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Detailed text transcripts for TV channel - MSNBC - 20130128:12:13:00

Exactly is it urgent that we do something now? because we re not talking at this point about paying down debt. we re not talking about investing. are you saying we don t need to we need to work on project. and i m talking specifically about the main drivers of the debt, medicare, medicaid. where the math clearly does not add up. do you agree? yeah. we know something is going to happen. so why wouldn t that be urgent? health care costs. well, because it s not something that s going to hit right away. what we need to do on health care costs is find ways to deliver essential health care more cheaply. we need to find ways of controlling those costs. we can do that through a lot actually, a lot of things that are already in the affordable care act. we can have pilot projects on different ways of waying for health care. we can have attempts to establish more accountability in medical practice. we can try to have research into what health care treatments actually work, which ....

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Detailed text transcripts for TV channel - MSNBC - 20130128:12:08:00

Political drive. our track record for the longer term is not bad. we have actually tended to reduce our debt at least relative to gdp when the economy was strong. we tend to increase when the economy is weak, but that s what you should do. so this is not a hard call. as long as we have 4 million people who have been unemployed for more than a year, this is not a time to be worrying about reducing the budget deficit. give me something that looks more like a normal employment situation, and i ll become a deficit hawk, but not now. so help me out here. over the past 12 years, 10 years, 11 years, george w. bush spent us $6 trillion in debt. over the past four years, barack obama, under the obama administration, an additional $6 trillion in debt. the president extended the bush tax cuts because tax cuts are keynesian, and he believed that he believed that and they pretty much said so that if they didn t extend the bush tax cuts a couple of years back in 2010, that the economy would ....

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Detailed text transcripts for TV channel - MSNBC - 20130128:12:18:00

Of economic growth and continued low interest rates, you can say we, we can live with this situation. if interest rates go up, if growth doesn t rebound the way people want, if we have further foreign policy situations like something with iran or asia we risk further downgrades. we have $2 trillion that we still need to cut out of the deficit over the next ten years. if we re going to do like what simpson-bowles wanted to do. we re halfway there. unless we re there, i would suggest we leave ourselves vulnerable. how do interest rates rise if the economy remains depressed? there s a whole story of how this is supposed to happen. if people get worried about the u.s. inflating, even if you work that through, it s going to mean a weaker dollar which is actually a good thing. look at japan right now. this is important. japan right now, i don t have everybody tells me that prime minister abe is not a good guy. but he is now pursuing an aggressive policy of fiscal and monetary stimu ....

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Detailed text transcripts for TV channel - MSNBC - 20130128:12:22:00

Care of our entitlement programs. create some confidence. that s not necessarily true. i wish it were a long way off. i feel like we re talking about climate change. my god! deniers. it s a huge difference. it s a long way off and it may not be true? erskine bowles who was bill clinton s former chief of staff, he ll tell you we re ten years away on medicare and medicaid. peterson will say 20 years away. if we re going on this climate change, every year that we don t do something, we re putting 35 billion tons of carbon dioxide into the air. what exactly are we doing this year that will make it harder for us to deal with health care costs in the year 2025? we are not actually running up debt any faster than we should. all you re saying is that we should lock in now the health care changes that we think we will have had to make within 15 years. there s no comparable urgency. there s no it just doesn t work the same way. that s a really bad analogy. the budget/climate ....

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Detailed text transcripts for TV channel - MSNBC - 20130128:12:10:00

You know, this is epical. this is not something that s going to happen, hopefully, until a couple of generations from now. we should have hit this you re talking about the 2008 collapse? that s right. so you don t think we re facing what japan faced? you don t think this is you think this is cyclical? are we going to well, yeah, it is cyclical. there s no indication there s no hint there. people have looked for evidence that there s some fundamental flaw in the u.s. economy that accounts for this. and it just isn t really there. you know, of course, we d like our workers to be better educated. we d like lots of stuff to be better, but that was true in 2007, too. there s no sign that that accounts for this dramatic deterioration. this is just plain not enough spending. but i think we can begin to address our entitlement problem without putting on the brakes. if we don t, what worries me about what paul krugman and others are creming, e i recomme ....

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