Page 24 - Spending Programs News Today

Tax? how would that work? is it a real possible? >> in terms of the value added tax, the tax i was has international experience. a lot of companies have used it. its a tax, taxes consumption. thats our problem. we assume too much, save too little. i will say the big problem in our budget is one that is spending. if you look at the obama budgets, theyre going to run a deficit of $1.2 trillion in 2020 because spending will be $1.2 trillion above historic norms. a congress and administration are go...

Between greece and the u.s. but the difference is japan has huge amount of debt. that debt is burdening japan. but much of the debt for japan is internal. theyre savers. >> glenn: they also hold our bonds. number one now. >> they do. so if they are in bad shape? were in trouble. >> glenn: were in trouble. didnt they, quote/unquote, invest in the future? didnt they the all kind of spending programs? they have been like this for a long time now. >> they did two things. one, a lot of spending, cali...

Between greece and the u.s. but the difference is japan has huge amount of debt. that debt is burdening japan. but much of the debt for japan is internal. theyre savers. >> glenn: they also hold our bonds. number one now. >> they do. so if they are in bad shape? were in trouble. >> glenn: were in trouble. didnt they, quote/unquote, invest in the future? didnt they the all kind of spending programs? they have been like this for a long time now. >> they did two things. one, a lot of spending, cali...

Unemployment rate below that 10% and below the 8% because it peaked over 10% and it failed to change -- stop some of this waste and fraud that was involved in some of these spending programs. >> right. just as we usually hear from the government, not a lot of specifics. heres what they say is next. its about making investments to set the stage for a much more lasting and broad based expansion. >> is that clear to you about whats going to happen? this is what we hear from our government officials...

Districts are so safe here its very hard. the ship moves slowly in california. >> glenn, you can get institutionalized class warfa warfare. we saw it in oklahoma where they supported dramatic increase in personal income tax rate and corporate rate to pay for social programs. to them it was dont tax me, tax the guy behind the tree. as long as you have a system that allows that -- and californias referendum system allows that in spades. year in and year out. theyve been able to pass massive spendi...

They would come back and learn a lesson. we are seeing it now but the districts are so safe here its very hard. the ship moves slowly in california. >> glenn, you can get institutionalized class warfa warfare. we saw it in oklahoma where they supported dramatic increase in personal income tax rate and corporate rate to pay for social programs. to them it was dont tax me, tax the guy behind the tree. as long as you have a system that allows that -- and californias referendum system allows that in...

Flat-out are not going to ever agree? >> mary, 95% of the american people, as the president said, no one has disputed this, 95% of the american people have already received a tax cut from this president with the stimulus package, something that the republicans, you know, support the president putting in the package and then voted against it. i think its important we give the president some credit for some of the efforts hes already put forward on the table and see if republicans can meet him hal...

There. >> its kind of like a runaway credit card, as you saw with lisas numbers before. we were looking into this. in ten years, the number lisa was talking about, we will spend almost as much money as the interest on our debt as we do on our entire national security budget, wolf. imagine that? as much on the interest as we spend on national security. so something has to give here. this is completely unsustainable. i think people are realizing this as they see the numbers that lisa was pointing ...

Because if the hard earned tax dollars can be treated like monopoly money. >> the president is going to have to be consistent and clear. he cant spend big part of his state of the union talking about more spending programs and then say that were -- we have got a serious deficit problem. >> bret: the president, the administration submitted a 3. trillion-dollar budget proposal to congress today. that means the proposal has it at $1.6 trillion deficits for the following year. here is a quick breakd...

Ready to start hiring. unemployment still in double digits and we find out on friday, the big number for the street, january unemployment, if it stays as expected little chance the buyers will get working soon. also next week, the presidents budget is out with a nearly 4 billion dollars price tag, which could be another worry for wall street. especially since one of the biggest spending programs of late is getting a huge thumbs down from its top cop, the watch dog of tarp lashed out with harsh c...