we bring in $3 trillion and we spend $4 trillion. what does that mean? we can pay for $3 trillion on a daily basis without borrowing. so if tomorrow we didn't raise the debt ceiling, what would happen? we would spend $3 trillion. every social security check could do out, every soldier could be paid, and everybody could be taken care of on medicare. that's probably about it, to tell you the truth. because we spend too much money. we spend money we don't have. but you can provide the essentials to people. social security, medicare, and pay our soldiers, and maybe a few other things if you just spent what came in. isn't that what we should do? isn't that what responsible people do? does any american family routinely spend a third, 25% more than comes in? does anybody spend $4 for every $3 that comes in? nobody does that. nobody in the right mind does that, but your government does it. and who is at fault? both parties. they are complicit. they scratch each other's back. they both are terrible on the deficit. both parties are bad. both parties are ruining ou

the national debt now stands y d $22 trillion. this year we willis add over $1.2 trillion. we are approaching record deficit, and neither party cares. both parties have deserted, have absolutely and utterly deserted america and have shown no care if no understanding and sympathy for the burden of debt they are leaving the taxpayers, beyond the next generation coming into the future of our country. country. the very underpinnings of our country are being eroded and threatened by this object. it will be over $400 billion next year precisely $455 billion. sociasocial security is $7 triln in debt and medicare has over$3 $3 trillion in debt and get a parade of candidates on national television last night said they want to double and triple the government g expenditures. there is too much compromise and washing and. there's always an agreement to spend more money. there's always an agreement to throwco your kids and grandkids money int and put this country further at risk. admiral mike mullen put it this way, he said the most significant threat to the possible securities or death

we have 22 trillion dollars of debt. trillion dollars yearly deficits.s year the first 550 billion of our tax dollars, we the people's tax dollars is going towards interest on the debt that has been created by the politicians over the last 20 years. where do you stand on that? and are you willing to stay you're going to do something about it? >> yeah, i'm willing to say i want to do something about it because i'm someone who runs a huge city with a huge budget and has to balance it by law every year, and i do. i think the debt's a real problem, but i would argue before we even get to a solution in the debt, we have to be a country that invests in things like infrastructure, because if we don't do that, we won't have the economy of the future to pay off that debt. so i don't think we have the ability at this moment to do what i would like to see us do in terms of paying down the debt until we first put our country op a stronger footing for our long-term economy >> so, mayor, i'm glad you brought up the last segment, the tax code, right, i think it is comp

, $1.5 trillion, $2 trillion. and there is -- tthe left, the democrats, who by and large want this funded fully by federal spending. but there are other ways to finance our public infrastructure, and that is through allowing the private sector to come in, leverage private sector, local and state government resources so that it's a partnership. and then the leveraging effect can actually help the federal government, our country to reach that larger number. so, if it's $2 trillion, let's go back to the president's original proposal, which is $1 trillion, and then it was $1.5 trillion. you can allow the private sector to come in and fill the gap. >> right. >> and there could be a federal share. there can be a state and local share. so it doesn't have to be 100% federal funding, and i think that's where some of the disagreement is. >> i think that a lot of people think of infrastructure, particularly when we're talking about a major bill, as being primarily a federal spending issue and a federal responsibility. but --

>> $16 trillion. if you spent a million dollars a day every day, it would take you 3,000 years just to get to 1 trillion and he wants to spend 16 of that was. he's a self-described democratic socialist, he wants government to control everything from health care to the government, the private sector over there to everything to do with how we produce energy in this country. we can't afford to do it. it is just so expensive. it is unbelievable. >> jon: i want to put on screen some of his numbers that are broken down in his green new deal. he proposes .4 trillion of this package will come from the fail of clean energy, 1.2 trillion from military spending, 3 trillion in litigation from fossil fuel companies, i guess he's going to sue them, and you .3 trillion raised from taxes on the new jobs created. that is awfully optimistic, is in it, to imagine that you're going to create that many new jobs that you're going to have to .3 trillion above the jobs you just eliminate it in fossil fuel industry. >> am liv

in negative yielding sovereign bonds there are now about 17 trillion even one trillion in negative yielding corporate debt your thoughts well max i've said since 2016 when this 1st came the to the forefront i think negative interest rates are the greatest fundamental for physical gold ownership ever created by man or central bankers which i'm not sure are actually people. you look at it what is always the argument that traditionalists hedge fund acid allocate argument against gold what it just collects dust it's a doorstop it's a pet rock it doesn't doesn't pay dividends in fact it costs you money it hasn't negative interest rates you got to pay to store it. well now if you know of the entire switzerland yield curve is negative the entire german you know curves the entire yield curve of the netherlands. if traditional safe haven assets are negative ok negative yield that makes go look pretty good you can see somebody coming down the hall behind me. that makes a little pretty good in comparison so again why would you own cash why would you own physical cash if you're paying a negative yield

over 4 trillion. that's a little more than doubling it. is this remotely possible in any way shape or form? >> i'm a journalism student but i'm not as good as you, i don't do the math. he said it would pay for itself. and i don't know exactly how it would pay for itself. the key thing we pay a lot of money for the healthcare system and we don't have the best healthcare. and a lot of people don't have any. i think that's the instinct you are saying in the second part people say remember, it was president trump and the conservatives the said will do away with the deficit and we will have mind of spending. we've had big tax cuts that have not been paid for, the deficit is climbing higher and higher, but who is benefiting? >> everyone is benefiting from the tax cut. every single income group got a text that. >> the majority went to the rich and the corporations. >> everyone got a tax cut across every income group. >> we are not arguing, i agree that anything was disproportionate. >> but it was $2 trillion

deficit is predicted to reach one trillion dollars next year to now don't allow and has all the details coming up on business status. means a sex phone operator who worked her masters thesis on food potato from her to free . not to turn on wrote it it's more words it was from their. latest. strange. how does tom taste appear. to mean correspondent susan are coming to. explore the various flavors of sonic creasing. fusion and so i am a challenge for you. start september 1st on d w. 3 days take the united states fiscal shortfall to one t.v. truong tariffs and tax cuts are set to widen the budget deficit to one trillion dollars in the next fiscal year. served up but so is security and the french resort town of garrett host of the upcoming g. 7 summit residents and business owners are worried the locked out will hurt the local economy. and u.s. travel restrictions. take a slice out of cuba's tourism sector. this is the w. business i'm john nelda on in berlin welcome the u.s. budget deficit is expected to balloon to more than a trillion dollars in the next fiscal year the nonpartisan congres

we create an imbalance and the process is $2 trillion. wehave to look at how allocate our resources in every case. >> would you support a national mom -- making the mandate for all interns to receive $15 an hour? >> that is something the government has been -- the federal government has left to the states. the way change happen successfully whether we like it or not, states are the laboratory of democracy. look at marijuana. legalized marijuana. i post it when it was first on the ballot. i was worried about a spike in teenage consumption, people driving while high. we do a public health survey every year. there has been no spike in teenage consumption, in driving while high. the only spike has been senior citizens. i'm not saying draw your own conclusions, but that should be a constituency supporting legalization. now that we have legalization, we show they can work. the point are now at where the federal government should get out of our way. they should allow banks to provide banking services for legal marijuana. we should decertify it a

and trillions and trillions but is the result going to be anything different than a depression. the answer apparently is no we are in a depression in america in populations all over america there's poverty and more than half the population lives or below the poverty line so there already is a bit of a ghost depression going on what should develop into a full blown depression because neither policies work from the central banks so maybe the problem is the central bank in fact trump did follow up by saying my only question is who is our bigger enemy j.p. our chairman she but i want to say that i don't think it's you know it's there isn't a depression in the same way because we also have food stamps but on the at the same time we also a lot of people are doing very very extremely well those closest to the money printing that cantillon effect is called anybody who lives in new york city even if they don't have a job their house prices are going up up up up same with los angeles when i went to u.c.l.a. there and worked out in los angeles like it was easy i actually supported myself a

david: biden came out and said exactly $30 trillion. somebody's got to pay for it. if you are to add up all the money of all the millionaires and billionaires in america it wouldn't come out to the amount of money going to cost to pay for that. >> again it's not like we are spending zero. we spend trillions of dollars a year at 20% of our gdp is health care and that's going to continue to be a huge problem. yet it was you that the more a quotable distribution of health care for all in some former or another should not be a debatable thing in an affluent democratic society. how we do that in cost-effective way obamacare was an imperfect one but at least it established a principle of universal coverage and not denying people pre-existing conditions. we need to focus on this because this is an issue for a lot of nonideological people. >> the debatable part is the part that you're asking the government that put us $22 trillion in debt to run the health care system like they are going to run it efficiently and effectively and by the way the other party equation you are r

could benefit about $10 trillion in savings by the year 2100. news political reporter shaquille brewster joins us now with more on that. what's the main message that sanders is trying to send with this plan? >> reporter: well, sanders is traveling to lead the pack, essential as governor jay inslee drops out of the race. he's trying to lead the pack on the issue of climate change. and you laid it out there. this is an extensive plan that goes on for about 12,000 words. i am told that the campaign worked on it for several months to put this together. and what's similar to other candidates is that it recommits and he promises to recommit the united states to the paris climate agreement which means they want to hit that target of net zero carbon emissions by 2050. what's a little bit different as you laid out is the 20 million jobs that he says he needs to create in order to achieve that goal. he wants to have union jobs. he wants to completely restructure the system to a clean energy economy. and he believes that by doing this and enacting this pla

the unfortunate part is adb said something like 1.7 trillion per year is needed. >> trillion with a t? >> trillion with a t. >> in asia over the next ten years to continue this trajectory of growth and only half is met to date. into this breach steps china with arguably the best infrastructure-led development story in the world. china, as most of you know, has invested heavily in infrastructure, it's been a major driver of their economy and now it's port of their significant foreign policy is the belt and road initiative. and that initiative could invest as much as a trillion or more dollars in asia and around the world in new infrastructure development. well, to come back to your question, matt, about those global supply chains, one of the i think so that infrastructure enabled obviously is the specialization of investment in certain components of global supply chain and what has emerged in the past decade in particular is this competition between global supply chains. who can source components and inputs most efficiently and effectively from a variety of different countries. the inf

here's the deal, or collecting about $3 trillion a year in texas and every year we spend $4 trillion. how long could you do that as an individual and how long can a business do that came not for long but we are doing it every year but 20 true trillion dollars worth of debt. twenty true trillion dollars someone has to pay for that. we collected over $3 trillion in taxes and pain or spending over $400 million in interest which adds no value and no services were not building our military. nothing. by 2028 that will be $900 billion a year. if we don't pay down the debt. so, we just had the budget deal today and i voted against it because you will pay for it. if you stop and think -- here's what i thought about my job as governor. three primary things a typical family cares about. number one, they want a job. they want to be self-sufficient and they don't -- i don't meet people that say i want to be on another government program. how many of you get up every day and say i'm looking forward to government housing human you don't. by the way, i may give you a test. about 22 million people liv

the democrats, their favorite word is trillion. trillion spending. liz: medicare unfunded liabilities is double the national debt. here isp obama. cited -- here is president obama. obama supported single payer in 2003. >> he always tried to have it both ways. people have said obama is too conservative for today's democratic party. he campaigned as a moderate but i governed pretty blue. the healthcare, pushing the obamacare through with no republican vote and so forth. he pretended to be more moderate. he was willing to say you can keep your doctor if you want to and it wasn't true. liz: remember when obama said don't get into a circular firing squad, now it's aimed at him. >> will the higher deportations resume if you are president. >> absolutely not. >> you can't have it both ways, you invoke president obama more than anybody in this campaign. >> open borders is a right-wing talking point. >> the plan does not cover anyone in america by your staff and your own definition. as many as 10 million people will not have access to healthcare. liz: that's j

what art laffer said when you have trillions and trillions of dollars of negative bond overseas, of courseoreign buyers are washing up on the shores buying our treasurys. this has to be resolved. this by itself is not indication we're sliding in recession. charles: this seems counterintuitive to people, money coming into the united states would trigger this kind of problem. danny, jack, thanks for helping audience. >> thanks. charles: don't go with us or anywhere. ongoing unrest in hong kong is spooking markets. new satellite images show what appear to be chinese armored vehicles near the hong kong border. the question now, is this situation about to hit its boiling point? my body is truly powerful. i have the power to lower my blood sugar and a1c. because i can still make my own insulin. and trulicity activates my body to release it like it's supposed to. trulicity is for people with type 2 diabetes. it's not insulin. i take it once a week. it starts acting in my body from the first dose. trulicity isn't for people with type 1 diabetes or diabetic ketoacidosis. don't take trulicity if you

i don't know by the time we speak it could be 800 trillion by the time is areas that could be i have spoken so by the time i spoke it could be a fucking try to remember the game back the titanic they hit the iceberg and you know it wasn't i've seen there's a brilliant video on this online as all 2 hours and 40 minutes of this burg and that so. king of the titanic re redone in real time it's beautiful for this is that you can understand the economy so they hit the iceberg and they're taking our water for 2 hours you know to what took 2 hours before the actual sinking began in earnest and you know this is where we are the sort of negative interest rate is in 2008 the global economy hit the iceberg we had a credit freeze the global economy it's been a disk stinking epstein like corpse since 2008 and the central banks keep pumping in the cash but the market takes that free cash and they buy bonds to the point where they yields are negative so that's the capsizing of the boat and they're almost vertical and we're almost sort of hit right down the bottom of the ocean where all the gold is

its 16.3 trillion with a t, dollars. the entire federal budget is 4 trillion. sanders claims the plan is going to pay for itself with taxes on oil and gas companies, reduced military spending and a vague promise of making corporations pay their fair share. can i just put this in context? in 2018 american oil companies made a profit of $28 billion a year, that's a lot of money but the entire budget for the u.s. military is less than $1 trillion. if you do some basic, simple math, you will find out that bernie is about $14 trillion short of his goal. if yes who's going to pick up the bill? he is going to attack the oil and gas companies, corporations don't pay taxes, they pass it on to us. the american people. if bernie sanders becomes your president, your income will disappear and so will the american economy, it will die into a depression, probably immediately if we get rid of oil and gas. if elizabeth warren gets her way, the money saved up in the bank is also going to be subject to a government confiscation tax called the wealth tax. they have already taxed t

in assets and another outside your status 28 trillion -- $28 trillion.ant to compete with that, i don't see the central banks of .he world comes together there is no substitute for the dollar currency. in the u.s. here >> the danger for the rest of the world i think are fairly well understood. that could mean tire policies and country's dollars during the good times and save them for the bad times come up that means that and is persistently weak. it is also really hurting the u.s. and you see legislation saying we should tax foreign investment in order to weaken the dollar and remove several. should the u.s. unilaterally do something dramatic to discourage so international purchases that it weakens and the dollar does not become [inaudible] >> it definitely needs to be addressed somehow because there is a real cost. we typically have an overvalued dollar leads to budget deficits and ultimately, more leveraged economy than would otherwise be the case, so my fear is what the the does it -- is reduced amount of safe assets available. where we we saw this ha

we're collecting about $3 trillion a year in taxes. every year we're spending $4 trillion. how long could you do that as an individual? how long could a business do that? not for long. but we're doing it every year. we have $22 trillion worth of debt. $22 trillion. somebody has to pay for that. think about that. we're collecting over $3 trillion in taxes. we're spending over $400 million in interest expense which ads no value. there's no services, we're not building our military, nothing. by 2028, that's going to be $900 billion a year. if we don't start paying down this debt. so, we just have the -- this budget deal today. i voted against it because you're going to pay for it. so if you stop and think -- here's what i thought about in my job as governor. there's three primary things the typical family cares about. number one, they want a job. they want to be self-sufficient. i don't meet people that say, oh, i want to be on another government program. how many of you get up today and say, i'm looking forward to government housing? you don't. baint, let me give you a test.

in the lastye twrs that would also raise the national debt an estimat 1 to $2 trillion, that is a lot of red ink that we ared ading. that is not the only issue here. deficits are rising in general and let's leak at exactly how much. there we go see the deficit rising? that is up to 2019.le bu's look at the where the trend is going after this. look at that. right now we are on course forit the defo just continue skyrocketing over the next few years. now as cngress passed this budget, as we told viewers, there was a lot of applause om lawmakers, there was compromise. there were other lawmakers who said ths is a problem. and a lot of them talked about the national debt. first let's talnk from republi rand paul and also democrat ben cardin. >> many of the support ares of th debted deal ran around their states for years compnning that president obma is spending too much, an borrowing too much. anesthsame republicans now, the whole disingenuous lot of them will wiggle their way to the front of the trof, to the front of the spending trough to vote for as much or more debt an president obama

right now it's almost 400 trillion dollars. that is enough to pay for oh, all the college tuitiont ef university, university pre-k and a huge increase in the military that is ju st what e paying on the national debt, on the interest, and judy, that is on track to double as well in the next tenniers. >> woodruf i remember when people thought a trillion was a lot of money, we are now ta about a lot more than that. wa we are way past that, we are really in trickers. >> woodruff: lisa desjardins, thank you, appreciate it. >> you're welcome. >> woodruff: night two of the democratic presidential dete in detroit started with a handshake and a plea from former vice president joe biden to california senator kamal harris: "go easy on me, kid." this go-around, it was more than just harris criticizing the man leading the crowded democratic field. >> mr. vice president, you want to be president of the united states. you need to be able to answer the tough questions. >> mr. vice prident, you can't have it both ways. you invoke president obam

versus $30 trillion.re looking towards a larger social safety net, those would be the entrees into that. somethingook at kamala harris or joe biden have talked about as a public option. those are also less expensive proposals that you could try and forces, thaty the would be a way to transition at which is ansive cost little bit of a way to test out some ideas going forward. host: joey from -- were public in line, hello. caller: good morning. the so-called lie of tax cuts for the rich is baloney. i make six to $5,000 a year on retirement and now i'm getting $44 a month more take-home which was my money to begin with. i'm happy with the tax cut and as far as income inequality, i've got a 29-year-old girl living ups there's who won't go to work. there will be income inequality if you don't get off your but and go to work and listen, you don't need a college education. i was a union ironworker for 41 years, made a lot of money had no college debt because i didn't want to go to college. so many people don't b

we have trillion dollar a year deficits coming. $22 trillion debt, and $1 trillion a year annual deficit as far as the eye can see. when you look at your health care expenditures, and three quarters or $3.5 trillion, that's where the money is, let's go after that. microform will have a huge public health initiative where we drive those costs down so we have money to invest in college and k-12 and all the rest. we can take care of people who can't reverse the chronic iseases they may have. that is a transformational health care system. that is the one i will push. i released an education proposal the other day. we have got to transform our education system k-12. the conversation has got the shift from how do we get test scores up, to how do we take care of our kids? how do we take care of our kids? my proposal, one takes care of the teachers. we help them with tax credits and loan forgiveness and all the rest, which is a complete suck up to my wife who is a first-grade schoolteacher. i am not stupid. i go all around the country. my wife says, how did it go? i was talking about you today,

over the next 10 years it is going to be $6 trillion. we must act. my plan is about immediately allowing people to sign up and get into coverage. host: one of the moments from last nights debate and from rick on twitter, sad to see what is happening to joe biden real-time on national tv. he is proving what should have been known, his use by date has come and gone. they willpaul saying lose again in 2020 if they don't promote an economic message that addresses hurting americans they have ignored since bill clinton. lisa saying it is clear the media wants to pretend biden and harris were the stars of last nights debate because those are on the dnc chosen but i am betting that is not who the democratic voters want. our phone lines are open and we want to hear from you. (202)-748-8001 the republicans. -- for republicans. (202)-748-8000 for democrats. tell us about the debate and what you thought. let's go to greta with more on the stage and the backdrop. guest: cnn had the headline about what went into making the stage. detroit state -- transformed for t

states fiscal shortfall to one team truong tariffs and tax cuts to widen the budget deficit to one trillion dollars in the next fiscal year. served up but so is security and the french resort town of garrett host of the upcoming g. 7 summit residents and business owners are worried the lockdown will hurt the local economy. and u.s. travel restrictions take a slice out of cuba's tourism sector. this is the business i'm in in berlin welcome the u.s. budget deficit is expected to balloon to more than a trillion dollars in the next fiscal year the nonpartisan congressional budget office warns that federal debt is on an unsustainable course it says the budget deal signed into law earlier this month would increase deficits by $1.00 trillion dollars over the next decade the cvo is also projecting slower growth in the coming years means lawmakers will have to increase taxes cut spending or do both to put the brakes on spiraling debt our financial correspondent joins us from new york what does the deficit mean for the economy going forward. well especially if you look at the future if the u.s. econo

versus $30 trillion. if you're looking towards a larger social safety net, those would be the entrees into that. somethingook at kamala harris or joe biden have talked about as a public option. those are also less expensive proposals that you could try and forces, thaty the would be a way to transition at which is ansive cost little bit of a way to test out some ideas going forward. host: joey from -- were public in line, hello. caller: good morning. the so-called lie of tax cuts for the rich is baloney. i make six to $5,000 a year on retirement and now i'm getting $44 a month more take-home which was my money to begin with. i'm happy with the tax cut and as far as income inequality, i've got a 29-year-old girl living ups there's who won't go to work. there will be income inequality if you don't get off your but and go to work and listen, you don't need a college education. i was a union ironworker for 41 years, made a lot of money had no college debt because i didn't want to go to college. so many people

, $1 trillion, $1 trillion as far as the eye can see, $1 trillion and above deficits.'s look at how this relates the g.d.p. and the curve historically. you can see that high peak i world war ii. now we see we are on path to near tse levels that we wee hitting in world war ii. i think biggest question to you, mayback you have said and c.bha. said this level of debt is atsustainable. oes that really mean to the average american? what will happen if we do keepis on trajectory? >> yeah, and the trajectory is a ng one, as your chart shows, because the fact that we are at the dearbt levels tha the highest they have ever been relative to the economy other than just after world war ii without having fought in a war, a world war, sort of shows you this is a very different situation. this iself-imposed by a lot of policy choices. the reason this matters to american familieis a number of issues. first, it can have negative effects on the eonomy. it slows economic growth at a aery time when we should be thinking about ho we going to grow the economy, boel immedibut also in the lon

that's $12 trillion or $13 trillion, from the point of view of driving the economy in michigan, or anywhereca, we might as well have lit that money on fire. we have to stop doing that. and we need to invest in america, again. for the money that we spent, i just described, we could have fixed every bridge and road in this country. we could have fixed every airport that needs to be fixed. we could have fixed, not just flint, but every water system in this country. we could have made social security solvent for my children. but we did none of it because of self-serving politicians in washington, d.c., who voted for deals that were good for them but not for michigan or the american people. >> your time is up, sir. mr. yang? mr. yang, women on average, earn 80 cents, about 80 cents, for every dollar earned by men. senator harris wants to fine companies that don't close their gender pay gaps. do you think that a stiff fine will change how companies pay employees? >> i've seen the inequities where women are concerned. we have to do more at every step. if you're a woman entrepreneur, the obstacles

with whatn ties in you said about the federal debt, which is over $15 trillion. the gao on their website talk about the fiscal situation, saying we need an immediate and permanent increase in taxes by andor 38% or an immediate permanent reduction in federal spending by 27%. that is just to stop the gap from growing. this issue is not on the radar screen. no candidates are being asked about this. the media and press are ignoring this issue. how much does it worry you? are there techniques for introducing this kind of meaningful dialogue into the political discourse? guest: it does worry me. the fiscal situation is very poor and everything points to it getting much worse going forward unless we change something, increased taxes or cut government spending. the fiscal outlook is very daunting. even more disconcerting, there doesn't seem to be any political will to address it on either side of the political spectrum. it used to be the case that establishment republicans like were very mitt romney concerned about the fiscal situation. that was the stake in the ground f

we have $30 trillion in unfunded liability. $90 trillion to have this green new deal.d doesn't by to it, it's for naught. we can be the cleanest country on the planet. if russia and china and india are not as klein as we are, it's for naught. it's spit in the ocean. the last 30 years they made people like al gore rich on this hoax. every time you meet one of their milestones that the world is coming to an end, they extend it 20 years. david: democrat frontrunner joe biden is enjoying a wide lead. remember there was a poll showing him behind liz warn and bernie sanders. that switched over. then you had gillibrand dropping out today. i'm wondering if this is all but a done deal. >> we had a team trying to pull a gulliver. joe biden in a field of 25-30 candidates, he has been at the lowest at 30% out of 30 candidates. the media keep trying to turn elizabeth warren into a thing. she is not a thing. bernie sanders has been at 15% to 20%. they need to let pop lead and change our folk to us winning the 2020 election. david: i wonder if pop has the stamina to make it to the co

we are talking about trillions of dollars. i don't want to talk about it because i don't think anyone has put out enough information on it. you cannot just get rid of fossil fuel subsidies and pay for everything that these candidates want to do. they have not been explicit about carbon taxes. i want to see where the math is. host: covering this issue for politico, politico.com if you >> c-span's washington journal live everyday with news and policy issues that impact you. coming up thursday, we will look at how health care is playing out in the 2020 campaign. watch c-span's washington journal live at 7:00 a.m. eastern. going to discussion. washington journal mugs are available on c-span's new online tour. go to c-span store.org. see all of the c-span roddick's. -- products. wednesday, kiersten gillibrand became the latest presidential candidate to exit 2020- enter the presidential race. she made the announcement via social media. -- i know this is not the result you wanted. it is important to know when it is not your time and

multiply that by 10, that's $35 trillion.yes, her plan is going to cost $30 trillion but that is not additional because a lot of it is shifted of what we're paying today. >> okay. so the very good point. however, when you're looking at that price, she didn't deny his explanation of the cost. but when you're looking at that price tag and she's saying she's only going to have this graduated tax on people making more than a hundred grand and then she's going to be taxing basically wall street products. >> right, right. >> that's not going to cover it. >> i haven't exactly done the numbers, but it certainly doesn't look at first blush like it will cover it. let me just remind the viewers, the median income in america is around $60,000 per household. that means half the households are less. she's not starting her tax until well high of that at $100,000 so only a small fraction of people will be paying premiums. yes, those 0.01% dividend taxes, those really are unlikely to be enough to cover this bill. so you're going to have to fi

$22 trillion a year debt. fed has rates that are so low now they can barely cut them to help with lower monetary policy. so what are we going to do? we cut taxes to low levels. less money coming in. that was bad policy. we should have raised taxes when times are going good so when times going bad, then we have money to spend. >> maria: i have to push back. when they cut taxes last year and rolled in regulations, you know, deregulations, you saw the needle move on the economy. we had a 4% quarter that year. we've been trending a lot higher than the prior administration. >> yeah, sure. we were on a sugar high. is that going to be beneficial for us when we need to invest money into the economy, when we need to cut taxes to get more money in the economy once we get to the recession? that's a bad trade-off. what i would have done as president is the economy was gone, had how many years of growth. top 1% is doing extremely well. we should have raised taxes, put it in the bank and when the recession goes, then you sp