Former Oklahoma Republican Senator Tom Coburn is trying to spread the word that the U.S. government added $6 trillion in unfunded tax liabilities last year. FNC’s Neil Cavuto hosts.
NEIL CAVUTO, FOX NEWS CHANNEL: How do you wake people up to the urgency of this ticking time bomb [of debt]?
FORMER SENATOR TOM COBURN: Well, the markets are eventually going to recognize it.
When the bid to cover ratio on ten year bonds all of a sudden drops because the people who are purchasing our debt recognize our unfunded liabilities, even though we don’t, and say hey this is a bad deal.
NEIL CAVUTO: But they haven’t done that, have they senator? The argument is that we’re pathetic, but compared to the rest of the world, we’re like the tallest midget in the room; so we benefit. But it won’t go on forever?
TOM COBURN: It won't go on forever. Everything continues as it does until it doesn't, and nobody can predict the future. But the point is, here's the point I’d make. We have a Congress today, run by Republicans, a Democratic president. It is an ideal time to fix the very key things that so many of the people in this country are really depending on. Next year Social Security disability trust fund will be out of money. We’ve known that for ten years. Nobody on the Finance Committee, other than me when I was there, nobody on Ways & Means in the House has addressed this issue.
And yet next year it's going to run out of money.
What we do is we wait until the crisis happens and then put in a fix that doesn't really fix it over the long run.
So, the real question ought to be is, how do we fix our country and make it function the way it should be, and the way to do that is an Article 5 convention of the states, which is what I’m working on, grassroots all across the country, where the states and citizens take back the authority that is truly theirs.
NEIL CAVUTO: And let them fix it?
TOM COBURN: And they will.