federal government. really, where, where? manufacturing, housing. sean: housing, housing? most people are underwahang on i need to add one other piece. he s given us 6 trillion dollars, 6 trillion dollars, caroline in new debt. do you know what he s done, if i use the same hyperbole, he stole that from future generation, stealing from children, those poor kids money and breaking open the piggy bank, he s a thief. i can imagine him in the bedroom at night with a hammer, sean. the fact is the deficit problems started in early 2000 s with two wars we couldn t afford and tax cuts we couldn t afford. comes back to bush, caroline. hold on a second. first of all, i want to go back to something you said before. manufacturing, can i point out here you re talking manufacturing in the united states or manufacturing over in china? look, we are losing jobs here. we re seeing our unemployment rate go up. and frankly, things have not
earlier this morning, you said that well now may not be the time for tax increase. you said the idea of it being part of a package. as governor, you didn t raise taxes. how many times did you cut taxes? i cut taxes every year when i was governor. sean: every single year. yeah, and to me, growing the economy would create exponential revenue, much more than the effort to try to he redistribute well. the strategy for the president isn t to create revenue to deal with our structural deficits and it s to create a new america through redistribution of wealth, where success is penalized at the expense of those that are struggling and what we ought to be doing is building capacity for those that are struggling so they can be successful as well. and that s what s missing in the debate. but my point of view is that we shouldn t be drawing lines in the sand. if we have structural problems that are going to be the demise of the country and i think our deficit problems ten years from now will
earlier this morning, you said that well now may not be the time for tax increase. you said the idea of it being part of a package. as governor, you didn t raise taxes. how many times did you cut taxes? i cut taxes every year when i was governor. sean: every single year. yeah, and to me, growing the economy would create exponential revenue, much more than the effort to try to he redistribute well. the strategy for the president isn t to create revenue to deal with our structural deficits and it s to create a new america through redistribution of wealth, where success is penalized at the expense of those that are struggling and what we ought to be doing is building capacity for those that are struggling so they can be successful as well. and that s what s missing in the debate. but my point of view is that we shouldn t be drawing lines in the sand. if we have structural problems that are going to be the demise of the country and i think our deficit problems ten years from now will
defense are a backdoor thing. they have been in that argument. from the perspective that we still have 8% unemployment, what s so perverse is there is a broad consensus that we need a short-term counter cyclical policy and the deficit problems are genuinely mid-to long-term. what happened is the absolute reverse. nothing happened in any of these deals to do anything about the mid-to long-term. the affordable care act has been about short-term construction. austerity and none of the stuff that the. pete:ersons of the world do. it s a perverse out come. not only austerity, but we have absolutely no reason to suppose that there is a medium or long-term problem. the problem is reflective in somebody calculating and
now what the report shows is okay. well, that added about $4.6 trillion cumulatively over the next ten years in debt. the debt service is going to be enormous. it s crowding out everything. like you say, it will be at an all-time high or nearly an all-time high, more than 3% of national income pay just to service the public debt by the end of the decade. right. you talk about crowding out. by the way, more than not only defense but more than all of the civilian programs of our government. everything. yeah. except, of course, medicare and medicaid. exactly. and speaking of crowding out, jeffrey, people say oh, we don t have a debt problem, which is just shocking to me. and now some of obama s, i think, most desperate supporters are saying oh, the deficit problems over the deficit s going down. this year alone, medicare, medicaid, social security and interest on the debt consumes every dollar that washington