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The Cost of Government Is What It Spends, Not What It Taxes (Video)

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Peter Schiff joined two other guests on Fox Business’ Closing Bell with Liz Claman. They discussed what it would take for the United States government to balance its budget without deficit spending. Peter Hoekstra, a former Republican Congressman from Michigan, argued that the government had managed to balance the budget in the 1990s. However, Peter Schiff pointed out that the balanced budget of the ‘90s was a fantasy based upon the dot-com bubble. What the US really needs is real monetary reform and a restructuring of its economy.

The cost of government is not what it taxes, but what it spends. The Democrats are all about something for nothing. Republican candidates who talk about tax cuts without corresponding spending cuts – that’s the same thing. It’s something for nothing. “

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Highlights from Peter’s interview:

“The cost of government is not what it taxes, but what it spends. The Democrats are all about something for nothing. Republican candidates who talk about tax cuts without corresponding spending cuts – that’s the same thing. It’s something for nothing. The candidates need to be asked what government programs are they going to eliminate? What spending are they going to cut to make these tax cuts possible. Otherwise, it’s just more deficits. All these candidates, they stump and you go to their websites – they’re all in favor of a balanced budget amendment. That’s because none is ever going to pass. As President, they’re not going to be able to enact a balanced budget. I would ask these candidates: ‘If you were President, would you take an oath now not to raise the debt ceiling or suspend it, the way they just did in Congress, under any circumstances, and actually force a balanced budget on Congress right now?’ …

“What we have to do is stop all the artificial stimulus that has led to one bubble after another. Your other guest talked about the balanced budget in the 1990s. That was a fantasy based upon the dot-com bubble. You remember reporting on that back in the early days. The Congress was flush with revenue from a bubble that burst in 2001… It was not real in longevity. People extrapolated these projections into the future. We need a real recovery. We need real jobs. Not what we have now. Not bubble blowing, not zero-percent interest rates. We need a big restructuring in the economy…

“It wasn’t real. At the time when people were forecasting surpluses as far as the eye can see, I said that was nonsense. These deficits are going to come back. And they came back huge…”

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5 thoughts on “The Cost of Government Is What It Spends, Not What It Taxes (Video)

  1. Julie Day says:

    Just glad to see you were able to get on the segment Peter and offer a realistic response to the hopium the media and pundants try to push. Everything is a Band-Aid fix and mainstream media calls it a recovery… how long does it have to last to consider it fixed? One news cycle?!? I prefer the long term, real deal, genuine McCoy that I can sink my teeth into. So tired of the short cited, smoke-n-mirrors, 30 second recovery crap they keep pushing on us. Keep doing what you’re doing… it resonates with some of us. I can’t hardly watch the news anymore. Onward and upward!

  2. Paul from Texas says:

    I watched that segment and it was frustrating because Liz interrupted and cut Schiff off before he was able to make his points.

  3. Marco says:

    Liz ……may not be a moron….but for me the face is to pretty to allow he to dig deep into an issue as complex and important as what’s being discussed……Peter Schiff should have his own Prime Time show, he gets it all….!!!

  4. Brian says:

    Peter, Can you get one of these yahoos to put this in easy understandable way how the national debt is going to go down in any substantial way when it appears they can’t even balance a budget.
    Put the U.S. Debt Clock (http://www.usdebtclock.org/) up on the screen and have them explain what is going to get reduced in spending and how they,re going to collect more tax revenue to pay for the social programs that are in place. → Liabilty per tax payer is over 800 thousand….that ludicrous

  5. Brad says:

    It makes me think of the teenager who was given mommy/daddy’s credit card. What do they care about the balance? It’s party on, and keep spending! Everything is great as far as they know, because they don’t know or care about the long term ramifications. And mommy/daddy, the government in this case, also does not care because they don’t have to work any harder to make those monthly credit card payments. They know that their “salaries” (tax revenue) will continue to go up due to population growth and economy growth… not to mention monetary inflation easing those monthly payments.

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