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Ron Johnson: “I always relate kind of national debt loads to family debt.”

Featuring: Ron Johnson, Republican | U.S. Senate, Wisconsin

Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece

Published July 30, 2015 | Video Starts at 25:45

So in some sense the desire of the IMF in particular to reform the entitlements is not just about putting overall fiscal policy on the right track, but also creating space for high priority needs. I always relate kind of national debt loads to family debt. If you're in debt over your head, how are you going to grow your personal economy? And any income above what's needed for just the basics is going to service the debt. (25:45–25:51)

CLAIM

Asserts an analogy between national debt and family debt.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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Ron Johnson

“Every American share of our federal debt is now $56,000. Over $56,000. If you are a citizen of Greece, your share of Greek's federal debt is…”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 01:07-01:21
“We held a hearing in our Homeland Security Committee with CBO Director hall and we've converted their long term fiscal scenarios, the…”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 04:09-04:34
“Median household income has actually declined [five, six years into a recovery].”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 29:56-30:04
“Our regulatory environment is onerous. There are numerous studies paying that about $2 trillion per year.”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 32:07-32:13
“The transfer of this debt from private to the public [in Greece] included about a 50% write down.”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 10:29-10:33
“The probability of this working out like this is the last bailout and they're going to get all the policies right is quite small.”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 15:49-15:56
“The next step will be another bailout further in the future and they will never address the root cause of problem which is these awful…”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 15:56-16:13
“Greece entered the Eurozone January 1, 2001. Now I think there are reports that they weren't exactly forthright in exactly what their…”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 18:40-18:51
“The first bailout was in 2010, so it took 10 years.”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 19:00-19:04
“The deep recession 2009, that was the basically catalyst for the ongoing crisis then.”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 21:15-21:23
“The mandatory spending programs, the pensions in Europe, we call them entitlements here, I guess. Dr. Kahn, you said that was 16% of…”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 23:49-24:00
“I know in the CBO's ultimate fiscal scenario, the average over 30 years is going to be about 14% of Social Security and our health care…”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 23:59-24:10
“I think currently around 8% [of GDP is spent on Social Security and healthcare entitlements].”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 24:11-24:14
“Both of these measurements right now in America, I don't have them right off the top of my head, but they're at some pretty low levels…”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 27:52-28:01
“Our tax system is uncompetitive.”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 32:18-32:21
“Our legal environment does not provide the certainty.”
Chairman Johnson at Euro Affairs Subcomm hearing on financial crisis in Greece | Uploaded July 30, 2015 | 32:32-32:35