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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. it's a tax, taxes consumption. that's 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, they're 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 going to talk about tax policy, but you've got to begin, as you mean to go on. that means, doing th...

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. they're savers. >> glenn: they also hold our bonds. number one now. >> they do. so if they are in bad shape? we're in trouble. >> glenn: we're in trouble. didn't they, quote/unquote, invest in the future? didn't 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, california approach. >> glenn: well, america approach. stimulus pack aages. >> absolutely. >> glenn...

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. they're savers. >> glenn: they also hold our bonds. number one now. >> they do. so if they are in bad shape? we're in trouble. >> glenn: we're in trouble. didn't they, quote/unquote, invest in the future? didn't 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, california approach. >> glenn: well, america approach. stimulus pack aages. >> absolutely. >> glenn...

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. here's what they say is next. it's about making investments to set the stage for a much more lasting and broad based expansion. >> is that clear to you about what's going to happen? this is what we hear from our government officials. that's why we keep spending the dough like we are. >> you know what, clayton? in that "washingt...

Districts are so safe here it's 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 don't tax me, tax the guy behind the tree. as long as you have a system that allows that -- and california's referendum system allows that in spades. year in and year out. they've been able to pass massive spending programs. and pay for it through targeted tax increases on the highest income californians. a...