they're not getting their money back i mean they can't just come out and say hey i want part of the american g.d.p. . if i were anybody whether i was chinese or japanese or russian i would not be buying thirty year us government treasury bonds that are yielding three and a half percent or something right now because the prospects for us to print we have printed so much money since two thousand and seven it's really unbelievable we have the federal reserve has tripled what's called the base money the money that basic money supply it's called the monetary base it's actually gone from about eight hundred billion dollars to about three trillion dollars now and so almost more than tripled so we have a basis in place for a more than tripling of the price level right now we have created the the foundation for hyperinflation already and the baby boomers have yet to retire. so right now twelve percent of all the federal spending is based is being financed paid for by just printing new dollars. that's what's going on so we're acting very much like a developing country in terms of our actual finances and i'v

they're not getting their money back and they can't just come out and say hey i want part of the american g.d.p. . well if i were anybody whether i was chinese or japanese or russian i would not be buying thirty year us government treasury bonds that are yielding three and a half percent or something right now because the prospects for us to print we have printed so much money since two thousand and seven it's really unbelievable we have the federal reserve has tripled what's called the base money the money that basic money supply it's called the monetary base it's actually gone from about eight hundred billion dollars to about three trillion dollars now and so. almost more than tripled so we have a basis in place for a more than tripling of the price level right now we have created the the foundation for hyperinflation already and the baby boomers have yet to retire. so right now twelve percent of all the federal spending is based is being financed paid for by just printing new dollars. that's what's going on so we're acting very much like a developing country in terms of our actual finances a

not getting their money back and when they can't just come out and say hey i want part of the american g.d.p. . if i were anybody whether i was chinese or japanese or russian i would not be buying thirty year us government treasury bonds that are yielding three and a half percent or something right now because the prospects for us to print we have printed so much money since two thousand and seven it's really unbelievable we have the federal reserve has tripled what's called the base money the money that basic money supply it's called the monetary base it's actually gone from about eight hundred billion dollars to about three trillion dollars now and so. almost more than tripled so we have a basis in place for a more than tripling of the price level right now we have created the the foundation for hyperinflation already and the baby boomers have yet to retire. so right now. twelve percent of all the federal spending is based is being financed paid for by just printing new dollars. that's what's going on so we're acting very much like a developing country in terms of our actual finances and i

g.d.p. like in the one nine hundred fifty s. when americans could afford to both buy things and pay down their own debt and ditto for businesses. but at two hundred fifty percent of g.d.p. that private sector debt strangles the economy and sets the stage for a looming economic collapse. so what's to be done well here's a solution we should wipe the worst and most destructive of the private sector debt the debt that prevents people from spending we should wipe it off the books keane the economist from australia calls for a debt jubilees here in america. i think the only way out of this is to abolish the debt and you can do it in a lot of the damage of. innocent bystanders and ice so i took a look at all the modern digital age use usenet see it money can ask the government to i also launch amount of profit it's a benefit started as a science so basically that means using the government to simply payoff much of the individual debt across america for mortgages to student loans to credit cards this is also the approach occupy wall street is taking

g.d.p. like in the one nine hundred fifty s. that americans could afford to both buy things and pay down their own debt and ditto for businesses. but a two hundred fifty percent of g.d.p. private sector debt strangles the economy and sets the stage for a looming economic collapse. so what's to be done well here's a solution we should wipe the worst and most destructive of the private sector debt the debt that prevents people from spending we should wipe it off the books keane the economist from australia calls for a debt jubilees here in america. i think the only way out of this is to abolish the debt and you can't do it and a lot of the damage is. innocent lost and as an ice so i took a look at all the modern digital age use usenet see it money can ask the government to pay off a launch amount of profit that's a benefit site it is a science so basically that means using the government to simply payoff much of the individual debt across america for mortgages to student loans to credit cards this is also the approach occupy wall street is takin

van hollen: 150,000 fewer american jobs, cutting growth in g.d.p. by one-third. not economic output. but growth in g.d.p. second number, three, the number of times we have tried to get a vote on this. the number of times our republican colleagues have this year tried to resolve the sequester issue. the speaker pro tempore: the gentleman's time has expired. the gentlelady from florida is recognized for two minutes. ms. wasserman schultz: i rise today in support of this comprehensive and bipartisan effort to end violence against women. the violence against women act recently passed by the senate updates this crucial legislation by providing necessary resources and support to all victims of domestic violence regardless of their race, ethnicity and sexual orientation. 78 senators and 23 republicans recognized the need for these protections and i'm thrilled we are moving to recognize the same. i would like to express my gratitude to the champions, including the gentlelady from new york. several of my colleagues along with hundreds of groups and thousands of concerned

american politics which is if you look at this chart the same in the u.k. the same in the u.s. and that is that household incomes have lagged behind g.d.p. and productivity growth so here's your inflation for you all the g.d.p. growth this inflation is going to the financial pushers so the dark blue line on the bottom is median household income and that's barely risen in ten years as you can see red line is output per worker soaring light blue at the top is g.d.p. per person so it doesn't take a rocket scientist to see this is what's causing a lot of the strife in a billet for people to service their debts because they're not capturing any of the gains in the economy the inflation the benefits of inflation are going to the very top. that's a that's i'm saying the the trolls and their clients under the bridge are grabbing all the money is a rolls off the press and they're stuffing in their pockets and a stock getting into the real economy incomes are deteriorating in the u.k. there are more jobs being created the last twelve months but these are part time jobs these are minimum wage jobs and they they are not generating the taxable income

american politics which is if you look at this chart the same in the u.k. the same in the us and that is that household incomes have lagged behind g.d.p. and productivity growth so here's your inflation for you all the g.d.p. growth this inflation is going to the financial pushers so the dark blue line on the bottom is median household income and that's barely risen in ten years as you can see red line is output per worker soaring light blue at the top is g.d.p. per person so it doesn't take a rocket scientist to see this is what's causing a lot of the strife in a billet easy for people to service their debts because they're not capturing any of the gains in the economy the inflation the benefits of inflation are going to the very top. that's a that's i'm saying they have the trolls and their clients under the bridge are grabbing all the money is a rolls off the press and they're stuffing in their pockets and a stock getting into the real economy incomes are deteriorating in the u.k. there are more jobs being created the last twelve months but these are part time jobs these are minimum wage jobs and they they are not generating the tax

g.d.p. there's no reason to expect that to turn around because the fundamental drivers are the rising number of americans collecting through these benefit programs and the rising costs of health care costs per beneficiary. >> to my colleagues, this is the reason why i think it's accurate to say we have fundamentally a spending problem rather than a tax problem, because if your revenue is not going to keep up with the spending because we are on an automatic course through entitlements and other programs and our desires to spend more, then you are not going to get the country on a sound path. mr. elmendorf, that, i believe can slow the economy back in 2009. you wrote senator greggg stating the stimulus would have an economic boost in the short-term. this pushing out of stimulus money, but the cost of borrowing that money would become a drag on the economy, you told us. in fact you said by even next year, 2014, i believe is what you projected it back then, the benefits of the stimulus spending would be completely gone and there would be left a drag permanently on the economy. since there is no prospect of p

g.d.p. dropped point one percent last quarter making it the weakest since the recession add this to the fact that the bureau of labor statistics is. more than twelve million americans remain unemployed while well surely the white house is feeling the economic squeeze actually not so much the economy shrinking and unemployment persistent the obama administration is the sighted to shut down its job council. well done obama well done way to move america forward in this time of need despite the fact the council met abusing four times and to your existence i guess i would rather have seen a commitment to the other news in the white house was actually working on the economy instead of a blatant surrender if you're with me let's break the said. let's look for a never seen anything like that. you may remember that earlier this month i highlighted a man who's been under siege by the u.s. government for blowing the whistle on torture referring a former cia analyst and senior investigator for the senate foreign relations committee john kiriakou and while he isn't the only whistleblower charged out of this administration his stories particularly unique is that he actually left

american jobs act, what passed and what didn't pass. what passed has certainly homicide the economy. the 2% payroll tax cut which was intend to be temporary, helped support after-tax income and consumption. in the g.d.p. report we saw 14 quarters in a row of consumption growth. the part that didn't pass would have helped the economy even stronger, to be even stronger >> darren: are we going to hear the president talk about job growth in the state of the union address? >> well, i have worked for the britain long fluff to know not to front-run the state of the union address, but i can tell you job growth economic growth is the president's top priority, that moat varktz for example, immigration reform. you will continue to hear from the president his vision for strengthening the economy and creating more jobs. >> darren: we have 12 million people who are unemployed right now. how long until we get down to a more normal number? >> i don't want to make a precise forecast. we'll release our forecast with the budget. but i will say that we'd like to strengthen job growth. over eight million jobs were lost by the recession. so there's a deep hole to dig our way out, and it's important we continue in the upwa

g.d.p. you drop point one percent last quarter making it the weakest since the recession add this to the fact that the bureau of labor statistics is reporting more than twelve million americans remain unemployed while well surely the white house is feeling the economic squeeze actually not so much the economy shrinking and unemployment persistent the obama administration is the sighted to shut down its job council. well done obama well done way to move america forward in this time of need despite the fact the council met a measly four times in a two year existence i guess i'd rather have seen a commitment to the other huge in the white house was actually working on the economy and sort of a blatant surrender if you're with me let's break the set. of the total number of users you've never seen anything like the trouble. you may remember that earlier this month i highlighted a man who's been under siege by the u.s. government for blowing the whistle. torture referring to former cia analyst and senior investigator for the senate foreign relations committee john kiriakou and while he isn't the only whistleblower charged out of this administration his story is particularly unique

g.d.p. you drop point one percent last quarter making it the weakest since the recession add this to the fact that the bureau of labor statistics is reporting more than twelve million americans remain unemployed while well surely the white house is feeling the economic squeeze actually not so much but the economy shrinking and unemployment persistent the obama administration is the cited to shut down its job council.

american jobs act what passed and what didn't pass. what passed has certainly homicide the economy. the 2% payroll tax cut which was intend to be temporary, helped support after-tax income and consumption. in the g.d.p. report we saw 14 quarters in a row of consumption growth. the part that didn't pass would have helped the economy even stronger, to be even stronger >> darren: are we going to hear the president talk about job growth in the state of the union address? >> well, i have worked for the britain long fluff to know not to front-run the state of the union address, but i can tell you job growth economic growth is the president's top priority, that moat varktz for example immigration reform. you will continue to hear from the president his vision for strengthening the economy and creating more jobs. >> darren: we have 12 million people who are unemployed right now. how long until we get down to a more normal number? >> i don't want to make a precise forecast. we'll release our forecast with the budget. but i will say that we'd like to strengthen job growth. over eight million jobs were lost by the recession. so there's a deep hole to dig our way out, and it's important we continue in the upwar

g.d.p. dropped point one percent last quarter making it the weakest since the recession add this to the fact that the bureau of labor statistics is reporting more than twelve million americans remain unemployed while well surely the white house is feeling the economic squeeze actually not so much the economy shrinking and unemployment persistent the obama. the administration is the sighted to shut down its job council. well done obama well done way to move america forward in this time of need despite the fact the council met abusing four times as to your existence i guess i'd rather have seen a commitment to the other news in the white house was actually working on the economy instead of a blatant surrender if you're with me let's break the said. looking for a. membership anything like that. you may remember that earlier this month i highlighted a man who's been under siege by the u.s. government for blowing the whistle on torture referring to former cia analyst and senior investigator for the senate foreign relations committee john kiriakou and while he isn't the only whistleblower charged out of this administration his story is particularly unique is that he actually left

g.d.p. by $215 billion and cost the jobs of over two million american workers.from defense department officials and members of the joint chiefs of staff on the potential effects of sequestration on our national security. just last week, at his final appearance before our committee as secretary of defense, secretary panetta warned us of a -- quote -- readiness crisis that would impair our forces' ability to respond to crises. sequestration will also prevent investments needed to protect us in emerging areas of concern such as cybersecurity. it will threaten our ability to keep faith with the most important national security asset that we possess, the men and women of our military and their families. and secretary panetta has pointed out that sequestration's ills will not be limited to defense. in a speech last week, he said -- quote -- "it's not just defense, it's education, loss of teachers. it's childcare. it's about health care. 700,000 women and children will no longer receive nutritional assistance. it's about food safety, he said, it's about law enforcement

american's share is more than $50,000. things only stand to get worse. in fact, federal spending is now projected to double to 40% of g.d.p. in the next three decades. this out-of-control out-of-control spending is a threat to our future. the american people agree, polls by gallup, the winston group and politico last month indicated that americans overwhelmingly agree on addressing this. despite the facts, president obama and his fellow democrats continue to deny we have a spending problem. pointing to more revenue as the answer to our debt crisis. mr. bentivolio: we are trying to find more meaningful reforms to the entitlement programs that are driving us deeper into debt and a fair, cleaner tax code. we are committed to saving our economy for future generations, and i hope the president and his fellow democrats will join us. thank you, mr. speaker. i yield back. the speaker pro tempore: the gentleman's time has expired. the chair lays before the house a communication. the clerk: the honorable the speaker, house of representatives, sir, i am writing to inform you of my resignation effective immediately from the house com

of these large corporations and what they have done to avoid paying american taxes, at a time when revenue today as a percentage of g.d.p. is almost the lowest that it has been in decades. so the choice is, you cut social security, medicare, medicaid, or do you ask enormously profitable corporations to stop using loopholes-to-a void paying taxes? just a few examples. i can give you many. in 2010, the bank of america, one of the largest financial institutions in this country, an institution bailed out by the working families of this country when they were on the verge of of collapse, the bank of america set up more than 200 subsidiaries in the cayman islands, which by the way has a corporate tax rate of zero, to avoid paying u.s. taxes. how's that? you bail them out, they run to the cayman islands, set up 200 separate subsidiaries in order to avoid paying taxes to america. it is time for congress, it is time for a a secretary of treasury to address that issue. do i any a million years jack lew is prepared to do in a? no, i don't. we need a secretary of treasury who will do that. not only does the bank of america pay noth

american people. >> i want to jump in. jimmy carter had on his desk the sign that harry truman had, "the buck stops here." this is the antibuck stops here. it stops everywhere else. we went from g.d.pve and say it is because of one month of defense spending cuts. he has been the person advocating the defense cuts. i am saying it is not only total nonsense but ludicrous. bull crap. by the way he gets away with it. the mainstream media, most of the efforts and abc and nbc, they did not cover the drop. they have unemployment. the economists say the underlying things are great, but something is wrong here. he is the president. to continue to blame it on everyone else... >> the republican party has no credible alternative narrative, no argument. in was going to be a speech outlining another vision but the republicans have no answer to what pat was talking about. >> it is the same we talked about on the segment on foreign policy, no voice speaks to the mainstream of america on the two issues. if the republicans seized simpson-bowles and sold it, that would be very popular. >> paul ryan sat on the simpson-bowles commission and voted in favor of it. >> washington doesn't care about the eco

g.d.p. ratios. job loss under sequestration would include 16,000 school teachers and aides and 20,000 head start teachers. ask the american people if that's what they mean by cuts. we need to create education jobs by investing in teachers, modernizing schools and efforts that would create more than 300,000 jobs. the balancing act includes these ideas. and we are ultimately included in the president's american jobs act which never got a vote in the house. teaching, modernizing schools and rebuilding our transportation infrastructure which the balancing act would do, those are the jobs that our communities need and those are the jobs our economy needs. our legislation pays for those investments by including smart military cuts under sequestration, across-the-board cuts allow for little discretion, really no discretion. it would cut waste and streamline our military to meet 21st century threats. raising receive news from those who can afford to pay more, creating jobs, not only will those efforts restore through balance through deficit reduction, but those are the american people keep saying they want. the balancing act is t

american society of engineers found that with an additional investment of $15.8 billion between now and 2020, our national system of ports could provide $270 billion in u.s. exports and $697 billion in g.d.p. now is not the time to be cutting critical investments in our infrastructure. let's work together to find a solution. i yield back. the speaker pro tempore: for what purpose does the gentleman from for what purpose does the gentleman rise? >> i rise to address the house for one minute an revise and extend my remarks. the speaker pro tempore: the gentleman is recognize. >> i rise to commemorate james t. walker, he was born april, 1912 in mississippi. after graduating from high school, he ginned the marine corps and served from 1942 to 1945. upon returning home he earned a degree in engineering and became the engineering supervisor at the v.a. in biloxi, retiring after 35 years. he was the loving husband of helen peterson, walk -- helen peterson walker. they married exactly 67 years to the day before his passing. i stand before you today and declare without a shadow of a doubt that he was the epitome of what we consider a member of the greatest generation. mr. walker you will be missed

americans, and the tax revenues that people have been sending to the government. it is possible to keep tax revenues at their historical average percentage of g.d.p. but only by making substantial cuts relative to current policies in the large benefit programs that aid a broad group of people at some point in their lives. alternatively it is possible to keep the policies for those large benefit programs unchange bud only by raising taxes substantially for a broad segment of the population. deciding now what combination of policy changes to make to resolve the budget imbalance would allow for gradual implementation of those changes, which would give household an businesses time to adjust their behavior. thank you. >> thank you, dr. elmendorf. let me get into the debt itself. we had the state of the union address last night and as we all doe do, we go@microphones and give our play-by-play analysis of what we thought of the speech and what we liked and didn't like. one thing that stood out that gave me cause for concern, i heard it in mr. van hollen's opening statement, it seems they think the heavy lifting on debt reduction is behind us and we've ju

g.d.p., so it's a huge differtial, we're not taxing enough, that's if you believe the government's spending should be 20% of the gdp. >> chris, who is the transformational leader who says, okay, americansof taxation, but you like the democratic idea of spending. >> that's the problem, joe. >> these two together. so who gives them that news that we can't continue on this course forever? >> the problem is it's almost like a kid going to both parents, daddy, can i have the car tonight? sure. mom, can i have some money? it's like they go to democrats for more spending and republicans for lower taxes and they both say sure, kids. they get it both ways. there's a question i always ask to conservatives, are you willing to pay for the government you believe in? in other words, strong defense, pay off our debts, things like that, law and order, things like that. are you willing to do that at least? that's about 20%. all right let's raise taxes up to 20%. but neither side wants to reconcile. you've nailed it, neither side says i'm willing to live with 20%. nobody forces them to that. that's the problem. >> we were saying that 18, 19% of gdp feedback in the '90s. that number just keeps going high

inequality grew as the wealthiest americans benefited from the tax cuts while the middle class stagnated. by 2008, federal revenues had plummeted back down to 17.6% of g.d.ppending had shot up to 20.8%. we were back to a deficit of 3.2%. and all those projections about the national debt being eliminated were tossed out the window. when president obama came into office, our country was losing over 700,000 jobs a month. he was desperately working to staunch the bleeding from the wall street collapse that threatened to push our country into a depression. federal revenue plummeted even further. middle class families and the most vulnerable americans were losing their homes, struggling to put food on the table and worrying about what the future would be like for their children. but at the very time when we needed to be investing our families and our economy and focusing on growth, many of my colleagues went back to their file cabinets and dug out those talking points they used back in the early 1990's. all of a sudden they were telling us deficits were the most important issue to address and cutting spending was once again a new priority. not jobs, not the mid

g.d.p. in 2023 an historical average will be on an upward from traject tri and far in excess of the 40-year average of 21%. the problem is not that the american people are undertaxed. it's that washington is overspending. given this basic point, i filed a motion to commit the leadership bill to the finance committee to strike all the revenue increases and replace them with spending cuts and help further the process i've prepared a menu of options to select from. these come from dr. tom coburn's book "back in black" a deficit reduction plan. during the 2008 campaign, the president promised to find spending cuts by going through the budget line by line. dr. coburn has done what the president promised but failed to do. today, i'm drawing from a small body of dr. coburn's hard work. for instance, instead of the latest incarnation of the buffett tax, we could according to "back in black" save $71 billion over ten years by substituting a -- instituting a five-year freeze for federal workers or reduce travel budgets of federal agencies. that would save just over $43 billion over ten years. another revenue increase in the majority leader's bill that