hearings on what america looks like when interest rates double and we re paying trillions of dollar services the debt or the economy goes up in flames. i want those hearings because that s going to happen if we don t get serious about the debt brf i agree with those things but i m sure saying he has to tie things up. not political. talking about richard s book. by the way, willie i get the early edition of this book. there are not better tips for barbecuing on this book. it s a surprise because you re thinking, okay, i know where this is going. under the circumstances to the middle of it, it s got pictures of barbecue. and the marinades. a whole chapter on hair and spraying your bangs. i love that. something he calls essence of richard. yes. it s so powerful. it s just this sid of emeril
discourages u.s. government from spending on things, national institute of health, investment in schools, infrastructure. it s already affecting the quality of your life. the dangerous thing you have a debt crisis where suddenly we re forced to raise rates in order to attract necessary degree of foreign support for our existing debt and for our future debt and that will slow down the american economy. not for the normal reason. you never want to slow things down other than to deal with inflation. you don t want to raise rates to attract overseas financing. that s when it will have a calamitous effect on people here. love to hear from you on this. paul krugman will say, channel saying world debt, would accuse anybody talking about runaway deficits and debt is chicken little. even if you talk about entitlement spending, there are some people who say it s just not a crisis for another 30 years or so. at what point, answering willie s question, at what point
small government conservative but what dan said, right now you ve got interest rates going up, is now the time to increase taxes, spend, defense spending, infrastructure spending, basically stimulate the economy? you can do some of that. most people feel u.s. economy is not growing as robustly as it should, grow another half a percent, raising rates will counteract some of that. what s missing here, one word never discussed is entitlements. if you want to do something about that you have to tackle social security, medicare, medicaid. unfortunately donald trump said he s not going to talk about the two things that are the main drivers of debt. that s driving the debt. plus again, financing the current debt is going to go up. because if rates go up, we don t want the crowding out of useful domestic spending. weon t wcrowding investment. one of the areas i hope mr. trump recovers, what he said during the campaign, his willingness to deal with entitlements of that s the area
if you look at where we are now, the u.s. economy is not doing that badly compared to other developed economies out there. but the fact is china has caught up dramatically in terms of overall economic power. i think the bigger concern is that u.s. values genuinely seem to be on retreat as a result of both overreach in the cases of iraq and perhaps libya as well as, i believe, richard said before the break reticent by the obama administration to promote them. we re going to see less american values under a trump administration. dan, we ve been talking about riarded book. we ve been talking about something i m concerned about, debt. $5.5, $5.6 trillion. when we left at 11.
we need him to be disruptive. if there were an area for donald trump to say i m going to do something outside the political mainstream, it s tackling entitlements. willie, back in 2009 after concerns about the price tag on the stimulus package, barack obama held a deficit reduction summit. he said we can no longer kick the can down the road on social security, medicare. that sound we ve heard for the last 20 years is kicking the cab down the road. we continue to do it. the question for a lot of people. you re right about debt in the book and the threat of it, when does it reach a breaking point where it hits my life. we hear about this in almost theoretical concerns over generations. the debt is exploding. life is going on. my check still coming from social security, medicare, medicaid. when in the breaking point? when does this become existential problem for mechanic. when it crowds out spending,