congress cuts or eliminates more than 200 federal programs. and it reforms dozens of others from health care to homeland security to education, so that rather than throwing money at programs with no accountability or measured result, we re committed to funding only those things that work. all told the budget budget cuts i ve proposed will bring domestic spending to its lowest share of the economy since dwight eisenhower. let me repeat that. under my budget, if it were to be adopted, domestic discretionary spending would be lower as a percentage of gdp than it was under the nine previous administrations. including under ronald reagan s. but we know that this kind of spending, domestic discretionary spending, which has been the focus of complaints about out of control federal spending, makes up only about 12 percent of the entire budget. if we truly want to get our
around, i talked to someone yesterday who said the velocity of money right now is zero. you put it into the banks and it just stops. what s frightening, if you look over the past couple of decades, what s so frightening right now is that this economy has been primed. you look at the late 1990s. and we had the high-tech revolution. and then you had the wall street bust. all the dot coms and all that. then during the bush administration, we cut taxes twice, we fought two wars. we launched a $7 trillion entitlement program. the biggest domestic discretionary spending ever. we did everything. you talk about keynesian economics. conservatives don t know this. george w. bush was cakeynesian economics on crack. barack obama comes in. he s talking about spending even more money. despite all of that spending,
all those promises which is make sure thigh deliver for their demographic base and shrink the government. the place to go, the place where the money is is to go after programs for the poor. there s no way around it. that s right. in fact, that s exactly what paul ryan and his committee have decided and all the republicans. republicans basically have decided domestic discretionary spending is where you go and those are overwhelmingly poor people s programs. now, what ryan is not admitting is the logical implication of his story as it was and is, is to end all means-tested programs and give out universal benefits like social security and medicare. right. or here s another thing. we ve had ron on, a conservative millionaire out in california, he s been on the program. you know, he s pushing from the right for a higher minimum wage. he s basically making this argument, yeah, people don t like government handouts and would be far superior rather than the earned income tax credit if we r
march 18th, that s when the money runs out again. between now and then another partisan clash over the piece of the budget called, quote, domestic discretionary spending. what a fine example of democratic self-governance we re setting for the rising arab world. the hoax, of course is that with both parties keeping the biggest chunks off-limits in these fights i m talking about defense, medicare and medicaid, and even social security which gives billions each yore to well-on families that don t need it. instead our laiders think these cuts are sending signals that they re serious about getting serious, someday. are you receiving that signal, america? meanwhile, no one is talking about taking on our medical