democrats propose to get serious about the deficit? dust off the deficit commission report, the president s deficit commission. look at some of the things we address there. first, $3 in spending cuts for every dollar in new revenue. so, it was serious when it came to cutting spending. you must do that. secondly, when it came to revenue, look at the tax code. chris, in all the time i have been in washington, we have never put the tax code on the table and said, does it still make sense, all the deduction and credits and all the tax earmarks, does it make sense, that cost us $1.1 trillion, each year, all of the tax code deduction, taking money out of the treasury, equal the personal income taxes collected in america. why don t we have that conversation? the deficit commission thinks we should and i agree. chris: and the deficit commission, as you say you voted for the bowles simpson plan calls for raising the retirement age far off in 2075 but you
and we are getting fatter all the time. when will the government say, stick to what the constitution requires us to do. i would say it is not a small problem. obesity costs us $1 trillion a year in sickness and lost productivity. so, what s wrong with throwing some calorie information on a pack of beef? guest: because it doesn t help. there is no evidence that it has helped. in new york city they now have a new rule in fast food restaurants, you must post all this information on the wall. so they do. and they interview shoppers and they say, yes, i am using this information to make healthier food choices. and they looked at the data and people are eating since they put the signs up, even more. we look at the costs and i hear your point about a penny here and a penny there but so many prices are up and you believe this is going to rise up another cost when we go to the store and our bill is bigger and bigger? guest: again, just a fraction of a cent, $1 billion
it down. moody s warns, take care of the debt in the next two years or we ll downgrade you. serious this time. like we did in ireland, like we are warning portugal. what happens then? the cbo said in a report in july if they downgrade us and it costs us more to service the debt that could cost us $1 trillion per year just servicing the debt. within the next four years. the cbo said also, guess what happens. americans need to focus. this is coming in the next couple of years. that means interest rates go up. servicing the rate goes up. that means the bond market collapses. that means mutual funds collapse. that means pension funds collapse. that means this is all according to the cbo. banks collapse. insurance companies collapse. your life insurance policy, worthless. on and on. the congressional budget office said, clean up your act or this is happening.
he left us with a trillion dollars surplus. and bush left us $1 trillion in the hole. what i think is surprising, i think obama s numbers, 52%, are high considering how bad things are. and let s take a look at a poll that shows maybe a disturbing trend for our friend barack obama. you have president obama with 52, and bill clinton with 61%. and look at hillary clinton. 61% for the secretary of state as opposed to 35% unfavor ables. man, has things changed. look behind the polling data, the% of republicans supporting clinton is about twice as high as the republicans supporting obama. and because the republicans and some independentents will decide how well he will do in the mid-terms and the following elections. it will be interesting to watch. she most likely will put her hat in the ring after the midterm elections, especially in the
are moving toward a place where they will have enough votes. we are doing a lot of back-checking for you, the things we are hearing on both sides. let s start off with something president obama has been saying. but this bill, according to the congressional budget office, which is the referee, the scorekeeper for how much things cost, says, it will save us $1 trillion. not only can we afford to do this, we can t afford not to do it. he is saying the congressional budget office says the nation will save more than $1 trillion over the next 20 years. let me show you what the cbo says, they do say over ten years, it will save $138 billion. they were asked to look at the next ten years as well. what they saw for the next ten years, they can t come up with a dollar figure. we can end on that. oefrn t over the next ten years, they think it will save 1/2% of gdp.