this is goldman sachs, the very well known investment banker, very powerful and famous, they ve come flat out and said, look, we are not going to have the kind of vigorous recovery that we were expecting to have. as you point out, they say, look, unemployment is still going to be 8 3/4 percent by the end of next year and the economy will not pick up rapidly but slow down a little bit from where it is now. we ve done some digging into the government s own figures. if the economy was expanding nicely, rapidly, you would expect the government would be taking in a lot more money, because more people are working, they are spending and they would be taxed more. that is not happening. in june of this year the amount of money flowing into the treasury was actually less than it was in june of last year, about a billion and a half less. there you have it. we ve got from 251 billion, 249 this june. that is not a picture of an
expanding, vigorous dynamic economy. alisyn: and they looked at gdp and apparently had to revise their previous estimates downward. does this mean the double-dip recession that everyone has feared? reporter: it means it puts it back on the radar screen. it is now a more likely possibility, if you can put it like that. we were expecting, when we came out of this very bad recession that you rebound quickly. the economy grows smartly and unemployment comes down. that has not happened. we ve got a very, very sluggish recovery, in fact it doesn t feel like much of a recovery at all. unemployment has actually gone back up above 9%. i got some figures from the federal reserve, they show that current truck sales, for example, down by a quarter from where they were before the recession began. that s not a recovery-mode economy. we are eating out less, spending less. the housing market is still falling. we are not buying houses, appliances, carpets, all that
that s what those 25 million people who don t have work desperately need, and this economy needs to be restored to prosperity. if they could focus on that we could dispense with op ed pieces on marginal tax rates and start talking about rising revenue for the federal government. reporter: you make it sound simple, lou dobbs thank you for coming in. great to see you. you can catch lou on the fox list network every night. it heirs we can nights at 7:00pm eastern time. we are monitoring some breaking news unfolding on lake michigan, a 35-foot sailboat capsizes in the middle of a big race. they just found the two missing crew members. we have more on that for you. plus, one quarter of america is now suffering some kind of drought conditions, and this may become a permanent condition, not temporary just this summer. we are going to show you what scientists are considering as the water crisis worsens. and has this debt debate become more about increasing taxes and
but the fact of the matter is i d rather look at my grand kids than look at the polls and i d like to be honest with them and i think we are being honest with them. the american people finally will reward good behavior. the fact of the matter is i think we are doing the right thing. we ve got to continue to do the right thing and not be knocked off because the president has a press conference or two. alisyn: congressman dan l u.n. gren we really appreciate you taking a brick to come on and share your perspective with us. we will monitor over the next two weeks. wall street is on edge today as the debt debate continues. there you see it there. that is we re down on just lee the dow is down 154 points at the moment. worries over whether or not lawmakers will raise the debt ceiling apparently driving down the markets. at one point the dow fell 171 points. investors are also keeping a close eye on europe s dragging economy. coming up we ll have our political panel weigh in on weather on
in an hour or so with thinks plan to cut $9 trillion from the debt. what do you make of his plan? i make of this. in all do respect to senator tom coburn, this is something now for the republicans to work out within their caucus. what we don t need is another lone ranger who has decided that 9 trillion is the right number. we have congressman paul allen who decided that he had to take on entitlements as well as reduce spending by $6 trillion. reporter: paul ryan. ryan. we have a president who is throwing around a number of 4 trillion and doesn t have any detail for it. what we have is a 14.5 trillion national debt. a $1.7 trillion federal budget deficit. we re spending too much money. does anybody in washington understand that? bring it under control, start acting like adults, that s what the nation needs. that s what those 25 million people who don t have work desperately need, and this economy needs to be restored to prosperity. if they could focus on that we could dispense wit