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Weapon that people think it is. greta: not likely we lose almost a diplomatic punch with it. i think we preempt ourselves. we learned to sur remembe surre chinese. i think we ought to put them to the truth and see what they are prepared to do on the debt when we think we have got real interest at stake. i think they will blink. greta: does debt ever create a national security issue in your mind and at what point and with whom? i think it does when the debt becomes so large as a percentage of gross national product that is cripples our economy s ability to recover. i think that is close to the situation we are in. as i say, it wouldn t matter to me if somebody else got a portion of the debt. i think the big objective for congress the next two years is to reduce spending and reduce the debt long-term. it doesn t matter who holds it. it is the threat of the debt overall that is the real ....
Is greece a different structure that accelerated their decline? the same problem in greece that we don t have is that the voluntary tax payment system there doesn t work well. a lot of people there don t pay their taxes but the government kept spending. here is where we are right now. this year our national debt is expected to go up to $15.5 trillion, all right. that is about our gdp. at 100% of debt to gdp you start to see the slowing economic growth if you look at other countries that have gotten that trouble. if five years it will get to over $20 trillion on the current course and by 2021 it will get up to over $26 trillion and this is again well above 100% of gdp. this is the scary chart that everybody in town looks at. this is what happens in 70 years from now, when i m 122 and you are just 93 if we don t take care of this problem. this is a percent. 0% of your gdp, 700%, 600%, ....
Looking for bodies. more than 16,000 people are still missing after the march 11 earthquake and tsunami. 12,000 others corn firmed dead. meanwhile, amazing video out of japan. rescuers finding a dog who is stuck on the roof of a tsunami damaged home. they believe that the dog had been trapped for three weeks, but is said to be doing well. i m marianne rafferty. now, back to on the record. greta: inexperience, those are very harsh words for president obama and they come from senator orrin hatch. he accuses of president of not leading the country and says we are going in the wrong direction regarding our debt be problem. he gave us his ideas to fix it. senator, nice to see you, sir. great to see you. greta: the debt, what are we going to do about it? we have to get more fiscal conservatives here. the house now has fiscal conservatives and we have to get people to understand the ....
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