Episode 288: Outrageous Stories of Government Wasteful Spending
Newt's World
Gingrich 360
4.6 • 6.4K Ratings
🗓️ 7 August 2021
⏱️ 37 minutes
🧾️ Download transcript
Summary
The only way to avoid a disastrous level of inflation that destroys the American standard of living without creating a deep recession that puts millions out of work is to cut government spending dramatically. Newt’s guest is Thomas Schatz, President of Citizens Against Government Waste.
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Transcript
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| 0:00.0 | Hi, this is Newt. Did you know that you can listen to my Newt's World Podcast on the iHeart app? |
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| 0:26.1 | Hi, iHeart discover music, radio and podcast you'll love. |
| 0:34.4 | On this episode of Newt's World, a few weeks ago I wrote an op-ed entitled, |
| 0:39.9 | It's Time to Balance the Budget. You can read it at www.gengwist360.com |
| 0:45.1 | and I argued the only way to avoid a disastrous level of inflation |
| 0:50.3 | that destroys the American standard living without creating a deep recession |
| 0:55.4 | that puts millions out of work is to cut government spending dramatically. |
| 1:00.4 | Understand the numbers are key here. By the end of 2020, the national debt reached |
| 1:06.6 | $26.95 trillion. By comparison, in 2000, the national debt was $5,629 trillion. |
| 1:16.8 | Now with inflation rising to 5.4% in June, the Biden administration's 2022 budget |
| 1:24.3 | is $6 trillion. We are going in the wrong direction. As someone who worked with |
| 1:31.4 | Democratic President Bill Clinton to balance the federal budget for four consecutive years |
| 1:37.0 | from 1995 to 1999, the only time in your lifetime we balanced it for four years, |
| 1:42.8 | I can say unequivocally there is a moral case for balancing the budget |
| 1:48.3 | and we must get a handle on the scale of waste and corruption that is caused by |
| 1:53.2 | massive spending plans. One example is the roughly $400 billion in unemployment |
| 2:00.0 | funds lost to fraud during the pandemic. Here to talk about a |
| 2:05.6 | range of stories of government when he's still spending his time shots, |
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