Deficit and Debt Ceiling, 4 Must-See Video Clips
As debt and deficit reduction talks continue to stall in Washington, we take a close look at what experts and leaders, including Alan Greenspan, Henry Paulson, Robert Rubin, Sheila Bair, and Alan Simpson had to say about these perilous economic issues while at the at the Aspen Ideas Festival, which took place from June 27 to July 3.
A common criticism throughout the discussions is that our country’s current leaders lack the “political will” to make the difficult decisions that will right our current economic trajectory. That sentiment is reflected by Americans in the most recent Gallup poll conducted July 7-10, which reveals a congressional job approval rating of 18 percent. At the same time, Pew reports that Americans are split down the middle on what Congress should do about the debt limit.
“Our critical issues are technically solve-able,” says Robert Rubin (pictured above), who served as secretary of the treasury from 1995–1999. “The policy makers who base their views on analysis and or facts instead of opinions and ungrounded ideology could find every common ground to move forward in ways that would meet the needs that we have and be broadly viewed as sensible to the American people.”
Following are some brief clips of the conversations that took place at Aspen Ideas. (Full-length sessions are available by clicking the "View full-length video" link below each video player screen.)
Chairman of the Federal Deposit Insurance Corporation Sheila Bair talks about the grave implications of not raising the debt ceiling:
Former Secretary of the US Treasury Department Henry Paulson on the debt ceiling and why China has a vested interest in the US’s economic recovery:
Former Chairman of the United States Federal Reserve Alan Greenspan asserts that the debt ceiling is useless:
And here, Co-Chairman of The White House National Commission on Fiscal Responsibility and Reform Alan Simpson discusses the current economic conundrum and says “the time for B.S. is over”:
Additionally, in his appearance at AIF, President Bill Clinton advised that President Obama “not blink,” between now and August 2nd.
Robert Rubin sums up the political situation by saying: “The ultimate challenge in which all will depend, and I believe our future will depend, is the capacity of our political system and whether or not we have the political will to do what is needed.” (Rubin’s full-session video will be released on our website next week.)
UPDATED 7-29-11: Watch Robert Rubin's full session.