Page 77 - Debt Problem News Today

This year, thats pretty good. can that really be undermined if europe takes a double dip? >> i think so. thats our main commercial relationship in the world right now. if the europeans, you have in the u.k. right now, you have a looming financial crisis there, too. theyre about 10% of, at a public debt. and germany is not growing well and france is doing okay. if this does spread and the europe goes back into recession, i think this will have an impact. >> paul: ive got nothing, but bad news, bu...

The future of europe is at stake for how this debt problem works out. the stock market started to decline as these pictures were playing around the world. it was down some 500 pounds as trade and investors were wore reared about it. then, boom, off a cliff, you saw the stock market, the dow down almost 1,000 points. we have never seen that happen in six or seven minutes, you had a once in a lifetime history of the stock market decline. what they are saying is there was some sort of an aberration...

Scott powell is a macroeconomist and visiting fellow of stanfords hoover institution. he joins me from seattle. thank you for joining us. >> thank you, jeff. glad to be with you. >> what does this mean for the united states? >> there are lessons to be learned here. doth greece and the united states are democracies, but there are serious and significant differences. interestingly, in 4th century b.c. aristotle, the greek philosopher said the chief weakness of democracies was that the politicians ...

They want to be left alone to deliberate and not deal with me and president says these people should be left alone and no more washington game playing about what is on the table or off. >> the country of greeces debt affected its investment rating, bonds reduced to junk status today. >> i asked mr. bowles and mr. simpson add they said it lowered the bond status for portugal. europe is now facing a potential debt crisis and one move against greece set off shock waves throughout europe, london and...

The government off the hook. we need to hold washington, d.c. accountable for each and every dollar of american taxpayer money they spend and we are not doing that today. that is why i think we need to get some new people in washington, d.c. >> shannon: let me ask you, you mentioned the debt commission which is going to have its first meeting this week. do you think there is any chance that it does accomplish something and that any good comes from the process and those meetings? >> well, i think...

That jury did not believe the assaults occurred. >> and he thinks ire -- theyre not going to believe it this time, either, puckett saying he changed his story from what he told the court wednesday and he posted photos showing abed suffered no serious injuries, only a cut lip. shannon: thank you, steve centanni. as that court march thal continues baghdad is seeing its bloodiest day this year, at least 58 people killed as explosions hit the city, targeting shia sections of the city, this as muslim...

Looking at a 3-word answer to our debt problem, v.a.t., national sales tax or value-added tax. youre exactly right. the effect of that would be to really sock it to the middle class, it means that everything that you would buy at the cash register would be now ten, 15, maybe even 20 percent more expensive as you pay a national sales tax on everything you buy. thats right, that would really dampen consumer spending, and i think make the recession worse. gregg: well, the other thing i see in this ...

40 million retirees to 80 million in one generation, birthrates are declining and health care rates are going up. this pay as you go, social welfare state is fiscally unsustainable. you literally cannot tax your way out of this problem. it is a huge debt problem. youve got greece, portugal, italy, greece, spain, huge debt crises. we should not fool ourselves to think that should not come here. >> defense spending is at its smallest amount percentage of gdp in years. here is your problem with you...

It is a huge debt problem. youve got greece, portugal, italy, greece, spain, huge debt crises. we should not fool ourselves to think that should not come here. >> you must have a huge constituency in wisconsin. they must have ph.d.s. they understand the problem. i dont know anybody who wants taxes to go up or benefits to be cut. thank you, congressman paul ryan. i see why the president likes you, or at least in theory. charlie rangel steps down as chairman of the ways and means committee until...

It is a huge debt problem. you have greece going down, the pigs, portugal, italy, greece, spain, huge debt crises. we should not fool ourselves to think that should not come here. >> you have a heck of constituency. they must have ph.d.s. i dont know anybody that wants their taxes to go up or benefits to be cut. thats the nature of the beast. thank you, u.s. congressman paul ryan. i see why the president likes you or at least in theory. up next, charlie rangel steps down as chairman of the way...