America’s Ticking Bankruptcy Bomb – Peter Ferrara


it’s and you know this this whole this whole
question of what’s going on with uh… with the with the budget you know who put lures occasion blame these days the problem
was that not a problem in indonesia pans jet to g_d_p_ ratio day there’d their
debt is over two hundred percent g_d_p_ and japan is doing fine thank you very
much uh… is setting aside the consequences of the the nuclear reactor meltdowns peter
ferrara with the a c r u dot org v_a_’s here you’d dot org the american
civil rights union as a new book uh… america’s ticking
bankruptcy bumpier welcome to the program glad to be here peter do you have a mortgage in her home uh… no i go to a actually uh… told my whole competing main compaction
co how does have a home anymore answer here you’re so broke you if you have in
the past though had mortgages on their house yes but yet they have in the past edward
don’t have to have an act that their that would be quote from within the
value of the year before he came into power for it but it was your concern
when you when you morris your house the amount of more ensure the among the
most intense uh… what being the biggest concern
allow the beta carotene nevermore it my concern within a marketing right and so
let’s let’s take that to the national debt regards with the national debt is
that uh… interest or pay not right now is about three hundred billion dollars a
year and we can easily afford that so what’s the big deal well uh… uh… our current course yet
what the national category the highest level in american history pick up a four
to enter concorde it corrupted at that level uh… proper
that were all time record and rocket attack that and that connected continue up to that a level of national debt relative to
uh… the economy that that with suffered by greek when they felt a national bank fifty
minutes but a rocket outright pat back and told that this turkey right now
forty-three that that everything the federal government spend is sab uh… it borrowed so security medicare medicaid and the
federal welfare programs at two ninety five percent that’s actually not troop
leader ag at a random about it but it is right
you know obama actually collect number thirty figure numbers are wrong and minority i got it right out of
prison obama’s budget so security medicare medicaid and that
incomes security programs which are mostly federal welfare program the two
ninety five percent of all federal revenues what’s left is not even enough
to pay interest on the national debt which is ten percent of federated
everything up the federal government that national defense law enforcement
transportation arab culture all cabinet department out that it’ll look a little bit of a
lot of people are out there all less than five percent of our total federal
budget the defense department’s less than five percent of our total for
budgetary issues reelected had already ninety five percent federal revenues but that already as you know enacted and
anywhere near the amount outrageous runaway explosive government spending
under the apartments while they’re not anywhere near it where they were before the reagan tax cuts united network b_b_a_ the federal before
the race tax cuts we had they don’t believe we are going to work is fine
thank you very much let me give you a nice park your car federated at the kennedy d peered down
now because of the uh… etc international action because at that right because where
depression and the president obama vestry a pen and said arsonists artist
and and c_b_o_’s numbers president obama numbers paul ryan the results show that
when you’re economy uh… return student newark economic
growth federal packed the percentage a_t_p_
will return to their long-term historical allowed the fact that left
you a bomb attack increase two point thirteen are repealed uh… federal
packets of two percent g_d_p_ after the recovery will quote feet the long-term
storm level that they’ve been active schoolwork you otherwise how do you deal with the fact that that when ronald reagan raised taxes heeheehee i’m sure you know ronald
reagan raise taxes seven out of the eight years is president and that the largest tax increase in
history the united states happen in nineteen eighty-two han reagan’s watch and she’s uh… when he when reagan did
that looking and this is by the way not from some left-wing crazy this from bruce bartlett
who was reagan’s the number two guy in reagan’s uh… measuring of the star that he
would have been known to gangtok intimidating but but the friend of mine during the
reading if you no longer a friend of mine cookie actually plot that mind but however well he stays and here’s the
numbers looking a real gross domestic product it
grew four point five percent nineteen eighty three and seven point two percent
nineteen eighty-four exceptionally strong product uh… performance stock
market had one of its best years maybe three both the dow jones and the
standard for rose thirty five percent there is no increase the rate of
inflation which was exactly the same in eighty three fours was eighty-two
unemployment rate fell from ten point six percent eight point one percent to
seven point four percent information eighty-four and this was all the
consequence of the largest tax increase in the history of america during ronald
reagan well why is it that when reagan raises taxes economy gets better when bill clinton raises taxes economy
gets better when reagan and dropped economy got worse and when george w_ bush comes in and
drops taxes the economy gets worse why is it that went on the top tax rate was
ninety percent during the eisenhower administration and the kennedy
administration and there and and the johnson administration and
seventy-four percent during the nixon administration he cut the rate that with
that extended into the research on cigarettes
in world history accurately apple keep it recorded philip that particular
purple record-breaking heat better activated a lot of pressure but what
this trip i do agree that the nineteen eighty two
to tax increases the largest tax increase to one fifty but more
importantly necessary in american history american history but there were more importantly with
that but people point point is that what the portrait economy you’ve got the tax burden of the
percentage dvp film i keep it actually at that point i would greatly be was
reduced to popat reprint seventy percent all we’ve got a twenty percent less
tasteless expedited millions in billionaires yes and which enables
devastated our economy and created a z two trillion dollar debt with just one
one more rate no actually revenues doubled during the uh… during the
nineteen eighties and created two trillion dollar debt
uh… and and all of the day with the spending that created trillion dollar
debt but the fact that now he was innocent tax cuts that the reading uh… now with the
revenues doubled so it doesn’t matter revenues doubled
because economies grow if you give me two trillion dollars stimulating the kani with as ronald
reagan did i borrowed money he let me borrow two trillion dollars and and pump
it into the economy i can show you what looks like a live large with the most successful except for
ronald reagan did is what f_d_r_ did he took out a two trillion or borrowed
dahlia gonzales interview he’s really into the economy but kato the predicted you’ve got to go
back to you via yourself but don’t you let me know when i get the stock i
thought was gonna start it wasn’t so yours first or here excuse me well i would put the date to be cut the
contract rate with the book the cookbook amit economic spirit world history i
can’t dock with the result of my book america picking being quickly bob ice show how what what happened after he
did that compared to before the nineteen seventies how every economic terrific by
nineteen eighty two had been trending downward pittsburgh many years be
reversed in nineteen eighty to nineteen eighty three in turn upward denigrate
several uh… uh… unemployment uprooted place you call after the uh… uh… that family income
started slice of the senate race sex cvd falling again you know i have reviewed open up on that
they prepare that around making seventy two they got worse and worse by nineteen
seventy-eight when he came into office every economic statistic click that by
nineteen eighty two eighty three the cupcake every one of the statistics
turn around and it was twenty five-year economic laura hart leprosy for what
they called a great period of locations industry the planet
or was it freed american making you think that the seven and all primerica
fort washington starring combined so satisfy itself if that in athens world
history ok at the end of the agreement on everything and that’s what we need to
make you can make a point really well i just understand why we don’t see still fly reagan

12 thoughts on “America’s Ticking Bankruptcy Bomb – Peter Ferrara

  1. I don't understand what people like this Ferrara guy thinks he will accomplish by lying. He doesn't sound stupid and so I have to assume he knows he is lying. And if he isn't stupid and knows he is lying, he must think average Americans are stupid that they'd believe his lies. Or am I giving him too much credit? Do some of these people repeat these lies so many times that they start believing their own lies?

  2. @noldorian86 Who said this guy was a Republican? The facts are we are in deep shit with the debt, and Republicans and Democrats are to blame. I complained like hell when Bush was spending like a drunken sailor and creating wars, with 8 years of Republicans. The debate Thom and Peter are having is between low taxes or high taxes, but the real problem has been government overspending and we should be debating what to cut. I agree with Ron Paul that it should be military and subsidies.

  3. I wish just one member of Congress would say this statement out loud and on camera: "Republicans want the country to fail."

  4. @noldorian86 The stimulus was supposed to create jobs, but we actually lost jobs, we have more people receiving food stamps (44 million) and we have 17% real unemployment or underemployment. The Bush government tried to encourage housing, but that backfired, and the government has tried to create jobs with various bills but that backfired. "Cash for Clunkers" only made cars more expensive for the poor. Government can only destroy wealth. Ron Paul explains:

    watch?v=B6925PGo04E

  5. James Madisons wet dream anyone?

    Let the economy deafult, screw the small people and reward the bankers and power mongers whom screwed you?

  6. More wealth may have been generated from 1982-2007 than in all of American history, but income disparity increased VASTLY. The top 2% tripled their share of the pie while wages for average Americans remained stagnant or actually decreased when adjusted for inflation. To sum it up, it never trickled down.

  7. "i had to sell my house to pay income taxes" really? even if that is true it is more of an issue of him miss managing his money in that light why are we listening to him?

  8. the debt is not a problem as long as business is being done in the US and world. 6 billion people on earth use the petro US dollar in some manner. so therefore the US govt can borrow as much money as it wants from the evil federal reserve and OTC treasury market. it would be just better to get rid of the FED middle men, and have the US govt nationalize and takeover the central bankers and create credit and use taxation as a form of inflation control.

  9. Peter Ferrara is right about the greatest increase in wealth, if you only count the top 1%. The remaining population experienced ever decreasing wealth maintained only by decreasing savings & increasing credit. Thom, you're spot on. This decreased the the consumer base in America causing companies to seek consumers overseas, off-shoring production to lower the cost of products & creating the downward trend which is today's failing economy. Thom, keep fighting for the lower & middle classes.

  10. i think it's hilarious, actually scary and sad, that people in this country feel the solution to fixing our problem is raising our credit limit. we're broke, our credit cards are maxed, and people like thom want to raise the credit limit. that is so counter to common sense and destructive to our country and its currency. every time you raise the debt ceiling you lower the value of our US dollar.

    and how dare if you ever speak of saying, CUT UP OUR CREDIT CARDS STOP SPENDING.

  11. Hey Peter. The wealth that was created with Reaganomis ALL went to the super rich & our economy collapsed. The spin that is Peter Ferrara is just hilarious.
    This guy is a psycho & Thom, you better learn how to destroy this guys arguments. He's nuts, but he's smart & he knows how to debate.
    I just destroyed his main point & I'm an idiot. C'mon Thom.
    Reaganomics created the greatest economic growth ever. ROFL!
    Yeah Peter… FOR THE WEALTHY!!!

  12. People who think the stimulus caused a loss in jobs are either idiots or trolls
    Apparently they don't have any memory that when Obama came into office we were LOSING OVER HALF A MILLION JOBS A MONTH.
    Thanks to the stimulus, that STOPPED.
    But the stimulus only worked half as good as it should. You know why?
    Cause Obama is a wuss & a partial Bush clone too.
    The republicans gutted the stimulus & cut it in half before letting it pass.
    Thus, it only half worked & stopped the job loss. IDIOTS

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