Debt Ceiling Debate – Conservative Vs Progressive Take

Debt Ceiling Debate – Conservative Vs Progressive Take

now we have a recent conversation with
that two people who probably disagree emerges a professor smith school of
business university of maryland is former chief economist at the u_s_
international trade commission uh… david kay johnson is uh… pulls a
prize winning our writer who now works with lawyers uh… i wanna welcome both of you and peter out let me start with you
uh… went on about how he on the steps of prom in the first place and based on
the uh… something you wrote but uh… obviously big news today so i want to
ask you guys both quickly what you thought of the deal uh… peter uh… what’s your thoughts
on on uh… the debt ceiling you entered noy it would work things were going to
happen amid a little bit reporting people they were unhappy they felt that they didn’t accomplish as much to think thought they should and you played some clips from you know
boats on the progressive wing of the democratic party late but they’ve been
sold down the river by their president uh… released by the circumstances that
compelled him to take the action think that i would point out that in even the most militant among them
uh… nor most disappointed looked with cues more appropriate language uh… yale felt that that you were still
there president then he was doing the best they could but nobody would happen okay well missouri after among the most progressive let’s put it that way i
think and i don’t think he’s our president alright p_t_a_s not at all
progressive he’s our president earns overall united states citizens i told
the respect that but if you tease a progressive president i_d_’s miles away
from them by the way it is the point of clarity the tea party why nobody
according nate silver’s count thirty two twenty in favor of this bill so they weren’t as dissatisfied as they
pretended to be uh… and david what’s your handouts on
the stuff well this was a complete manufacture and
bobby crisis uh… absolutely no necessity i’m in
singapore where quite literally people when you bring this up for them are astonished at the first but they see
in washington the the wave of this issue has come out um… it is the best funded programs with
dedicated income stream social security and medicare that are under the greatest
assault even though they have dedicated funding
streams that can be adjusted as well as other things about those programs and is completely unbalanced just in the
business can’t get to prosperity by cutting the federal government cannot continue
this practice of though very wealthiest americans pet
travel much smaller tax burden then middle-class america and so it’s completely on balance right objects no pure wrote about how we
got into this mess that the uh… my sense of how we have in this mess
that and the fact that we have the raise the debt ceiling the first place is
because the spending we already did which we all agree on a course in the
spending we already did it seems is uh… over a trillion dollars for the
iraq and afghanistan was about one point three trillion i believe uh… and then that could rise by its as
some uh… asses all that the three trillion depending on what you think in
a town et cetera and then you’ve got we’ve course the bush tax customs for
gigantic but your contention is that’s not how we
got on the stand so i found a really interesting what’s your thoughts on well if we put the propective it doesn’t
fit in the last year before the crisis we’ve had the wars going on and we had the bush taxcut note that
bush is uh… pharmaceutical they pick drug benefit fifteen years and the deficit was only alleged sixty
one billion dollars now we’ll put posters period by the
medicaid at that time that there was only a hundred and fifty one billion
dollar that substantial doubt that the fed only one-tenth of what we have now now we have increased spending
dramatically fen-fen and not for the war but for other things and we haven’t adequately funded them and we’ve gotten to the point where
we’ve got basically two choices what is this because i don’t believe any
of the budget projections but i the president has put out uh… i think we’re much worse physical
shape going down the road even with the war is ended than those projections would indicate
that we can come back to that we’ve ever thrifty choices we can raise effective
by about ten percent of g_d_p_ that word one point six trillion dollar
debt and that would mean bay at twelve
thirteen fourteen percent value added factor that everything would be in a value-added tax or you know it
spinning complected even larger than that because everything get captured in the as income in income
tax to moderate spending somewhat you know david referred to of you know
stuff was dedicated in countries with paypal security people living along longer when you get
the fifty-five you got to be content to living in over twenty years got about a fifty percent chance of
living in the twentieth bottling up unreasonable to pay the
american his faith work longer you know i’m fifty two high plateau working beyond fifty-fifth you know maybe seventy and then you have a somewhat shorter
require a film you know some requirement i think there’s a reasonable sacrifices today what i want to be but i
think the government does panetta wanted want to explode before you have a chance
there but i would like to have a chance that yourself with the american government does for
its people is not unreasonable when you look at other events
industrialized country but i think we can with present lee uh… and i’m not anti government but i mean i
look at health care and how much we spend on health care the
united states is the hamas determine them you know considerably less uh… but yet they get better outcome yellow statement that we have is a
government smaller more water colors but yet the government’s far more
involved in german health care but i will add the respond because you made a
lot of points there didn’t they just got well canopy regard about teaches
business schools but agree on a lot uh… but on this one i think we have
some very sharp disagreements first of all um… the while it’s true that in the peak
year of the economy the deficit was much smaller we were living in an economy that was
probably being fueled by bad economic and by awful non regulatory event and if you look at the c_b_o_ report it
shows that basically the cost of these bad policies of not regulating the banks
archiving eight point six trillion dollars to our debt i have to book the c_b_o_ protections
from january two thousand eight compared to january two thousand knocking v deficit if they’re partly because we
have stabilizers when lots of people were out of work they get unemployment
benefit peter suggest working later or i don’t
have a plan to retire but you know what i have an office job just like you and
peter but what about people who are factory workers what about people who
employers will not higher because their hair is great uh… that we have to have a system that
recognizes that everybody doesn’t have a a high education and an office job and finally we need to remember that in
health care where peter and i agree with that the
cost versus the outcomes are completely indefensible the fundamental reason for that type of
we have a health care sick care system driven by profit
instead of public service if we’re in um… the health care the kindergarten
to america the way we run health care coverage in the garden teacher would
spend several hours a day filling out paperwork highgate seven crane crayons
to boys today but only for the grills and the reason for that different here uh… we need to have eight rational
health care system and if we fix health care alone the budget deficit combs elect idea i i
wanna talk about a good couple things have david just mention in
anthro couple my own and he say in two thousand seven while the budget deficit
was not bad but three things i want you to address one is well president bush
had a five hundred billion dollar surplus the work with and he turned that into a deficit in two thousand seven in two thousand
seven we were at the height of the bob and so obviously the ball at some point
was getting uh… blow-up which it did and then it led to these disastrous
consequences which made a deficit much worse in fact
when president mama got in office he was the only one point two trillion-dollar
deficit and finally wield a lot of these actions like the way wars and that tax cuts are back loaded
so that wars health care costs remain forever for decades and decades so it’s they say well in two thousand seven
briefly at the height of the bubble we were all carry but don’t you see that
the bubble was gonna burst all these costs are back loaded and by the time obama came in there was
already a gigantic tapas well uh… where do you wanna start measuring with
the democrats had their impact in two thousand seven is when the
democrats took over the congress and pauline kael mumbai feeling to know
about it but there were a democratic congress and that the change things but every we went through we went
through the recession it would come out now and we should really have deficit this
large but wasn’t that we did do go through the recession was spend a lot of money that was
supposed to be of a temporary nature but now it’s proven to be permanent so you know we have to look at where we
are help if you can ask me to defend president bush is fiscal policy a method is if you you
introduced me as a conservative in a libertarian not a republican alright uh… i think that he did a great job
squandering a wonderful legacy for bill clinton in
terms of pop by healthy economy ventana budget
surplus but i think that it in the world of dealing with right now assumed that their structure of the
deficit that we have right now and how much of it is healthcare so well looking i think you got a really really
really is that if you go to you couldn’t make it was a literary city we have to
deal with the probably com favorite characters but the paternity do
you think or going to have to start cutting but i’m advocating is doing things
better i’m not advocating giving people less
benefit i want to reform health care british trading and health care alone won’t solve it you’d be we would probably get back
about five percent g_d_p_ that way we went into effect the whole for the
purposes of open defects everything that you can take we’re gonna have to start cutting her
father think or that and i think those securities a
good place not too much because i want to get people let benefit but they getting more benefit for the
use of the bill any longer so we’re gonna have to say we’ll have to
deal with the with the issues that we talked about about people who can’t work that seventy
five that theirs is that they’re not
professors the way we or but the other hand we have a lot of
people retiring or we dont and don’t know that that is wholly appropriate
quite david let me actually some of those style ideas appears over to you so
first of all ideology totaled one point two trillion odessa left by bush by how
much fun it is all bombing going forward i think that’s a fair question and then
here peter says it ought to make of the one point six trillion uh… we have to
raise taxes by ten percent g_d_p_ uh… could we raise taxes would we have
to reason that much given that the bush tax cuts cost us one point seven
trillion all right now taxes are running last and
fifteen percent of g_d_p_ historical averages eighteen so clearly we can afford to tax
increases and when we have people who have multi
billion dollar annual incomes who at least er two thousand nine paid no
current tax and we don’t know yet cuz the debit money and whether that still
true um… we certainly have people who can
afford to bear higher tax burden for the good of the country in the long run but we have to balance our budget but
more importantly have to have policies that create jobs conference in different
countries the government here has announced that
it will uh… strive to increase in real terms
incomes by thirty percent over the next decade you know in america the median wage of
workers has been stopped now for ten years that just over twenty six thousand
dollars a year we are pursuing tax and business
policies in america that are destroying wealth uh… overall that are piling up with
welfare is to a very no class of people of the top we’re careening and using up art infrastructure instead of
reinvesting in it and we have politicians debating
nonfamily but we don’t have to have a debate about it all as we saw with the
step feeling because the public has stood by him said
well i’d rather be interested in who jennifer lopez’s meeting this week than dealing with the real underlying
issues we certainly need to make some
adjustments to social security to recognize uh… changes have taken place in our
society dot com minor minor problem solved well the only thing we have to keep in
mind is the real cost of bailing out wall street
instead of letting peace failed executives go broke and i’m pretty sure
peter will brief you about this that was a terrible decision to yet another moment not if we had to save
them for some reason to not pay them only in that sense of protecting the
economy here right back to what they were doing
before they will create another financial crisis in ur for later and the cost of that we can pretty well
except it’s about eight trillion dollars of added that to the federal government look nice i hope we all agree
on that day that was a bipartisan disaster bush started it all bombing
continued its and uh… you know i wish that conservatism which is actually
protest against that spoke to your final question goes to you uh… you know we are at fourteen
percent g_d_p_ for taxes it is a historically low rate in fact i read an article in bloomberg
news talking about how uh… our treasury bonds are so incredibly low
interest rates because investors believe we can raise taxes so much more and that we have room to raise those
taxes and hence we’re not really in uh… as much physical trouble as it
would appear from outside do you agree that given other tax rates being historically
low we certainly could raise that their particular uh… words of one of the problems are raising
that taxes on upper-income individuals is there are a lot of people are paying
you know sixty percent marginal rates because they’re not they don’t have the
privileges that wall street hedge hedge fund traders have uh… the the real problem is in
embracing more attractive bmp fairness that that in that some people deal with similar
incomes paper a great deal of tax than others uh… don’t pay very much of our virtual
where they are in the economy and uh… what benefits or bestowed on
that industry uh… you know trading on wall street is
is is it is apparently packed uh… at the capital gains rate even when people
don’t have any capital invested severest you know i agree with david that they’ve
just a few greeted me at that we need to make a deficit social security we need to make adjustments in taxes and uh… my feeling is that if if we stop worrying about the mistake of past president and current president and look at the ten percent of g_d_p_ we
have to the following that if we get a real job trading at health care and we get a real job of straightening out of school that a real job retraining our cactus that we can get all the things that as i
said earlier provide people with the level of government service
they deserve and should it backed by the standards of other kind
life if you think benefit we deplore out of time but uh…
since i saw your last word looked at your job it depends on how now
what about the pass on word about the future i worry about this still i worry
about the super congress and what they’re gonna do if you say by tweaking
social security you mean raising that other people pain after a hundred six
thousand dollars of income i’m with you if you say raising the retirement age
i’m not with you you know and the list goes on for how
you treat these things and how you change these things you know a little or
health care costs the as you point out the germans have about a mile they use
government all more a public option would have lower cost possibly tremendously depending on how
wide it was but we didn’t go in that direction so there are smart ways of
doing this unfortunately the republicans i don’t
think i have no smart ways and the democrats keep agreeing with that that
is my opinion you just heard that they need to peter murray sees a professor
smith school of business at the university of maryland and activities
are simple surprise wedding right now with reuters thank you both
for joining us from really do appreciate or the pet potter

40 thoughts on “Debt Ceiling Debate – Conservative Vs Progressive Take

  1. Yes taxes are historically low.
    Because less people are filing 1040s.
    45% of Americans didn't file their tax return.

  2. Maybe the construction worker could work longer if he had respectable health care, wasn't working 60 hours a week, got more vacation time, etc.

  3. i know there is alot going on here, but there in 10:18 i could hear cenk saying in my mind, "how dare people live longer! we have to cut social security" XD
    also, am i wrong or social security had a surplus of like 22 trillion dollars? but that they already spent? so the solution is not to pay your debt to the people but to pay your debt to the banks (remember how most of the debt is to banks?) this is all to weird for me.

  4. When the soviet union collapsed and its workers went unpaid, we treated it as a normal event… well, now the other evil empire is doing the same. Imperial overstretch destroys empires as the hubris never goes in reverse, the deck chairs have been rearranged, the empire is still sinking.

  5. Can you imagine an interview segment this professional happening on Fox News? Bill 'O would cut Johnston's mic off and be screaming at him.

  6. Jennifer Lopez is married/gettng a divorce, get it right David Cay Johnston. Geez, you'd think a Pulitzer prize winner would be up to date on the important things in the world, sheesh.

  7. @TheGiantRobot
    I 100% agree with you. I personally consider myself a real fiscal conservative. Nobody would run their household or business the way the US Government is ran. Unfortunantly, there is no real media that caters to the true financial conservative. The closest we can get is Fox which operates under the guise of fiscal conservation, except when Bush was spending a ton, or when the proposal greatly benefits the rich.

  8. Great interview.

    NOTE TO CENK: You're not the most progressive. You're center left. There are many, many people in this country to the left of you, and despite Bill O'Reilly's proclamations, we're not the fringe element or insane.

  9. @Tanfeliz
    Anybody who is slightly left in this country IS FRINGE! The Tea Party IS REAL AMERICA and represents the OVERWHELMING majority of this country! America IS a RIGHT WING CHRISTIAN NATION! Libturds, Progressos and anybody with a little bit of left in them is RADICAL ANTI-AMERICAN FRINGE people!

  10. This is a clear sign that Obozo WILL be a 1 term EPIC FAIL and he WILL LOSE TO SARAH PALIN! WE NEED President Palin for only she has the ability to completely fix this whole fiscal mess! She will balance the budget in her 1st year and create greater surpluses than Bubba with less taxes than Dubya in her remaining 7. She will keep spending in complete control and keep taxes low for EVERYBODY! Our economy will fully recover with Palinomics and Unemployment will GO DOWN TO ZERO along with the debt!

  11. @CalexanderJ

  12. @ecwaufisxtreme You forgot to mention that Sarah Palin will ride in on a winged unicorn and butt rape all current politicians.

  13. @MultiUniv3rsal
    BOTH of these ass-clowns are Sarah Palin's DICKLESS and BALLESS BITCHES and PUSSIES! Palin has VASTLY SUPERIOR knowledge of economics over these FRAUDS and she will PWN them in a debate along with EXPOSING THEIR PUSSIES!

  14. Morici is deliberately being misleading at 3:30, the deficit for fiscal year '06-07 was around $500billion, not $161 bil as he states. His figure reflects debt held by the public, but doesn't take into account intragovernmental holdings, which also contribute to the deficit. When he later refers to Obama's deficit, he is including both public and intragovernmental debt. That kind of distortion of numbers sort of discredits his other decent points.

  15. @LastBref Sure. I'm a feminist, and his non-stop sexism bugs the crap out of me. I'm also a vegetarian and believer in animal rights. Cenk is much more pro-capitalism and pro-war than I am.

  16. You can't ask construction workers to work until they are 67 that not right… what about licences for jobs with low life expectancies where you can retire earlier for every year you work in these types of industry?

  17. @MultiUniv3rsal

    The point is. These two people are adults. Many of the republican politicians and anchors are simply not grown up, they´re not adults in their brains, hence they can´t have an adult debate.

  18. all i can say is this, progressive in a way can = centrist thats just my opinion of course, total progressive also just like total rightness (republican aka can never happen!!!! this is why its a mistake to believe in actual right away change, for change to happen will always take time cause trust me over the years lol it will happen either way!!!!! just takes years!!!!! and @ times longer then ur able to live!!!!

  19. People are NOT living longer. Infant mortality is going down, making the average life expectancy go "up." It's simple math.

  20. @MultiUniv3rsal Suppressed. The mainstream media look for: a) Sensationalist speakers, and b) Biased speakers. Reasonable speakers are boring, and are contrary to what the prime media look for.

    It's why I look for programs like TYT — It gives a nice, contrasting viewpoint from what is normally shown, so that it helps me to form a more accurate opinion of what's happening in this country. Certainly not perfect, but it sure helps….

  21. I'm honestly shocked neither David or Cenk disputed Peter's fake point about people living longer. Studies have shown that most people are living roughly the same amount of time they were when SS was created, the only difference is upper income people (lawyers, doctors, etc.) are living a lot longer, thus they affect the final average. And it would be disingenuous to use that number to advocate for factory workers, bakers, etc. to retire later when their average lifespan hasn't changed much.

  22. @theanimal777 Working longer isn't always a bad thing, but working longer leave younger generations out of work because the older generation is staying in the jobs longer. Yes we can raise the age, but it should be dependent on job type, if you're manual labor retiring sooner will eat up less medical bills.

  23. @MrBobbillo
    that's an interesting suggestion. i like it! 🙂
    I would switch "life expectancies" to something to do with physical capabilities, but I get your drift. Looking at the statistical data, it would probably work something like for each year after 30 that you work in a physically demanding job (fireman, factory worker, construction..) you get "credits" to retire earlier without penalty.
    also anyone could have a doctor evaluate and give you extra "credits" due to medical factors.

  24. @dEdGrimley
    don't forget when they say (with a wild look in their eyes) Obamacare is costing adding TRAZILLIONS to the debt!!!
    except that the houses made those changes phased in over years and nothing has really hit the budget yet…
    but that never stops them when they scream SS is killing the budget when it has been self-funding..
    Sooo many people give congress a pass when it comes to the deficit, when they are the prime offenders 🙁

  25. This was not anywhere around OPPOSITE of spectrum, this was way off opposite.

    I am a libertarian who is on the OPPOSITE of that Marxist over there.

    US GDP is in decline, it's falling at over 10% annual rate, since the real inflation is 13% and government understates it by about 11%, so the deflator is not real.

    US is paying much more taxes than it ever was in absolute terms. SS must be abolished, so must Medicare and income taxes and business subsidies. Wars must be stopped.


  26. @dEdGrimley Health insurance premiums had been rising, at an alarming rate, for more than a decade before Obama took offic, hurting small businesses and individuals. Bush and his cohorts never bothered to focus on this, and allowed Medicare costs to increase by failing to cut a hard deal with Big Pharma. Over 30,000,000 Americans had no health coverage, a raging embarassment, I think, for the 'greatest nation on earth'.

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