coincidentally is the title of his book the new great depression the breakdown of the paper money economy so mr duncan before the break we were talking about all of the problems but what is the solution we have credited them too much credit what is a solution to move toward sounder money and sustainable growth well i think there are three possible paths for us as a society have three options on how we can go forward the first option is similar to what the tea party is recommending to immediately cut government spending well every economy is made up of just four parts personal consumption expenditure business investment net trade and government spending in the u.s. this is about seventy percent of g.d.p. sixteen percent is business investment and trade to ducks four percent and government about twenty percent of g.d.p. so if you cut the government spending we have a sixteen roughly sixteen trillion dollar economy if we balance the budget deficit is one point three trillion roughly balance the budget deficit and overnight our economy shrinks to fourteen point seven but if the government spends a trillio

i didn't hear that a couple days ago mr duncan and i thought he made a lot of the points but the key area that i disagreed with him in is that he believes that there's almost a perpetual infant component of high government spending that will make you maintain throughout history now if that would be the case i would have to wonder what would the social bank balance sheet look like in twenty fifty eight hundred quit really and what would our deficit be like with all this project there just astronomical numbers and my common sense tells me that that there this level of criticism will hit a tipping point to the limit and in addition to that i think the people already exhibited in distain for this level of government spending is i think it's going to be a lot of blowback from the citizens that will allow this to happen i suddenly think ok says in a key differences there and you think the market is going to win and have its way so when we get back we're going to talk about more of the nuts and bolts and details we'll have much more with peter baxter author of when terror dot com still ahea

mr. duncan pointed out the issue. i would argue there is an incentive other than pay, it's called ethics. and i would like to think as i taug school starting out for $17,000 a year i worked just as hard as i did when i reached the top at 47,000. that i was working just as hard in that classroom and trying to save money for the taxpayers. but when we get a situation like this it absolutely,s miss johnson said, too, it destroys all credible and my friend is very thorough. we both know there's not going to be good news out of that conference. swb is staying in that damn suite tonight. i would almost guarantee you. i understand you don't have that. i think you know that, though. so my question next is what happens when you come back and the questions getting asked today, i don't have any answers for these. and i'm as frustrated as anybody else. how do we make sure this stops? it appears to me there was clear cut directives put out. mr. miller has been to the committee and testified. many of us sit here appalled at $45 bre

mr. duncan pointed out the issue. i would argue there is an incentive other than pay, it's called ethics. and i would like to think as i taug school starting out for $17,000 a year i worked just as hard as i did when i reached the top at 47,000. that i was working just as hard in that classroom and trying to save money for the taxpayers. but when we get a situation like this it absolutely, as miss johnson said, too, it destroys all credible and my friend is very thorough. we both know there's not going to be good news out of that conference. swb is staying in that damn suite tonight. i would almost guarantee you. i understand you don't have that. i think you know that, though. so my question next is what happens when you come back and the questions getting asked today, i don't have any answers for these. and i'm as frustrated as anybody else. how do we make sure this stops? it appears to me there was clear cut directives put out. mr. miller has been to the committee and testified. many of us sit here appalled at $45 b

mr. duncan. >> thank you. the question has been raised why are we here today in we're here because an executive summary part of a 30-page document led to the debt rim incidental effect on lives. the workers had to go other places to feed their families. the 30-day moratorium. why are we here today in one day after his inauguration president obama promised a new era of openness in government. we will work together, i quote, to establish a system of transparency and collaboration. he wrote that openness whether strengthen our democracy and promote effectiveness and efficiency in government. but i look at your written statement and you say that this is a unilateral approach to investigate me by requesting documents from the office of the inspector general drawing conclusions from those documents without all the facts. no, we subpoenaed you and your agency because we want the facts. we can make and draw our own conclusions from the documents -- facts in those documents. that's what we're trying to do today, get to

mr. duncan pointed out the issue. i would argue there is an incentive other than pay, it's called ethics. and i would like to think as i taug school starting out for $17,000 a year i worked just as hard as i did when i reached the top at 47,000. that i was working just as hard in that classroom and trying to save money for the taxpayers. but when we get a situation like this it absolutely, as miss johnson said, too, it destroys all credible and my friend is very thorough. we both know there's not going to be good news out of that conference. swb is staying in that damn suite tonight. i would almost guarantee you. i understand you don't have that. i think you know that, though. so my question next is what happens when you come back and the questions getting asked today, i don't have any answers for these. and i'm as frustrated as anybody else. how do we make sure this stops? it appears to me there was clear cut directives put out. mr. miller has been to the committee and testified. many of us sit here appalled at $45 b

mr. duncan. >> thank you, mr. chairman. they ask what are we here today? part of a 30 day report led to the detrimental effect on linux. the gentleman talks about the impact and creating jobs or working those jobs are biting the families that now have to go out there they says for employment. a 30 day moratorium on energy needs. why are we here today? president obama promising new area of openness in government. we worked together to ensure the public trust and transparency in public participation wrote in one of his first memos to the federal agency companies that openness will strengthen our democracy and promote efficiency and effectiveness in government. but ms. kendall, i look at your written statement and you say this is a unilateral approach to investigate me by requesting select document from the office of inspector general, drawing conclusions from those documents without all the facts. we subpoenaed you and your agency because we want the facts. we are asking for the facts and we can make interop are a potions from the documents and those facts.

mr. duncan first. >> thank you. i appreciate you calling this hearing. all the publicity that's being given to these conferences and these terrible abuses of the taxpayers have shown once again that the easiest thi in the world is to spend other people's money and that it's far too easy. in fact, governor randellwhen he was mayor of philadelphia and having a problem with some of the city unions testified in front of one of our congressional committees many years ago and said the problem with government is there's no incentive for people to work hard so many do not. there's no incentive for people to save money so much of it is squandered. those words were true many years ago and they're true today and maybe even more so as all of the abuses of the taxpayers that we're talking about here today show. i appreciate you having this hearing and looking into ese matters. i yield back. >> thank you for calling this hearing. i have two other hearings so i'll be in and out for most of the morning. it does appear that sound fiscal management has been cast aside and

mrs. obama's joining forces program. >> texas is a number of deaths in the past few weeks due to west nile virus with many of the victims in the dallas area. >> ernie duncanhe's going to be in perry haul today. educators about the future of their professions. he'll be joined by baltimore county superintendent dr. dallas and superintendent dr. lillian lowry this workshop is taking place at perry hall high school. >> actually role what is now massive slight sale. we're not kidding, look at this footprint was found on the green belt campus, now the store was very large. it was armored and it was a plant eater. it was very rare. the store actually tracks there are sometimes found out west or even in the british columbia area, but they're seldom seen in the eastern parts of the united states. >> so amazing, though. so laid back in baltimore and the first show is tonight. it's happening and this one was called. this one -- this one actually uses 3,000-year-old art. now the show runs through sunday here in baltimore. >> here is lanet. >> good morning, everyone. let's take a look at what's going on out there today. we have that trough of low pressure across the a

mr. chairman, thank you. >> thank you, chairman of an. -- chairman duncan.will signify by saying aye. those opposed, no. in the opinion of the chair, the ayes have it, and the motion is agreed to. without objection, the vote -- a motion to reconsider is laid upon the table. the next committee to report is the committee on permanent organization. our chairman of the committee on permanent organization is from puerto rico, to present the report. [cheers and applause] >> thank you. [chanting "use"] -- [chanting "usa"] >> we have to proceed with the order of business. thank you, delegates. thank you. now, the gentle lady from puerto rico has our report. please give her the respect to give her report, please. all right? give her the respect. >> ladies and gentlemen, as chair of the committee on permanent organization, i have the distinct honor to present to you the report of the committee on permanent organization. on behalf of the committee and chair and vice chairman ann bo dollis of ohio, and damon watkins of ohio, the committee unanimously recommends that the