Rick Santelli Blows Up Over Negative GDP Growth: ‘We Have Become Europe’
U.S. Gross Domestic Product in the fourth quarter came in below expectations at -0.1 percent. This is the first time the nation’s GDP growth has been in negative territory since December, 2009. On CNBC, host Rick Santelli said that the U.S. is now facing problems that Europe has been tackling for decades. “We have become Europe,” he declared.
“When you act like Europe, you get growth rates like Europe,” Santelli said. “Our discussions with economists sound like we’re in Europe. They’re always doing the right thing. They’re always thinking they know better, and this the kind of growth.”
“We have become Europe,” Santelli declared. “We are now Europe.”
He was challenged when his co-host noted that federal spending decreased dramatically in the fourth quarter. “Why do we need to reduce spending?” Santelli asked hypothetically. “Because we run trillion dollar deficits, for crying out loud.”
The CNBC hosts joked that this negative growth rate means that the federal government will have to pursue yet another stimulus program to the tune of $800 billion. The joke became serious, however, when one host suggested that an $800 billion stimulus in the form of tax cuts may not be a bad idea.
Watch the clip below via CNBC: