Page 26 - Debt Issue News Today

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And hurt the economy in the future. to pay tax increases are come more debt issue to pay for these compts that. is not why these kids cant get jobs today. the economy is terrible. it shrank. it is it growing the normal four or five percent and many of the graduates would have jobbings. >> and rich, the fact is, we are subsidizing. we are subsidizing the college degrees that often dont amount to good jobs. >> yeah, it is it unfortunate. we reached the point where technology changed the whole game...

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Why? >>guest: because what will happen, all the countries that own our debt, and we are the number one holders of our debt, we are the big owners the but china and japan are behind us and they are growing. they will get tired of the low yields and will turn the treasuries and rates will go up. that will happen in the next six to 12 months because the fed is trying to keep it low. when we get a resolution on debt issue, hopefully some visibility, rates will normalize. >>neil: we stepped back from...

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>> this governor or this governor? >> as a former lieutenant governor, im sitting here a little bit. >> alicia was a former, never mind. >> my point is that, you know, you talk about the house members. they came to the table with a clear mandate from people who elected them in 2010 to control the spending. that was their first charge. so their first point of attack was on the spending side of it. to the governor -- to governor patakis point about how this whole thing gets played out, the reality...

January 1st. if you did have that crunch, martha, you take $2 trillion out of a $15 trillion economy. that sprels trouble. martha: stuart, thank you. well have more on this coming up, stuart on that fbn, coming up as well. many thanks stuart. gregg: context on the severity of the debt issue. the national year alone, the debt has increased $1.3 trillion, just one year, thats equal to italys debt, italy with the tenth largest economy, hat the worlds fourth largest debt. if our spending conditions ...

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