we'll see you next week. >> our government is printing money like crazy and doing what with it? pouring it down a whole. >> they sfend money on robot and shrimp running on a treadmill and free bike helmets in my neighborhood. it's as if politicians live in a carnival game trying to grab as much of your money as they can. farm subsidies foreign aid. america will soon become like this country. people riot when politicians spend so much that there is almost nothing left. >> there is no more money there is just no more money. >> (chanting)

>> the union elects people who give them money. if there is any left these lobbyists want it. >> funding for housing counselors. >> american forest foundation. >> solar energy. >> politicians who say no get booed. most don't cut much of anything. >> we have taken a scalpel to the discretion nature rebudget instead of a machete. >> we need to take a machete to the budget. or one of these. because we need big cuts they lose their pension plans. >> they will do it to us. >> america can afford going broke. some politicians told us how to do it. >> you let 17,000 workers go. if you can't pay their salary what are you going to do? >> cuts to the budget so draconian you need a chain saw to make them or squirt guns that bring prosperity? we have choices to make.

>> now reporting from the debt clock in new york city,on stossel. >> our government keeps spending. you know we are already 14 and a half trillion dollars in debt. but you could say so what? look around america is doing pretty well. what's the worst that can happen? >> well, this could happen. these violent protests broke out once greece was so deep in debt greece had trouble borrowing more money. >> the interest rates from 23 percent. >> she says riots are the most visible consequence of the debt crisis. >> greece goes on. they still serve the bach law b vau. >> if you want money for a house or a car or anything the interest rates will be dramatically high. >> greece spends so much by last year they owed more money than

their entire economy produced. no wonder they are in trouble. we won't reach that level of debt until -- well, oops pretty soon. we are on a clear track to a greek type crisis. >> the government cannot escape their law of gravity when there is no more money there's no more money. >> federal government can escape. they can print money. >> the federal government can print money up to a certain point. >> they have been printing lots of money. don't you wish you could do this? if we do it we are put in jail. the government can print money. because the more dollars you print the less each one is worth. that happened in zimbabwe recently. it took 25 million local dollars to equal 1 american dollar. you had to carry armfuls of cash to go shopping. >> you save money for your old

age to be able to enjoy life or be able to leave money for your children. that money is going to be worth almost nothing. >> so printing all of this extra money is bad, what are the other options? the government can raise your taxes or cut in spending. tough choices. politicians are supposed to make these choices. what did president obama do? he appointed a commission. >> i am asking them to produce clear recommendations on how to cover the costs of all federal programs by 2015. >> they recommended a trillion in tax increases and 3 trillion in spending cuts. they didn't ma-- he didn't take that recommendation. >> the total debt is 7.2 trillion on top of the 14 trillion we already have. how can you say we are living within our means. >> i am not suggesting we don't have to do more. >> in your fiscal commission you had a majority invested to do all of this. it has been vshell shelved.

>> what was the point of the fiscal commission? >> it is providing framework for a conversation. >> our debt of the share of the economy is already too high. look at where it is going? >> a republican budget chairman came out where the president responded with his own plan. >> today i am proposing a more balanced approach. >> i don't blame the vice president for falling it was more of the same. obama said he would eliminate waste and lower the cost of healthcare. but he proposed no specific cuts. >> he said he would raise taxes on the rich. >> millionaires and billionaires that's who needs to pay less taxes? >> maybe not. even if a president took every penny that millionaires and billionaires make it still wouldn't be enough to cover the deficit. >> the gap between revenue and spending is so big that no level 6 re new could cover that gap. >> the problem is spending is

increasing so fast revenue can't keep up. >> we have taken a scalpel to the discretionary budget rather than a machete. >> a scalpel? it won't make cuts big enough to keep us from falling into bankruptcy. we need something like this. we need to make bigger cuts or people will stop lending us money and we will be like greece. i understand why they are reluctant. look what happens when they try? about 20-years ago the democratic chair of the weighs and means committee was hounded by seniors asking them to make small medicare co-pay they chased him surrounded his car. >> liar! >> he fled to a gas station where he found a driver and made his get away. >> his medicaid reform was quickly repealed for the next 25 years. most politicians duck the issue until congressman ryan's

proposal. >> doing thit this way makes medicare solvent. >> congressman ryan has been doi booed in his own district. >> democrats say his medicare plan is why this woman won a special congressional election recently because she promised she would... >> not decimate medicare. >> after she won her supporters chanted. snet chanti (chanting) >> we are all future seniors that's for sure. the message politicians get is don't touch our handout especially medicare. in fact, don't cut anything. give us more stuff. >> roads, bridges. >> transportation funding. >> we are all citizen lobbyists. >> citizen luobbyists. >> more money for transit. >> funding for housing counselors. >> we went to dc during the most

recent budget session to try to find out where the budget only grows. >> i attended hearings most of them are appropriations related. >> all of these lobbyists who are there all of the time so they can be close to the power that might hand them forms of tax breaks or whatever it is the government is willing to give away. >> the american forest foundation. >> neighborhood assistance office. >> national urban league. >> they all want the same thing. >> we need additional funding. >> there isn't enough money. >> so many want the money some pay bike messengers to stand in line for them. >> i wait in line they take over and i leave. >> after all their employers have great need. these insurance company lobbyists want more government guaranteed flood insurance. >> here is our coverage they had breakfast this morning. we certainly appreciate it. >> you are a naturalist.

>> members of congress have a lobbyists coming through his or her office it is still up to him to say no. they absolutely love to say yes. you want something i want to give it to you because i need your vote. they are going to have to learn to say no. >> practice hard because there are so many advocates with so much need. this woman is upset about a governor's cup. >> i am a nurse i care about people. he is going to make my patience thicker because he will not give me a voice to advocate for them. budget cuts are racist she even says. >> it is despicable. >> they talk about boeing intel or whatever else. they are here. but they are out numbered 20 to 1 by the advocates small specific spending programs. jeff blake and scott garrett are a rare breed. actual budget cutters who resist

lobbyists with police. you must be cruel to resist this stuff. >> that's the argument they always make. there will be someone coming into your office asking for money. >> teachers teaching teachers. >> avoid having budget cuts in housing. >> it is a good cause you are coming to talk to us about. that is not the role of federal government. >> restore funding. >> the fact that there are any cuts at all is due to the recent up rising by voters. >> they elected dozens of new representatives to promise to shrink government. finally jarrett blake has ammo. >> for years you must have felt lonely together. >> there are more of us now.

>> maybe there are a few more. but most politicians keep spending money printing money and what happens when a government can't print more money and they run out? i will show you next. i couldn't concei this as a heart attack. the doctor leaned over and said to me, "you just beat the widow-maker." i was put on an aspirin, and it's part of my regimen now. [ male announcer ] be sure to talk to your doctor before you begin an aspirin regimen. go see your doctor now. align can help. only align has bifantis, a pantented probiotic that naturally helps maintain your digestive balance. ♪ ooh baby, (what) can i do for you today? ♪ try align today.

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>> john: america keeps falling deeper into debt. if we don't cut spending soon we'll have to get one of these >> there are drastic cuts then

all of america will be like alabama. >> this woman is angry because her husband worked for the city of alabama for 32 years. he held i up his end of the gar b bargain but the city didn't. he didn't send a pension check for more than a year. the city council said we don't have the money. in 2003 you will run out of money by 2009. the politicians then did nothing. as they admit today. >> right on schedule in 2009 the town went broke so politicians declared bankruptcy and stopped spending pension checks to retired city employees. >> we want our money. >> then didn't do anything they were sfoesed to. they didn't pay us like they are supposed to.

>> alfred ar mold retired after working 35 years for the city. he hoped to relax, travel. he had to get more one. at age 66 he's a security guard at the local mall. h his wife was a city of employee, too. we put our money in every payday. >> some retirees died while waiting for a check like the whom would put in this house. >> there was no money left. he died on a wednesday and they did not find her until on a sunday. >> williams worked for the public library for 32 years. now at age 77 she had to start a new career as a schoolteacher. >> the city knew this was going to happen. they could have done something

about it. >> something like cutting back on prifl louse spe frifl lousep spending. the mayor of the town -- >> 95 thousand a year. if he makes 95 thousand a year why can't he pay us. >> the city has two or three judges when they only need one. >> the public golf course has been a joke as long as i can remember. >> pritchard runs one even though it loses money. costs taxpayers money every year. the city also runs an office of economic development the pritchard housing authority. they employ 40 government workers. >> there should be cuts made. >> his mayor would not talk to us. the city's lawyer did. >> why didn't they make cuts? >> they are cutting into police

and fire departments. >> the mayor makes almost 100,000 dollars a year. that is a political recession. >> the city has a golf course that loses money every year. isn't that wrong? >> wrong by whose definition? >> how much does the town pay you? >> i don't understand why that would be relevant. >> it just seems wrong the lawyers and the politicians get money but the retirees don't. >> i have been asked to come into a hard situation. they only stow about 40 to 50,000 dollars. i have been asked to help a city. >> a mayor making 100,000 dollars you thousands of dollars. it is like you are looting this town. >> i strongly disagree with this representation. we are not looting the town. the city has a terrible

financial situation. >> it kept spending. the politicians have agreed to pay retirees one-third. >> they had a notion it would fix itself but it wasn't. >> you can't say listen we have to cut your benefits a little bit but we have to keep this thing going. >> remind me of these folks in washington who despite the warnings keep spending more than we have. as our debt gets uglier people will stop lending to us then economists say? >> you end up what you have in alabama. we can't pay you we don't have the money. we are broke. we should take unsustainable federal governments and pay now other ways we will be like

pritchard and make really drastic horrible cuts. >> think it can't happen to you? >> think again. wife of a retired fireman in pritchard alabama. if they will do it to us it will happen to you. >> does that make them stop squandering our money? no. i will show you some of the crazier spending next. copd makes it hard to breathe,

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>> john: i titd >> i titled the show money hole because sometimes it seems government pours money down a big hole. it makes a poof from the onion

believable>> it is time to close the money hole. >> that kind of talk is irresponsible. >> america needs the money hole. >> dumping it into a massive pit is one of america's greatest traditions. >> i want to be clear. that was a joke. there is no actual national money hole i don't think. watching politicians work there might as we will be. >> pork is the word we use to describe dubious government projects that benefit some but are paid for by all of us. the phrase coined 100 years ago says congress grabbing your tax money looks like hungry people grabbing pork out of barrel. you pay to blow up beaver dams in mississippi and eliminate ground tree snakes in wow. today government spends your money to study immune systems of

shrimp running on treadmills you pay to create this robot that folds laundry. >> these programs create jobs. >> sing tore reed wants a cowboy poetry festival. >> some are silly they seem fake. they sent her to say is this real or fake? >> training american prostitutes to drink responsibly. >> i say false. >> the truly truth is worse. >> $2.6 million spent training chinese prostitutes in china to drink responsibly. >> in a time of financial limits why would they pay for that? >> why would they stop smoking by giving them blackberrys and smart phones. blackberrys were supposed to help smokers connect with other people trying to quit.

>> i used to smoke, yes. >> then you got a blackberry. >> after you spent the money they have signs to brag about how they spent your money. some dubious spending got funded through ear marks. that spending slipped through by individual members of congress who are eager to win your money by votes back home. president obama signed bills that shoulded 19,000 ear marks. get your heads down. >> then the tea party movement happened. >> they have to ban ear marks. they will have primary towers. >> ear marks became enoughen an issue they vowed not to earmark. >> we are listening and serious about any business as usual. >> the president said this. >> if a bill comes to my bedesk with earmarks inside i will

bestow it. >> they banned ear marks for two years. some people we talked about outside of my office like it. >> i hope they never come back. >> it is good they follow through. >> will they follow through? i doubt it>> ear marks will come back. john quoted saying they will come back. they are coming back. >> senator reed wouldn't talk to us neither with any of these big spenders. maybe they are embarrassed by their spending. i doubt it. stupid spending still happens every day. i live in one of the richest neighborhoods in the world sting, jerry seinfield alex rodriguez and alex baldwin lots of rich people live around here. the last thing we should get is free stuff from taxpayers. but look at this. a few blocks from my apartment they are giving away bike helmets absolutely free.

they got a federal grant to help do this. >> it is a tremendous success. >> it is dumb to do this but if you offer to give free stuff they will take it. the line went around the block. >> can you afford your own helmet? >> if it is being given why knot take advantage. >> why not if there is money flying around i will grab all i can. money has to come from somebody. comes from the entrepreneur who creates it. >> not very nice to them. >> people can get another helmet if they want to. >> give me a break. the bureaucrats told us they have given away 45 thousand helmets. >> why is it right to tax tax money to give bike helmets? >> they are not tax money it is grant money. >> this is from taxpayers.

>> money that is saving lives. >> with our crushing debt government shouldn't do this. >> what gives you politicians the right to spend public money on rich people who live in your neighborhood? >> if you look here there are a lot of people who don't have a lot of money. >> it is a job for government? >> i think it is job for government. that's not a lot of money. >> not a lot of money? that's how politicians think. good news when we come back. him and be invisible! [ child 2 ] i call first player. no. i already called it. [ dad ] nobody's playing anything until after we get our homework done. thank you. hello? test drive's not over yet. [ male announcer ] it's practically yours. [ louder ] hello? but we still need your signature. right now during sign then drive it's never been easier to get the all-new passat, the 2012 motor trend car of the year,

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gift to yourself - at the ultimate sleep number event. now through monday only, and only at the sleep number store. >> i am harris falk anothner in york. syracuse university fired assistant basketball coach bernie fines. the statement saying his employment is terminated effective immediately. he is accused of abusing three ball boys a third victim coming forward earlier today. espn reporting fine's wife was reportedly caught on tape admitting concerns about his possible sexual abuse of young boys. fines calls the allegations false. we are watching live a situation in philadelphia where occupied protestors are ignoring a deadline to vacate the plaza outside of city hall. the mayor set a 5:00 eastern deadline. that was 5 and a half hours ago. some left their tents and camping beer with them others

did notes they ha -- did not. they have a peaceful sit insying arm and arm. ♪ ♪>> you know about the protests in wisconsin fthis winter but dd you know they continue? >> >> every day union supporters still gather inside the capitol and sing protest songs. >> this man sang about collectivism. >> the whole country is selected to them.

>> how much money is at stake? oo the battle for wisconsin is also being fought in washington. >> oo the congressman and unions are mad at governor scott walker. he won the governor's race by complaining they were throwing money down a whole. >> walker asked them to pay a little more about with het care loss. the unions said no. >> somehow they were entitled to a fixed standard of living and mixed compensation package. >> the unions said they would pay more with benefits. walker also wanted to reign in their power to get pew tour benefit -- future benefits. >> they could come back two years from now with a contract to jack up healthcare costs.

>> you can say no. >> your hands are tied. >> he says by collective bargaining rules. the walker moved to limit those. >> if you are under a collective bargaining agreement mno matter what the financial situation is the unions don't have to budge. >> they don't have to budge because they have no competition. governments don't go out of business when they over spend. >> if an employer can say we don't do this we are going to move our operations you have nowhere to go. you want to take away worker's rights. >> he is one of the senators that frled from trying to pass governor walker's bill. that won the unions adoration. they walked away to where the protestors can see this.

>> the actual collective bargaining doesn't save or spend money one way or the other. >> you can collectively bargain you can get another stuff that's why they fight for it. >> sometimes you can sometimes up can't. >> they are rigged to create a vicious cycle. money goes from taxpayers to government workers to dues to the unions and unions with the politicians who promise to do more for government workers. >> democrats kickback the unions that elected you. >> kickback like what? >> extra good pension. >> good pension. there's no doubt about that. >> it is the kickbacks. >> something they negotiated over the years. it's republican administration. the reason they support me is i support what they are doing. >> mitchell has the firefighter.

>> you elect your own bosses you contribute to the democrats and the democrats pay you back with a good deal. they want to take that power away. i can kind of see why. >> we are not partisan unions we contribute to that. >> political donations 92 percent to democrats last year. >> that is because we contribute to members people with our issue. generally the democratic ways are with our issues. >> that doesn't sound very nonpartisan. >> the republicans come back we will send money to them. would america be better off without unions? >> in the public sector. >> president roosevelt who is no slouch when if comes to unions. >> even fdr says they shouldn't

have collective bargaining rights. but the public when you do polls today you are the evil guy who took away the rights. >> union has 4-5 million in tv ads and talks about rights. >> there is a radical ad rolling back the rights of trusted public employees. collective bargaining rights. taking away union rights are not right. >> human rights, civil rights, collective gbargaining rights people like rights. it is an expensive entitlement. >> it stipulates in minute knew shaw like the size of bullet. >> this is what you got got a rule to put up a bull tan board. >> how can you run anything when you have rules like this to set up a bulletin board. >> i can see where it might cripple an employer. i am being facetious.

it cannot. this is a bulletin board. >> like fast salary and pension deal. does the state senator know how fast? >> buildings in school districts get compensations of 98,000 dollars. bus drivers make 6 figure salaries. do they really? >> if you take a look at the overall package public employees get it will be richer than what you see in the private sector because they have had to cut back. >> and public sector has to cut back? >> can we afford it? >> we have absolutely been cutting back. >> it must mean something different for politicians. they think they are special. look what they are surrounding. the cameras focus on protestors but look up. wisconsin state house is insured for $200 million. politicians who build it used 43 types of stone from 6 countries. they copied what royalty built in europe.

this is not unusual other state houses agree. when you spend other people's money you tend to spend a lot. >> i look around here this is frugal. this place is a palace. >> that's why we don't add things to it. >> the unions says liberals want more things like more benefits for everyone. >> the question we have been asking ourselves is why don't they have the retirement benefits. the question we should be asking is why don't you? why don't you have the same access to healthcare as public employees did. if we did we would be deeper in the money hole. there is another approach. one few places describe. the result prosperity. that's next. [ male announcer ] sometimes a hint is all the wrapping a gift needs. wait a minute...i... [ laughs ] [ male announcer ] the lexus december to remember sales event is here,

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>> john: today there is something new in america. a few politicians, like governor chris christie, rnor >> governor rick sky of florida governor kasich in ohio a few who do make cuts. throws another you may not have heard of. one who faces even angrier protests. this happened in puerto rico thousands of union members clashed with police for days. they protested in front of the governor's mansion. the governor smiled and wavered. louise says thhe had to make cu. >> not just a mess. we didn't have enough money to meet our first payroll. >> his predecessors groaned his government to the point where one out of every 3 workers

worked for the state. the state is generous about giving out contracts. >> they couldn't care. vendors would raise the prices and they would raise prices because it was their money tax payer's money. he decided the government would handle money differently. >> he would have to handle it. >> the first in puerto rico in 30 years passed law 7 which shank the state. >> what did you cut? everything? i froze salaries. >> you let 17,000 woeshgs go. >> if you can't pay their salaries what are you going to do? >> they called him if assists and worse. they said he ought to raise tax

taxes>> our taxes were as high as they could be. much higher than most of the country. >> he reduced corporate taxes 35-25 percent. reduced individual taxes. >> bring in the private sector. they will do a better job. >> unions hate it. of course they felt threatened. >> they were threatened. cuts 17,000 jobs. some wanted to work with us and lower the expenses some did. others refused. >> one fired employee did. >> they will try to push back because a lot of people would rather stay comfortable in the

comfort zone. >> there was a lot of that. made it hard to open a business. >> one regulation. >> didn't they say they knew they did. a permanent government. that was every where. government ploys hundreds of thousands of people. those people lobbied to keep their jobs. they did nothing to approve liquor licenses. >> there were 350 policemen and women handling that. >> just liquor license? >> you would have a permanent record. this entrepreneur is mad because the ad at her house they had to spend a year she displayed some on the wall. even though business is in her

home they require her to have an accessible bathroom. this woman's full-time job is helping businesses. >> i take care of the government don't worry. >> they say the rules are much easier. >> it helps to have everything in one place. >> it takes two weeks to get permission to open a small store. >> give me a break. this is my version. >> this one is in delaware. delaware is the busy friendly state but it took weeks for me to get permission to do this. in hong kong it took one day. the two-week wait is still a handicap but much faster than it used to be. >> you hear from businesses responding to that? >> of course. >> it is expanding significantly and costco. >> 600 construction permits issued in the last few months. this drug company is expanding.

>> took us more employees up to 450 employees. coca-cola is beginning construction on dissantee bottling plant. >> there are a number of restaurants coming into the mainland. >> did you ever have a fired worker come to you and say i worked in the bureaucracy for 20-years i would have never left you fired me but now i am glad because i am doing this. >> she used to work for the government keeping historical references. >> i feel bad. i have a big family. she says getting fired was a good thing. she named her company law 7 after the law fired her. now with the liquor license. >> she can do it on-line. >> one clerk that's it. >> we have the miss men and

women out on the street. >> lots of people are mad especially government workers who lost jobs. if she ran for reelection now they lose 27-45 percent. he says so what. >> i am doing it because i want to do it. i eanjoy what i was doing. we can go back to that>> thank you very much. >> ronald reagan's popularity hurt after he got cut. >> gary johnsons in new mexico. all were later re-elected by margins. >> i didn't care to look at the numbers because i knew how it was going to be. i was in washington during reagan's first term. >> i>> he won by a land slide.

>> his advice. >> do what he needs to do quickly. when you think of a family just do it. move on to better things. >> coming up next the country that nearly went off the cliff but came back stronger than ever. >> they fixed it. >> they fixed it. idaho, where they grow america's favorite potoes. everyone knows idaho potatoes taste great. but did you know they'reood for you too? they're high in vitamins and potassium. and idaho potatoes are now certified to carry the heart checkmark from the american heart assoction for foods low in saturated fat and cholesterol. so they're good for my family, and for yours. heart smart idaho potatoes.

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>> john: what can we do?

>> america deep is debt is getting worse. what can we do? there they are. a few hundred miles north. >> canada the country of celine dion. logging. when i thought of canada i thought of big government. government healthcare and all of that. in fact in the mid 90s canada's finance minister said we are in debt up to our eyeballs that can't be sustained. their debt level is just as bad as ours is today. >> just as much debt, yes. >> they fixed it? >> they fixed it. >> he 4rleft canada before they fixed it. >> they had an editorial calling the dollars to the north that was scary. >> with 9 debt the canadian

dollar was falling? >> yes. >> the problem was canada's government had a safety net that was more like a hammer. >> when groifzing up in canada they were said to go you could work as little as 8 weeks taking the rest of the year off. >> play hockey all year? >> oh, yes. >> no work for the most of the year. >> in 95 they cut other programs. the debt stopped increasing. they ran budget surpluses with the debt going down. >> things got better. >> the economy moved in the 90s. government waists most of what it spends. having that money be in the hands of people means it will be used more valuebly.

>> unemployment didn't increase. it decreased from 12 percent to 6 percent. unemployment is still well worth it. it is above the value of the american dollar today. >> while job losses mount in the u.s. in canada there is actual job growth. >> they did raise taxes. >> they did. agriculture cut 22 percent fisher ryes 27 percent. natural resources almost 50 percent. >> right. >> never use numbers like that. >> yeah. we should learn from the experience you can cut government substantially. it is so big so wasteful so much to cut without causing much real pain at all and not just causing pain but helping the economy grow helping people become

better off. >> we are throwing more money in. >> to take at that particular money whole in some states you can get unemployment benefits for up to 99 weeks. that's positively french. it is more serious waned need to move more quickly than the canadians did unfortunate is we are moving much more slowly. >> exactly. while canada found that we fell to the border put more money into the money hole. that's our program thanks for watching. good night.

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