Do Americans rely on the government too much?

Personal finance expert Larry Winget sounds off


This is a rush transcript from "Your World," August 8, 2013. This copy may not be in its final form and may be updated.

ERIC BOLLING, GUEST HOST: Welcome, everyone. I'm Eric Bolling, in for Neil Cavuto. And this is "Your World."

And with the growing entitlement programs, government spending on Social Security up 156 percent over the last 20 years, Medicare, excluding premiums, up 262 percent, and food stamps up 225 percent. Americans are clearly worrying, because 49 percent of American households are said to have at least one person receiving some sort of government assistance.

And if this brand-new Fox poll is any indication, they have had absolutely enough; 74 percent says Americans rely on the government too much and not enough on themselves.

To personal finance guru Mr. Larry Winget, who says people are saying enough is enough.

Larry, love the shirt. Let's start with this.

Forty-nine percent of households don't even pay an income tax, a federal income tax. When does it stop? And, by the way, why is it happening? Let's do that one first.

LARRY WINGET, FOUNDER, LARRYWINGET.COM: Well, I think it's happening for a lot of reasons.

I really do. I think when you look at this, it's much more than just food stamps and much more than all the other entitlement programs. When you realize that we have nearly 60 percent of parents who are still supporting their adult children in one way or the other, we have the largest percentage of adult children moving back in with their parents since the Great Depression, all of those things are indications that we have raised a generation that is more than willing -- in fact are completely happy -- to let someone else, from the parents to the government, take care of them, instead of taking care of themselves.

That's the real problem. We created this mess by teaching them that it was OK.

BOLLING: All right, Larry, fair and balanced. Right? So, if 50 percent of the country isn't paying any income tax and 49 percent is receiving some sort of benefits, but 74 percent say enough is enough, does that mean some people who are getting benefits don't want the benefits?

WINGET: No. That means they're lying.


WINGET: They're just disgusted with the whole thing, but they're not willing to give up their government check either.

Look at the jobs report. I think that's another great indication. We have 1.8 million people who have just stopped looking for a job. How do you stop looking for a job? Don't you have bills? Don't you have commitments? Don't you have a family to take care of? You just quit because it got too hard?

Well, things are hard and you have to suck it up and you have to power through. But we have taught society that when it gets hard, it's OK to quit. Why wouldn't you quit? The government is right there with a check to take care of you.

BOLLING: Larry, one of the cool things about filling in for Neil for when he's out, is these producers are so good. They remember everything. Watch this, Nancy Pelosi 2010. Comment after, please.


REP. NANCY PELOSI, D-CALIF., HOUSE MINORITY LEADER: We see it as an entrepreneurial bill, a bill that says to someone, if you want to be creative and be a musician or whatever, you can leave your work, focus on your talent, your skill, your passion, your aspirations, because you will have health care. You don't have to be job-locked.


BOLLING: Thoughts, sir?


WINGET: She ought to be ashamed for saying that, and I'm embarrassed that any American leader -- she calls herself a leader -- would have those words come out of her mouth.

It's not OK not having a job. It's just not OK. We should have taught our kid that having a job is more honorable than not having a job. You and I came from a generation where if we had told our parents we were going to rely on the government and we were going to be musicians on the street, our parents would have smacked up upside the head. And they should have.


BOLLING: Larry, we're going to leave it there.

I remember waiting tables, dropping a fork down some lady's back, and getting fired that moment. I had to go out and get a paper route. Swear to God, true story.

Larry, going to have to leave it there.


BOLLING: We did. We came from another generation. Larry Winget, everybody. All right.

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