While Cavuto shows images of Greek riots, his guest says "Greece is here within 3 to 4 years"
March 11, 2010 5:24 pm ET
From the March 11 edition of Fox News' Your World with Neil Cavuto:
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President Clinton's last budget was 1.8 trillion dollars, but George W. Bush's last 'official' budget was 3.1 trillion dollars, and that's not including the budgetary 'bubbles' and 'balloons' he left behind, like IRAQ and Afghanistan and TARP.
Bush's extraordinary increases in federal spending were driven by defense spending, IRAQ and Afghanistan and his "war on terror."
The thing is, that defense spending accounts for the great majority of our budget, in terms of discretionary spending (and that's the only kind of spending that can be cut, mandatory spending like interest on the federal debt, can't be cut), defense spending is more than 700 billion dollars discretionary, which is way more than even the next department's discretionary spending, I think State's at a mere 60 billion in comparison.
The other thing about defense spending is how much of it is on useless and insanely expensive weapons systems that don't protect us from anything, like fighter jets and bombers and electronics laden tanks, we don't need any of that crap, it doesn't do a thing for us.
Right now we're being told that just one example of this expensive Treasury draining useless junk, the F-35 jet fighter, has doubled in cost!
Talk about sticking it to the U.S. Treasury and the American taxpayer, they sell us useless crap for billions and billions of dollars, and then they double what we authorized them!
If all that sounds ominous, believe it or not it contains a great silver lining:
At least we can cut our federal budgets of those outrageously wasteful expensive and useless weapons systems, and get our balance sheet back closer to even, closer to black...
Greece can't do that, because wasteful and unnecessary weapons system are not what's dragging their budget down, like it is with the United States.
Does the phrase, capitalists gone wild, register with you at all
If I was to put the blame on Shrub, I'd be upfront about it. He did have a share in it, in that the economic climate he pushed enabled such economic misbehavior by our financial institutions. However the idea of helping Greece hide their debt and implimenting it were strickly products the private sector.
It would be a shakey analogy to compare it to the war(s) debt being kept off the books by Shrub. So I won't go there.
Hope you and your opinion are very happy together.