and at 5.25% of g.d.p. it would be only half as large relative to the size of the economy as the deficit was in 2009. our projections based on current laws show deficits continuing to fall over the next few years. reaching about 2.5% of g.d.p. in 2015. before turning up again to nearly 4% by the end of the decade. a big reason for declining deficits is the federal revenues are projected to grow because of both the expanding economy and changes in tax rules that are scheduled under current law. as a result, we expect that revenues, which were less than 16% of g.d.p. in 2012, will be about 19% in 2015. under current law we expect that revenues will then remain at roughly 19% of g.d.p. for the rest of the decade. compared with an average shown in the picture of about 18% over the past 40 years. at the same time under current law, our projections show federal spending falling relative to the size of the economy over the next several years. spending that goes up when the economy is weak, like unemployment benefi

in america is down just like g.d.p. all around the world is down real g.d.p. adjusted for ben bernanke ripping off his prosthetic limbs a fake mortgage backed securities and beating us up on the head with it is negative around the world we're living in a. frickin snow global fraud perpetrated by bernanke so hard up there is the art of dark. nothing but. in the amazing thing is that house prices the total stock of housing has fallen by four trillion dollars in value in the united states since the crisis began so he's bought one point four trillion in the first round and now he's buying six hundred billion of mortgage backed securities so he's bailing out somebody is clearly not the homeowner now the bad thing about all of these fed asset purchases these mortgage backed securities he's buying forty billion dollars a month of mortgage backed bonds forty five billion dollars a month the treasuries. according to the economists surveyed by bloomberg fed asset purchases will probably do little to help reduce seven point eight percent unemployment economist said with

in america is down just like g.d.p. all around the world is down real g.d.p. adjusted for ben bernanke you ripping off his prosthetic limbs of fake mortgage backed securities and beating us up on the head with it is negative around the world we're living in a. frickin snow global fraud perpetrated by bernanke so hard up there is the art of dark. nothing but. in the amazing thing is that house prices the total stock of housing has fallen by four trillion dollars in value in the united states since the crisis began so he's bought one point four trillion in the first round and now he's buying six hundred billion of mortgage backed securities so he's bailing out somebody is clearly not the homeowner now the bad thing about all of these fed asset purchases these mortgage backed securities he's buying forty billion dollars a month of mortgage backed bonds and forty five billion dollars a month to treasuries. according to the economists surveyed by bloomberg said asset purchases will probably do little to help reduce seven point eight percent unemployment economist s

in america is down just like g.d.p. all around the world is down real g.d.p. adjusted for ben bernanke ripping off his prosthetic limbs a fake mortgage backed securities and beating us up on the head with it is negative around the world we're living in a. frickin snow global fraud perpetrated by bernanke so hard up there is the art of dark. nothing but. in the amazing thing is that house prices the total stock of housing has fallen by four trillion dollars in value in the united states since the crisis began so he's bought one point four trillion in the first round and now he's buying six hundred billion of mortgage backed securities so he's bailing out somebody is clearly not the homeowner now the bad thing about all of these fed asset purchases these mortgage backed securities he's buying forty billion dollars a month of mortgage backed bonds forty five billion dollars a month the treasuries. according to the economists surveyed by bloomberg said asset purchases will probably do little to help reduce seven point eight percent unemployment economist said with

in america is down just like g.d.p. all around the world is down real g.d.p. adjusted for ben bernanke you ripping off his prosthetic limbs of fake mortgage backed securities and beating himself on the head with it is negative around the world we're living in a. frickin snow global fraud perpetrated by bernanke the horror there is the art of dark. nothing but. in the amazing thing is that house prices the total stock of housing has fallen by four trillion dollars in value in the united states since the crisis began so he's bought one point four trillion in the first round and now he's buying six hundred billion of mortgage backed securities so he's bailing out somebody is clearly not the homeowner now the bad thing about all of these fed asset purchases these mortgage backed securities he's buying forty billion dollars a month of mortgage backed bonds forty five billion dollars a month the treasuries. according to the economists surveyed by bloomberg fed asset purchases will probably do little to help reduce seven point eight percent unemployment economists sa

and actual g.d.p. and that of years >> aren't seniors on fixed incomes the biggest victims gap almost as large as it was during the worst of our recession. this means that there is a sharp fall in consumption and government spending and/or investment. additionally we have record low financing costs right now and unemployment levels of above 16% in the construction sector. in terms of economic multipliers, isn't it true one of the best ways to increase growth in the future is to invest in infrastructure today? >> yes, senator. investments in investments in infrastructure, if done in an intelligent manner can provide a real boost to economic activity, not just today when the investment is occurring but overtime as the investment yields returns. >> along those lines, what do you view as the other best economic multiplier strategies -- what gives us the most leverage? >> well, the most effective way that we know for the congress to boost economic growth this year is to defer some of the fiscal tightening t

on an ongoing basis in other words we need to get twelve percent more of g.d.p. . either in tax increases or spending cuts in order to have the fiscal gap is zero we're doing far too little too late it's. like operating on a person with cancer and you say well there's a big tumor here we're just going to take a little bit out today and we'll come back and in five years and we'll take some more but maybe in five years the patient is dead because of the tumor got bigger so this is why we are in worse shape than greece and greece it's about ten percent of g.d.p. . they need on an ongoing basis we need twelve percent it only it's about five percent germany it's about five percent so when you look at it from this perspective. it's a whole different story then when you look just at the official debt because these governments are making choices word choices about what to call official obligations or what to call unofficial so are they intentionally hiding they are intentionally tried on this they've been spending in our country six decades running a massive ponzi scheme t

in america is down just like g.d.p. all around the world is down real g.d.p. adjusted for ben bernanke you ripping off his prosthetic limbs a fake mortgage backed securities and beating us up on the head with it is negative around the world we're living in a. frickin snow global fraud perpetrated by bernanke so hard up there in the heart of darkness. nothing but. the amazing thing is that house prices the total stock of housing has fallen by four trillion dollars in value in the united states since the crisis began so he's bought one point four trillion in the first round and now he's buying six hundred billion of mortgage backed securities so he's bailing out somebody is clearly not the homeowner now the bad thing about all of these fed asset purchases these mortgage backed securities he's buying forty billion dollars a month of mortgage backed bonds and forty five billion dollars a month to treasuries. according to the economists surveyed by bloomberg fed asset purchases will probably do little to help reduce seven point eight percent unemployment economists

our debt to g.d.p. ratio plummeted from its peak of over one hundred twenty percent in the one nine hundred forty s. . to below fifty percent the one nine hundred seventy s. got here and then reagan came along gave billionaires a massive tax cut increased defense spending and our national debt exploded again but two presidents later bill clinton had a had the budget balance the nation on track to completely eliminate the national debt within ten years george w. bush blew up that plan with his tax cuts his wars as corporate giveaways and his economic crash so now we have a pretty massive debt again although not as big as the one that truman and eisenhower faced and beat our nation has a long history from the revolutionary war to the civil war to world war two a dealing with national debt that's higher than we have right now and reducing debt levels that are much higher than we see today that's why government debt is not a problem right now with just a small amount of political will it can be solved prett

over time the official debt will become bigger and bigger as this year of g.d.p. and at some point the chinese and other people will stop lending us money and our interest rates will go up dramatically we'll have a bond market collapse and at that point. the deficit will get even bigger the debt the official debt will accumulate even more rapidly and our government is also printing a lot of money to pay for these bills so inflation can also take off very quickly so i see the problems and they may not be in thirty years they may be in five years or two years that the chinese and other people start to understand how bad the situation is and then we'll be in the situation of greece where people won't lend us money. and then we will have to make big cuts and everybody will be injured. so you mention china and i know that china and japan are they top the list of america's lenders. or one trillion us staff should they just get used to the idea 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. . well if i

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

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 taxable income sufficient to pay down the any of the debt modify the debt i

>> g.d.p. has been growing since the summer of that year, yes, congressman. >> let's look at some other numbers, six million private sector jobs have been created? >> i think so. depends on the point on on which you start that tally. >> than and i believe 500,000 manufacturing jobs have been created? >> that may be, i don't know that off hand. >> the unemployment rate is at or near its lowest levels than the last four years? >> i think that's right. >> home prices are rising at the fastest pace than in the last six years? >> yes. >> home purchases are rising at 50%. >> they are rising. >> we reduced the deficit by $2.5 trillion in the last several years. >> we try not to do a calculation like that. how much has been accomplished depends on the point of time and the benchmark one is comparing to. we have not done that calculation ourselves. >> based on any reasonable economic measure, the economy's clearly moving in the right direction. the question has been asked a few times today, is there any

and expand -- increase g.d.p. the fiscal conservatives always say they want to cut spending but near i will all the focus in recent years have been trying to impose overall restraint by voting balanced budget. i'm not against the caps but they do not reduce the underlining pressure to spend. the only way to do that is challenge particular programs and make the argument that particular programs are harmful and wasteful, unconstitutional, unjust, and unneeded. to make lasting reforms congress needs to make the case to cut many dozens, hundreds of particular programs. if the republicans want to kill funding for big bird they have to make the case for it. they have to lay out the case and push on that for many months or many years to wear down the opposition. so the very few examples in recent decade where is we've been able to cut or limit or reform programs, there has been a build up and we've laid the ground work for it. most famous i will the welfare reform in 1996. it did not just happen. there were decades of st

care because it's the health care benefits have been growing at twice the growth rate of per capita g.d.p. for forty years these are the government health care benefits for the elderly so it can't continue because it's going to kill the country so we have a huge problem it's being hidden it's not being described and discussed disclosed and we're in very bad shape you just mentioned that you need to take care of the future generations clash of generations is a term used to describe what future awaits for american children paying up the deaths of their fathers but the united states when you look at it really has lived on death ever since world war two and increasingly so in the past thirty years and they have somehow managed stop to collapse you know and. they have no problem getting new debt why do you think that the new generation won't be able to manage it well over time the official debt will become bigger and bigger as this year of g.d.p. and at some point the chinese and other people will stop. lending us money and our interest rates will go up dramatically we'll have a bond market co

growth well it was a little bit the opposite the g.d.p. growth came first we were building things we were manufacturing we are creating wealth and because of that there was a demand for more currency to keep the system operating so they remember that they had to printed. out of money that the money supply was booming along with the economy and now they only remember that there was a lot of money maybe that's the answer if we keep on printing money then the wealth creation will come afterward but it's cognitive dissonance isn't it and if there were going to mimic an action to jet generate real wealth they would maybe do this which is selling or they would do this manufacturing something at the metal printing factory but no they do this this is money printing which is not generating any growth and they don't understand why because they don't understand and they don't know how to manufacture anymore in the u.k. or in the us they don't know what it means they don't know or shoes come from they don't know that there used to be a place called a

growth well it was a little bit the opposite the g.d.p. growth came first we were building things we were manufacturing we are creating wealth and because of that there was a demand for more currency to keep the system operating so they remember that they had to print a lot of money that the money supply was booming along with the economy and now they only remember that there was a lot of money maybe that's the answer if we keep on printing money then the wealth creation will come afterward it's cognitive dissonance isn't it and if there were going to mimic an action to generate real wealth they would maybe do this which is selling or they would do this manufacturing something at the metal printing factory but no they do this this is money printing which is not generating any growth and they don't understand why because they don't understand and they don't know how to manufacture anymore in the u.k. or in the u.s. they don't know what it means they don't know where shoes come from they don't know that there used to be a place called a fact

growth well it was a little bit the opposite the g.d.p. growth came first we were building things we were manufacturing we are creating wealth and because of that there was a demand for more currency to keep the system operating so they remember that they had to print a lot of money that the money supply was booming along with the economy and now they only remember that there was a lot of money maybe that's the answer if we keep on printing money then the wealth creation will come afterward but it's cognitive dissonance as it and there are going to mimic an action to jet generate real wealth they would maybe do this which is selling or they would do this manufacturing something at the metal printing factory but no they do this this is money printing which is not generating any growth and they don't understand why because they don't understand and they don't know how to manufacture anymore in the u.k. or in the u.s. they don't know what it means they don't know where shoes come from they don't know that there used to be a place called a fac

growth well it was a little bit the opposite the g.d.p. growth came first we were building things we were manufacturing we are creating wealth and because of that there was a demand for more currency to keep the system operating so they remember that they had to print a lot of money that the money supply was booming along with the economy and now they only remember that there was a lot of money maybe that's the answer if we keep on printing money then the wealth creation will come afterward but it's cognitive dissonance isn't and if there were going to mimic an action to jet generate real wealth they would maybe do this which is selling or they would do this manufacturing something at the metal printing factory but no they do this this is money printing which is not generating any growth and they don't understand why because they don't understand and they don't know how to manufacture anymore in the u.k. or in the u.s. they don't know what it means they don't know where shoes come from they don't know that there used to be a place called a

growth well it was a little bit the opposite the g.d.p. growth came first we were building things we were manufacturing we are creating wealth and because of that there was a demand for more currency to keep the system operating so they remember that they had to print a lot of money that the money supply was booming along with the economy and now they only remember that there was a lot of money maybe that's the answer if we keep on printing money then the wealth creation will come afterward cognitive dissonance isn't and if there are going to mimic an action to jet generate real wealth they would maybe do this which is selling or they would do this manufacturing something at the metal printing factory but no they do this this is money printing which is not generating any growth and they don't understand why because they don't understand and they don't know how to manufacture anymore in the u.k. or in the u.s. they don't know what it means they don't know where shoes come from they don't know that there used to be a place called a factory w

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 taking with its strike debt campaign though that organization is also relying on private donations to help buy people's overdue debt

the fourth but even if you look at the entire year of two thousand and twelve it's very very weak g.d.p. growth and i actually think talking about manipulation i think the only reason that we had a positive number for g.d.p. in two thousand and twelve is because the government is under reporting inflation i think of the inflation rate accurately reported by government statistics i think the u.s. economy would have in fact contracted in two thousand and twelve i think it didn't contract is just that we're not being honest about it as you had mentioned much in the discrepancy in growth can be attributed to military spending it seems that there was kind of that splurging in the third quarter and then a pledge of defense spending later do you think that was intentional that balance and a tactic that they used. well it might have been but you know also our trade deficit got a lot bigger and that subtracted from g.d.p. that is a problem that's only going to get worse and you know think about this we've had a tax increase on everybody here in two thousand and thirteen so i'm eric is going to b

on an ongoing basis in other words we need to get twelve percent more of g.d.p. . either in tax increases or spending cuts in order to have the fiscal gap the zero we're doing far too little too late it's. like operating on a person with cancer and you say well there's a big tumor here we're just going to take a little bit out today and we'll come back and in five years and we'll take out some more but maybe in five years the patient is dead. because of the tumor got bigger so this is why we are in worse shape than greece and greece it's about ten percent of g.d.p. . they need on an ongoing basis we need twelve percent it only it's about five percent germany it's about five percent so when you look at it from this perspective it's a whole different story then when you look just at the official debt because these governments are making choices word choices about what to call official obligations or what to call an official so are they intentionally hiding. as they have been spending in our country six decades running a massive ponzi scheme taking from young people g