt. The first years of Regan’s term were very painful and our debt was tiny compared to this, I shudder to think what this will be like.
Be ready for it to get worse before it gets better, especially if Stockman is right about the long-in-the-tooth economy.
Changes will either be made, or the problem will take care of itself. Just realize that a large part of the National Debt includes programs like Social Security which is owed to Americans.
FDR took care of his problem by confiscating the gold, and once it had been collected, the currency was devalued, and lost about 40% of the buying power, which hurt Americans.
My grand parents saved Silver Dollars after that, in case of further devaluation.