Former Senator Alan Simpson: "Fix the deficit or your grandkids will pick grit with the chickens" (CLIP)
"And I can tell you, if you just think about the interest on the national debt over the next 10 years, it's going to increase by $650 billion. That's $650 billion we could spend on innovation, on research, on education. This is a big, big issue."
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Video: Alan Simpson & Erskine Bowles -- Short excerpt
Start listening at the 1-minute mark.
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Video: Alan Simpson & Erskine Bowles -- Full clip
President Obama has tasked a new commission to target ways to reduce the deficit, projected to hit $1.6 trillion this year. Opponents are concerned the panel could weigh in favor of tax hikes. Judy Woodruff reports interviews the commission co-chairs, Erskine Bowles and Alan Simpson.
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Partial transcript is below.
BARACK OBAMA: Without action, the accumulated weight of that structural deficit of ever-increasing debt will hobble our economy, it will cloud our future, and it will saddle every child in America with an intolerable burden.
Now, this isn't news. Since the budget surpluses at the end of the 1990s, federal debt has exploded.
JUDY WOODRUFF: That explosive growth has been fed by the cost of two ongoing wars, ever-expanding Social Security and Medicare payments, and, since the financial crisis, bank and automaker rescues, and falling tax revenues.
The president's solution: an 18-member Commission on Fiscal Responsibility and Reform, with appointees from both parties, at its helm, co-chairs Democrat Erskine Bowles who was White House chief of staff for President Clinton, and Alan Simpson, the former Republican senator from Wyoming.
BARACK OBAMA: I'm asking them to produce clear recommendations on how to cover the costs of all federal programs by 2015, and to meaningfully improve our long-term fiscal picture.
JUDY WOODRUFF: Mr. Obama said, everything is on the table, in a bid to cut the deficit to 3 percent of the nation's gross domestic product, down from well over 10 percent this year.
The recommendations will not be binding. But Republicans immediately warned that the panel will be weighted toward Democrats and liberal groups and is likely to focus on higher taxes.
In a statement, Senate GOP Leader Mitch McConnell said: "After trillions in new and proposed spending, Americans know our problem is not that we tax too little, but that Washington spends too much. That should be the focus of this commission."
Mr. Obama had wanted Congress to form a commission with the power to force lawmakers to vote on deficit cuts after the November elections. That idea failed in the Senate last month.
I sat down with the two chairs of the president's new commission in the Eisenhower Executive Office Building this afternoon.
Erskine Bowles, Senator Alan Simpson, it's good to see both of you.
ERSKINE BOWLES, co-chairman, National Commission on Fiscal Responsibility and Reform: Thank you. It's great to be here.
ALAN SIMPSON, co-chairman, National Commission on Fiscal Responsibility and Reform: Good to be here.
JUDY WOODRUFF: Senator Simpson, you told a Montana newspaper this is like being on a suicide mission.
Did you really mean that?
ALAN SIMPSON: Well, I hate -- it's a dual suicide. I'm taking him with me off the cliff.
ALAN SIMPSON: Let me tell you, in all the humor of it, this is dead serious stuff.
And when the two of us were called by the president, you -- you respond. It doesn't matter who the president is. You respect the office. And, when I was contacted, and they said you're going to be in it with Erskine Bowles, and then there are going to be a commission of 18, and I called Erskine, and he said, you know, what we need to do is just push the ball forward, and do it for our grandchildren.
And that's what we're here for. It sounds corny, I know, but that's the way it is.
JUDY WOODRUFF: Erskine Bowles, help people understand, how overwhelming is the job that you have been asked to do?
ERSKINE BOWLES: It's -- it's staggering.
We have a deficit-to-GDP ratio today of 10.6 percent. We got $1.6 trillion in new debt coming on to the country. You know, Judy, I'm at the University of North Carolina now. And I know that, if we don't get our people better educated, we're going to be a second-rate power before you know it.
And I can tell you, if you just think about the interest on the national debt over the next 10 years, it's going to increase by $650 billion. That's $650 billion we could spend on innovation, on research, on education. You know, if we don't do things like that, we -- we're not going to be able to compete in a knowledge-based global economy. This is a big, big issue.
Jul 13, 2010 at 3:34 AM
Reader Comments (32)
President Barack Obama Thursday named Simpson, a former Wyoming senator, and Erskine Bowles, the head of the University of North Carolina, to lead a bipartisan panel searching for ways to cut the deficit.
http://blogs.reuters.com/frontrow/2010/02/19/simpson-fix-the-defict-or-your-grandkids-will-pick-grit-with-the-chickens/
http://www.washingtontimes.com/news/2010/jul/11/obama-at-odds-with-petraeus-doctrine-on-islam/
PHOENIX -- Dozens of photo-enforcement cameras on freeways throughout the state are coming down this week.
http://www.breitbart.com/article.php?id=CNG.52aaecd5163193d157ceda171921ca51.d1&show_article=1
Castro predicts nuclear war...
http://www.foxnews.com/politics/2010/07/12/felons-voting-illegally-franken-minnesota-study-finds/
http://abcnews.go.com/WN/bp-oil-spill-containment-cap-reaches-leak-anger/story?id=11145052
Video of new cap...
http://www.spiegel.de/international/europe/0,1518,705959,00.html
http://www.youtube.com/watch?v=BTZ7BN22vtM
the problem is that the DEMS in power won't stop the war spending and bring our troops home...so the interviewer can't really blame the GOP...it's a giant circle jerk...
http://magicnegrowatch.blogspot.com/2010/04/delusion-obamas-wall-street-media-lies.html
Time To Look At Hidden Fraud In Wall Street! Congresswoman Kaptur
http://www.youtube.com/watch?v=43pKx5rIkxU
another for Z?
http://www.exposeobama.com/2010/04/23/obama-lies-about-campaign-donors/
TARP was Supposed to Encourage Bank Lending.
Remember TARP? The Trouble Asset Relief Program was sold to the Am
http://www.crimeandfederalism.com/2010/04/henry-paulson-lied-about-tarp-should-be-indicted-for-perjury.html
http://hubpages.com/hub/Obama-Lies-To-You-Every-Day
Obama Lies 7 Times In Under 2 Minutes!
http://www.youtube.com/watch?v=cfu1_Scgyow
OBAMA ‘LIES’ FOR HIS
WALL STREET HANDLERS
http://www.realzionistnews.com/?p=307
Obama lies to CBS on Iran nuclear evidence; CBS publishes lies in conspiracy for another unlawful war
http://dailycensored.com/2010/04/03/obama-lies-to-cbs-on-iran-nuclear-evidence-cbs-publishes-lies-in-conspiracy-for-another-unlawful-war/
That way I could watch it over & over again while I PRETEND that justice still exists in the U.S..
Last message for July, Z can scream with his filth blasts: Enjoy it
Every American should buy leap put on all Inidices and than cash out 401k's and stop contributiosn to 401k's
HOME GROWN FINANICAL AL QAEDA WILL BE ELIMINATED INSTANTLY
C.I.A. Blowback - Ron Paul
http://www.youtube.com/watch?v=g1SYWi2GYWI&feature=related
Fellow Americans:
now the Blowback experiment is on us and the plot : OBAMA Experiment" to bust us all make beggers via DEBT slavery for Generations to come
Thomos Jefferson faced the Experiment and knew what Banker Terrorist will do to USA Republic
Famous Thomas Jefferson Quote
"If the American people ever allow private banks
to control the issue of their money,
first by inflation and then by deflation,
the banks and corporations that will
grow up around them (around the banks),
will deprive the people of their property
until their children will wake up homeless
on the continent their fathers conquered.
Dr. Ron Paul is Thomos Jefferson of our times.
I wish we had another ANDREW JACKSON right now too:
Andrew Jackson quotes:
Gentlemen, I have had men watching you for a long time and I am convinced that you have used the funds of the bank to speculate in the breadstuffs of the country. When you won, you divided the profits amongst you, and when you lost, you charged it to the bank. You tell me that if I take the deposits from the bank and annul its charter, I shall ruin ten thousand families. That may be true, gentlemen, but that is your sin! Should I let you go on, you will ruin fifty thousand families, and that would be my sin! You are a den of vipers and thieves.
When the States Go Bankrupt?AMEN
Tarpley: 'Obama, the Wall St. puppet'
The Reform Bill Scam that OBAMA will sign....
http://www.youtube.com/watch?v=0ZObHXWbWlk&feature=player_embedded
Is Obama a Wall Street project?Yup
http://www.youtube.com/watch?v=B6OYdqFuTrs&feature=related
http://www.reuters.com/article/idUSN1519055720100716
State Dept Official: More Military Aid to Israel Needed to ‘Encourage Peace Talks’
Hopes Additional Aid Might Coax Israel Into Accepting Peace Deal
http://news.antiwar.com/2010/07/16/state-dept-official-more-military-aid-to-israel-needed-to-encourage-peace-talks/
The Fall of Obama
By ALEXANDER COCKBURN
The man who seized the White House by fomenting a mood of irrational expectation is now facing the bitter price exacted by reality. The reality is that there can be no “good” American president. It’s an impossible hand to play. Obama is close to being finished.
http://www.counterpunch.org/
This Equation: MV=PQ
MV=PQ. This is an important equation, right up there with E=MC2. M (money or the supply of money) times V (velocity -- which is how fast the money goes through the system -- if you have seven kids it goes faster than if you have one) is equal to P (the price of money in terms of inflation or deflation) times Q (roughly standing for the Quantity of production, or GDP)
Q?
So what happens is, if we increase the supply of money and velocity stays the same, and if GDP does not grow???
must Watch:
[KR49] Keiser Report – Markets! Finance! And Michael Hudson!
http://maxkeiser.com/2010/06/08/kr49-keiser-report-markets-finance-and-michael-hudson/
Q?
So what happens is, if we increase the supply of money and velocity stays the same, and if GDP does not grow???
DB, COME ON, do you want to tell the stupid fuck why his question is rucking fetarded or should I?
WTF...Come On!!!!
http://www.youtube.com/watch?v=PTJpLBXGBkM
http://www.youtube.com/watch?v=K5R6kVry4_c
My Laugh scene
http://www.youtube.com/watch?v=WwnymqJUtwc&feature=related
Their is NO Fix
USA zombies have to Revolt or Riots will fix next NOV 2010-2011
AMEN
USA is Insolvent
http://www.youtube.com/user/ZombieSurvivalWiki
USA Drunken zombies will be shocked with high voltage current to scream:LoL
RIOTS in USA Republic Time Line : NOV 2010- 2011
AMEN
http://www.pushhamburger.com
Great youtube Video
When will working class go on Rampage ?lol