• Dangerous Debt

      Posted by John Stossel | January 05, 2012

      I've written before about our exploding national debt. But all the trillions and billions can be hard to comprehend. It's why this image from a chain e-mail has gone viral:

      National Debt as Household Budget

      It is almost all accurate, except it gives Congress too much credit. Yes, politicians said they cut $38 billion last year. But the latest budget tables from the White House's Office of Management and Budget reveal that The federal government actually spent $362 billion more in 2011 than in 2010. (And it's not just because of the growth of Medicare and Social Security. Even what bureaucrats call "non-defense discretionary spending" increased by $5 billion.)

      Also, the e-mail is outdated: the debt is now up to $15,190,000,000,0000. It's like a family that has $151,900 in debt.

      We need to slash government spending. Here's what I would cut.

      TAGS
      Government Spending
      Debt

    • JOHN HAS A NEW BOOK! ORDER TODAY

    This Week's Show -- May 23, 2013

    Much of what we think we know about oil and gas... is not so.

     

    People assume the auto industry hates regulation. But big companies actually benefit from tough regulations. Amphibious vehicles would make great rescue vehicles for places with a lot of lakes and rivers but big automakers are so comfortable with current regulations that they join the government in resisting innovation.

     

    Some say we need to decrease our dependence on oil, but without oil...we would be without more than just gasoline. Stossel asks his audience to guess which products aren't made from oil.

     

    Then a debate on Ethanol. Stossel says "growing our way to energy independence" is a myth.

     

    Stossel talks with people in Times Square... they seem to think all of our oil comes from foreign sources. They are wrong.

     

    Most people say gas costs too much. Stossel says we should thank the oil industry when we fill up, because gas is cheap.

     

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