Page 7 - Fred Block News Today : Breaking News, Live Updates & Top Stories | Vimarsana

>> first, ours does get to balance. if you have better growth, ours gets to balance pretty quickly. but if you look at the chart, to put it in perspective, for the last 40 years, the federal government has taken 20 cents out of every dollar made in america to run the federal government. what this path that we are right now on, that the president is proposing says, by the time my kids are my age, let's take 40 cents to pay for the federal government. by the time my grandkids are raising their grandkid, we are taking 80 cents just to pay for this federal government at that time. no new programs,...

Loans, housing loans, business loans, home loans, all of that is really expensive. it shuts down and slows down the economy. at the same time, you can have an inflation problem that can get out of control. so your money isn't buying much because of the federal reserve -- >> sean: last question. >> so america is greece. america's broke if we stay on this path. you are saying that everything that has happened in greece comes here. is that what you are suggesting? >> yes. we think it's a debt crisis, cuts the seniors, huge tax increases that hurt the young from getting jobs and high interest rate...

Plan for getting government spending and borrowing under control and paid off. >> sean: let me go back to this chart here. as you know, they have demonized you ever time have you talked about dealing with the -- the foundation in terms of the problems that are the root cause of the problem, that's entitlements. >> that's right. >> sean: the green line is the republicans budget propoafs. you are saying the current path-- the red block there, that that is the president and the democrats' plan. >> yes. that's what -- that's even in the president's budget. he shows those numbers. that's what the g...

Balance. if you have better growth, ours gets to balance pretty quickly. but if you look at the chart, to put it in perspective, for the last 40 years, the federal government has taken 20 cents out of every dollar made in america to run the federal government. what this path that we are right now on, that the president is proposing says, by the time my kids are my age, let's take 40 cents to pay for the federal government. by the time my grandkids are raising their grandkid, we are taking 80 cents just to pay for this federal government at that time. no new programs, the current program promis...

Loans, housing loans, business loans, home loans, all of that is really expensive. it shuts down and slows down the economy. at the same time, you can have an inflation problem that can get out of control. so your money isn't buying much because of the federal reserve -- >> sean: last question. >> so america is greece. america's broke if we stay on this path. you are saying that everything that has happened in greece comes here. is that what you are suggesting? >> yes. we think it's a debt crisis, cuts the seniors, huge tax increases that hurt the young from getting jobs and high interest rate...