WWL>Topics>>11-7 10:10am Garland talks to Veronique de Rugy about elcetion results

11-7 10:10am Garland talks to Veronique de Rugy about elcetion results

Nov 7, 2012|

Will President Obama reach across the aisle to solve the fiscal cliff? And, if he does, will the Republicans accept him? At 10, Veronique de Rugy, Senior Research Fellow @ Mercatus Center weighs in

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Automatically Generated Transcript (may not be 100% accurate)

-- everybody else tired rear to a midnight flush with the national election. -- played the night before Monday -- not saints football roots two and he'll -- -- ponting captain who's shown. You were gonna be doing the obvious talking about two lecturing. And what are the things that. I'm I'm complexion. This congress. Least productive since 1940s so. -- forward to your. Not even though if you congress which president Truman called the do nothing congress in 1948. -- few laws or did less. Then -- this congress is done. There we go locally to the tolls on the bridge. And how many citizens have I had appearance how many calls a viable procedure. We don't trust politicians. -- want to anymore. What money they've -- They can manage what we need. And penalties by had a margin in the bay -- so -- that could change and since -- some. Absentee email -- emailed a military ballots. To be counted by hand. We approve the tow it's told -- -- the guaranteed way to understand that that the money collected. -- could be used on the bridge. It was literally taken out by the legislature. And then we have politicians say trust us. The mismanagement of the money over the last twenty years which was pretty apparent. Moral courage and we said okay. Didn't do a little confused we. Weren't we don't believe the politician we don't trust some. Do nothing congress. And I think -- return most at least. The results are of -- -- most. Of congress. In particular of the incumbents. We returned. We would say. We don't want her side to budge. On basic partisan issues. Then criticized politicians. Because all of them -- been more. And not solving problems. And then we go to -- A look at the numbers again last night. And in this I've found very interest in this solution article. I've thrown by I'm Michael grieve for and it was in Wall Street Journal must be. Earlier educated and an early good reporters so -- -- Constitutional scholar at the American Enterprise Institute. Sort of sent. The official national debt succeeding trillion. Growing four billion dollars a day. Plus what the government owes its very stressful opens. There's already more than a 100% of the gross domestic product that's why we make that's our product national. Cumulative problem. 90%. This where economic Anemia seems to deepen. We're a 100%. State debts about three trillion. Then. They're unfunded pension liabilities. Probably around another portrayal. And then greaves says what you know hundreds economist. On the show when they're reduced -- -- agreed. Depths of this magnitude. Will not be -- And then. We know look at these fiscal cliff. When that thought -- bring in our guest was once again and suddenly give us some of her time valuable to him brawny derision and senior research fellow would retain his senate Mason university. Welcome back or collectively show thank you for the time. Thank you -- a -- -- the fiscal clipped either watched a sixty minutes priests. A week prior to the election. In both the senate majority leader. And the Senate Minority. Leader. Sitting side by side. Basically said. Gridlocked couldn't -- In the senate majority leader Harry Reid to the -- both for the election. So does the idea that the senate Democrats. Will cooperate with Romney if elected it's laughable. -- do you see any chance that we're gonna fix this fiscal clip. I'm I think I mean they're always and that you know they always end -- finding. A solution and that this balance they US defaulting on and it's stat. Okay that's not a decision that's kicking the can go out. I agree I agree I think that it's not they're not that they're gonna have compromised and and come up. In a bipartisan way to a terrible solution. And which I used to -- Means. Basically. There are going to agree. To postpone the tax cuts for another year. That of course. You know what it means means that protested that the and other fiscal cliff situation. A year down the road an an exchange. For the bad bad solution. That temporary solution they're they're gonna. Not cut spending. -- my two cents. And I've I've thinker. Nor insulting your but I think we're great impact and I. My education's all comments and yours are lose signal -- break we'll go right back you're called dude you've got comments producing 0187. You'd think these two clubs are gonna work together now. Another election all complete. President Obama is back. Broke the review -- -- dude derision senior research fellow -- it -- senator George Mason University. Primary -- search interest include the US economy in the federal budget Homeland Security taxation -- a petition. A lot to do with money and worth thinking about the fiscal cliff that have been so much reported on one point. Cute trillion in spending cuts. Mandated. To begin right at the end of the year beginning in the new year misses something each prize reload bent. These dim the major cut is not until January. But congress. Is gonna have this bill through the congressional budget office for scoring. What that means there's a deal will need to be rolling by the end of November. To leave time to -- final votes in both chambers. Ahead of the target a German. On December 21. The Friday before Christmas New Year's. Holidays. In Washington usually as a -- out. Running dead even more reason to believe this won't get done right. And I agree I mean I I have a big green and mean and gain. I don't sense that there is there well to cut spending. I think kicked by the way that a Romney victory would not have changed. Without a change -- that much. In fact I I'm. Quite convinced that they wouldn't have. And and I think it's gonna take a little longer before we can actually. We see some actual progress I don't know whether it's gonna take back. You know. Belittle and you have read a couple of things so audience -- and talked to about a government solution. I have last night. I'm looking good news -- Bloomberg thank you very handled the Federal Reserve. Has basically says more than courting him he said I'll choose that the and are not strong enough to all slept. What would become a major. Fiscal shock. You were allowed to go over the edge. And above bordered. He says the impending fiscal cliff is much more serious. Then politicians in the American public American public realized. Belt loop there we're looking -- very -- in the during an impasse in congress industry. Has cut spending for after the fiscal -- this is from bureau. With the European banks felons. 35%. Of global new investors. Listed the so called fiscal -- As their biggest concern in the future no less -- I have three political analysts after one a doctor a professor. Political. And studies that to the university of the other two pollsters political analyst and one of which have a lot of experience in the senate. And let's -- -- then tell me you're more in Ben Bernanke goes through senator closes the door and wave to the media. In sales were gonna get destroyed here. We've we've got to do something he set. Quote unquote. That meeting never occurred since Obama is -- congress and the senate. Does not believe. That the fiscal clip will occur. I remember that. How how can they not what what did they point to all of these reports. I mean they point to. That debt ceiling last year. Where they found a compromise state going to have ever read past the crisis would be kinda compromised usually it's the bad ones. And and Michael I mean they're they they both sides want to avoid increasing access. In this form -- Scheduled to take to so that the Democrats would like to keep taxes decreased but only on the rich. But as scheduled right taxes or an increase of every one they don't want that Democrats -- Wanda says they won't compromise so it doesn't happen. They Republicans don't want taxes to go. On the spending side the Democrats. They'd be willing to see defense spending because they don't want. On its spending to be -- the reverse is true but it whether Republicans. Will come. And you will end up with an -- because there. Not it won't be willing to engage in the truth that type of parliament are fundamental tax reform that we need we're gonna end up with -- one year extension I'm assuming something temporary. And spending increases. But -- they can't look at what they're doing and saying. The fiscal clip didn't occur because we fix it or we came up with a very. A plan in their -- that's why didn't happen. It's it's like -- saying well the mortgage company I I can't pay my mortgage payment. And I miss one moment and they didn't come close a house down so I can keep. Putting all paying. A -- had become incidences say sooner or later down option runs out -- Yes but they also there are a lot of people who think that the interest rates -- -- we can continue borrowing. They also a lot of people who believe that -- we -- and they word and term recession and an and if there there are a lot of theories that. The lawmakers used to rationalize. Their choices and don't. Ever forget I mean never underestimate the -- of denial. I mean these guys even stay where. I wouldn't be that -- if these guys. I -- a sense of what the policy. Sort out its year old keynesian Friedman debate. That on the changing inside the liberals -- and if we primed. The carburetor on the engine. Whether enough gas it takes off and then we -- so appealing that gaps and on the other side and no we hear austerity to cut back so that we can save money and recover. And nothing gets done in between -- and Pamela and send them out. It. And end -- winning we look at this do you agree with what I read from this. Michael agreed to constitutional scholar American Enterprise Institute we're talking about. Actually he has that he's that that does not score edgy immune out. Okay you agree with him when when you list -- sixteen trillion plus three trillion plus four trillion. Plus four billion. That's of this magnitude will not be paid. I N I grew at micro actual play I actually think it's been more than vest and and the level of our potential on payment is bigger than that because what this doesn't tell you is that level. I mean that the debt. Acquired the unfunded liabilities -- that we've acquired that's a part of this sixteen billion dollars. Started. Org -- -- -- that way to make instead go way to actually change the law and I think that one of the things that people don't understand it and what it will come down to it. Not paying our debts will mean telling telling seniors. Sorry I know we said we're going to keep -- that and I know for years we could've actually reform to. You know on. Entitlement. And thanks so we it wouldn't come to bet that at this point we have no choice and aware of changing the law and all the things we said we Odeo. We're just not happily GO. Better news -- chance on the keynesian side to give there was another slug of money put into the economy that it would take off again and them we could cut back on the federal now. Now I just this sense I mean I mean how much evidence do we need that it's not working. Like I mean we've had a stigma that we had. Mean we've had a lot of spending by the way means we have targeted spending hundreds during the bush shares. I mean to leave the the and the you know a lot of spending going on a spending was the -- mean we should be out in great shape. But in between Europe they're trying austerity units can worse. They're not trying austerity in Europe they are not cutting spending and their increasing taxes they -- trying to parity in the private sector not austerity in the public sector which is what they need to do. Her interest in. Broderick is always a real pleasure to have your -- choate thank you for the stunt so much you have a great day have a very good day. -- I would come arrived back -- you need to use a juror 170 let's talk about last night. I had a conference call me and said that they were making Coolidge -- no problem -- -- a little duo big it's seven million mortified to reopen.