was during a recession. by 1986 the economy was roaring and he beat bob dole. now joe biden took over the american economy as president. one of the weirdest most intense crises we overhead scene. it s something the world hadn t seen in 100 years. but he has turned it around. today he was in chicago to take credit for what he called bidenomics. folks, let me say this clearly as i can. the trickle down approach failed the middle class. a failed america. [applause] guess what? bidenomics is working. the economy was really during the pandemic, and today the u.s. has the highest economic growth rate, leading the world economies since the pandemic. the highest in the world. [applause] biden might say, that s true folks, literally, no joke. by all accounts the biden ministration to the american economy, he was two months into office democrats pass the 1.9 trillion trillion dollar rescue
asked for. even though he raised the ceiling three times. ron desantis, and nikki haley blamed trump and democrats vote for rising debt levels. senator tim scott, the only 2024 gop candidate who could actually vote on the deal, voted no. what happens if any of these people become president, congresswoman? the nerve of maga extremism like desantis and nikki haley and tim scott. they refused to even put on the table restoring some of the 1.9 trillion dollar tax cuts that were unpaid for, that blew a hole in our deficit on their watch, under donald trump. tax cuts that went to some of the wealthiest most fortunate americans, and almost none of that that went to the middle class. if you re going to come to a bar part is in agreement, taking responsibility for your own contribution to the deficit
we talk to dr. kasich about this a few minutes ago. everybody i talk, to every republican and most democrats i talked to will say, in this is a bipartisan view, the budget and appropriations process which was designed for this, the appropriations process, which was named the united states constitution, as a responsibility of congress, is broken. it would be much better to never, again, have this conversation as part of a debt ceiling increase, but to always have it part of a budgetary process. which just doesn t, working, congress anymore. i m one of the best things we could do to try and keep this back to normal is not to have a party when it has got one party control. my colleagues on the other side of the aisle did for two years, when we got the house, the senate, in the white house, not to shove do everything they want. there is something to be said for trying to find some common ground, and all they passed a 1.9 trillion dollar american rescue plan, i asked them how they were go
chooses other processes to, really in good faith, negotiate. because it is valid. you and i will disagree on whether we should have spending cuts, versus tax increases, but that is, as you say, the business of government. that is how it supposed to go. should we just be done with this debt ceiling nonsense, for once, and for all? but i would say our focus on spending should be during the appropriations process, the disagreement should have some reforms to use the 12 appropriations bills, so we can compromise on that right there. what if we have an encounter, ali, but as this debt ceiling that allows us to be introspective, we flocked 32 trillion dollar debt ceiling is very big, and the president s budget proposed a 1.9 trillion dollar average increase in deficit spending on average for ten years for 19 trillion total, and we were on the pathway for a 200% gdp ratio which is way too high. it is unsustainable.
our next guests advised for obama. let s bring in mohamed el-erian and robert wolf. robert, i always say we go to you a lot on politics, but you ran one of the largest banks in this country for quite some time and managed it through the financial crisis, so your voice is very important here. and mohamed el-erian, you as well. this sound from the republican from louisiana this morning. he ties president biden s inflationary policies to the bank s collapse. listen to this. this is a direct result of the biden inflationary policy. inflation is going up. the fed has to raise rates, and these banks are being caught in the undertow, so go back to his 1.9 trillion dollar kind of blowing out the budget, and you draw a straight line to the signature going down. sandra: robert, do you