A Quote by Jeff Sessions
The massive debt we have racked up to finance our wasteful government is pulling down growth today. Gross debt over 90 percent of GDP weakens growth now. Not tomorrow - now.
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When gross public debt exceeds 90 percent of GDP, economic growth tends to decline considerably.
The federal government is far larger than the Founding Fathers ever intended it to be. We have racked up over $16 trillion of debt through wasteful spending, and it is time that we cut that waste and start reducing the size of our government.
The US economy today is in really bad shape. Our economic growth is minimal, our regulatory burden is horrific, taxes are high, businessmen are not investing in growth, and consumers and government are loaded up with debt.
Right now, a majority of the debt is owed to foreign interests, Japan being the largest purchaser of government debt today, soon to be surpassed by China as the number one purchaser of our debt in this Nation.
Let us avoid debt as we would avoid a plague; where we are now in debt, let us get out of debt; if not today...tomorrow.
There's no growth. If China has a GDP of 7 percent, it's like a national catastrophe. We're down at 1 percent. And that's, like, no growth. And we're going lower, in my opinion. And a lot of it has to do with the fact that our taxes are so high, just about the highest in the world. And I'm bringing them down to one of the lower in the world.
If we had 3 percent growth, which is what we're trying to get to, what we're at, by the way, right now, we're trying to maintain that 3 percent growth. If we had been at 3 percent growth over the last ten years, the budget very nearly would be balanced in 2017. That's how big a difference it makes when you grow the American economy that additional 1 percent over ten years.
I've got a chart here that shows our debt-to-GDP ratio. And while we did run deficits in the past, we now number our debt in trillions rather than in billions. And I think that represents a long-term danger, especially to the, the American dream.
Without growth we can't pay down our debt, and without growth there's no money for welfare.
Right now there should be a moratorium on the cutting down of old growth in this country. That is a small thing to ask at this point. There is only four percent of old growth left. Ninety-six percent of it has been cut down.
The fact that we are here today to debate raising America's debt limit is a sign of leadership failure... It is a sign that we now depend on ongoing financial assistance from foreign countries to finance our Government's reckless fiscal policies.
Slow growth and inflation have a tendency to accompany large deficits and increasing debt as a percentage of GDP.
It is this obsession with GDP and FDI growth and a facile belief that this growth in the GDP would trickle down to the poor as well, that has led to the neglect of the genuine concerns of the poor in the country.
We are now speeding down the road of wasteful spending and debt, and unless we can escape we will be smashed in inflation.
There is slow growth, but it is positive slow growth. At the same time, ratios of debt-to-incomes go down. That's a beautiful deleveraging.
It's not that the regulator doesn't want the banking industry to grow. The growth of the industry has always been in relation to the GDP (gross domestic product) growth.
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