BELIEVE ME, THEY DON’T AMERICA
SURE UP.
THANK YOU, MY FRIEND.
GRADY TRIMBLE.
GO TO STEVE MOORE, WHAT HE MAKES
OF THAT BET SELLING AUTHOR,
FORMER TRUMP ECONOMIC VISOR.
STEVE, I DON’T KNOW WHERE THIS
GOES, I WONDER IF THE PRESIDENT
KNOWS IT DOESN’T GO VERY FAR BUT
HE IS CALLING OUT REPUBLICANS TO
SAY I HAVE A PLAN TO SHORE UP
MEDICARE.
WHERE IS YOURS?
WHAT DO YOU THINK?
>> IT IS TRUE THIS BUDGET,
THANKS GOD IS GOING NOWHERE.
I’VE BEEN IN THIS BUSINESS 35
YEARS.
I WOULD HAVE TO SAY, THIS IS
FISCAL ATROCITY.
PROBABLY WORST BUDGET I’VE SEEN
IN TERMS OF WHAT IMPACT WOULD BE
ON THE ECONOMY, IT WOULD BE A
KILLER.
WE WOULD HAVE THE HIGHEST TAX
RATES IN THE WORLD.
WE WOULD HAVE THE HIGHEST
CORPORATE TAX RATE IN THE WORLD.
PERSONAL INCOME TAX RATES WOULD
GO MAYBE NOT TO THE HIGHEST IN
THE WORLD BUT PRETTY CHOSE TO
THAT.
SO NONE OF THAT WILL GO ANYWHERE
WITH THE REPUBLICAN HOUSE.
HERE IS WHY THIS IS SO
IMPORTANT, NEIL.
THIS IS SORT OF THE BLUE PRINT
FOR WHERE PROGRESSIVE DEMOCRATS
WANT TO TAKE THE COUNTRY.
I THINK IT IS REALLY INDICATIVE
THAT THERE IS NO CUTS IN HERE.
THAT IT IS ALL TAX-AND-SPEND,
TAX-AND-SPEND.
IT WOULD BE RUINOUS FOR THE
ECONOMY AND REPUBLICANS SHOULD
BE PUTTING OUT A COMPLETELY
DIFFERENT COURSE FROM THIS.
NEIL: WE JUST SHOWED A VERY
BUSY, AND OUR PEOPLE ARE
BRILLIANT HERE, BUSY WHAT THE
PRESIDENT PLANS TO DO.
I COULD SAVE THEM THE TROUBLE,
HOW MUCH DO YOU HAVE, GIVE IT TO
US?
MIGHT BE SIMPLER TO DO IT THAT
WAY.
ONE THING COMES UP, STEPHEN, THE
DISCUSSION COMES UP WHETHER THE
PRESIDENT IS SENDING A SIGNAL ON
THIS ENTITLEMENT STUFF HE
RECOGNIZES THEY’RE NOT
SUSTAINABLE, HE WILL FIX IT
RAISING TAXES ZEROING ON THE
RICH AND NOT ADDRESSING THE
UNSUSTAINABILITY OF THE WAY IT
PAYS OUT NOW.
YOU COULD EXTEND THAT TO
SOCIAL SECURITY.
HIS FIX DOWN THE ROAD, IF THERE
IS ONE IS GOING TO BE ON JUST
HIGHER FICA RELATED TAXES, LEAVE
IT AT THAT THAT IS NOT THE
ANSWER, IS IT?
>> HERE IS THE POINT.
WHAT THESE PROGRAMS, LIKE
SOCIAL SECURITY, MEDICARE DEPEND
ON THE MOST IS ECONOMIC GROWTH.
YOU GOT TO GROW THE ECONOMY.
YOU GOT TO GET PEOPLE WORKING.
GOT TO GET HIGHER REAL WAGES FOR
WORKERS.
IF YOU DON’T DO THAT THESE
PROGRAMS WILL PLUNGE INTO
BANKRUPTCY EVEN SOONER THAN
OFFICIAL FORECASTS.
SO MY POINT IS ALL OF THESE TAX
INCREASES ARE GOING TO PUT A
HUGE HOLE IN THE ECONOMY.
THEY’RE GOING TO SLOW GROWTH.
WE’LL BE LUCKY IF WE GROW IT
1 1/2% AT THESE GROWTH RATES.
YOU WILL NOT BE ABLE TO PRODUCE
THE REVENUES YOU NEED TO MAKE
THE PROGRAM SOLVENT.
THIS IS ACTUALLY, BY THE WAY, WE
HAVE A NEW STUDY COMING OUT
EARLY NEXT WEEK THAT WILL GIVE
YOU A SNEAK PREVIEW.
JUST LOWER GROWTH FROM BIDEN
BEING IN OFFICE THE LAST TWO
YEARS HAS TAKEN ABOUT ALMOST A
TRILLION DOLLARS OUT OF THE
MEDICARE AND SOCIAL SECURITY
TRUST FUNDS BECAUSE WE DON’T
HAVE THE NUMBER OF PEOPLE
WORKING.
WE DON’T HAVE THE WAGES.
WE DON’T HAVE ENOUGH GDP.
NEIL: WHAT IS INTERESTING,
DOESN’T GET AS MUCH ATTENTION,
BRINGING CAPITAL GAINS RATE UP
TO ALMOST 40%, IN OTHER WORDS AT
THE TOP INCOME LEVEL, PRESENTLY
39.6%, LEAVING ASIDE THE EXTRA
5%, THAT THE PRESIDENT WANTS THE
WELL-TO-DO PEOPLE LIKE YOU,
STEVE, TO PAY, TO SHORE IT UP,
YOU’RE TALKING A FEDERAL TAX FOR
A LARGE SWATH OF AMERICANS AT
45%.
I HAVEN’T EVEN GOT ENINTO YOU
KNOW, STATE TAXES, NEW YORK,
NEW JERSEY, SOME OF THESE
HIGH-TAXED STATES THAT WOULD
BRING YOUR TAX BURDEN OVER 60%.
QUITE EASILY.
>> YOU’RE EXACTLY RIGHT AND YOU
JUST LEFT OUT ONE THING THAT IS
ALSO IN THIS BUDGET, THAT FOR
THE FIRST TIME IN THE HISTORY OF
THE COUNTRY JOE BIDEN WANTS TO
TAX UNREALIZED CAPITAL GAINS.
THAT IS, IF YOU OWN STOCK AND IT
RISES IN VALUE, THE BIDEN
ADMINISTRATION WANTS TO TAX YOU
EVEN THOUGH YOU HAVE NOT SOLD
IT.
THAT IS UNPRECEDENTED.
NOW THINK ABOUT WHAT IMPACT,
LOOK THIS IS A SHOW FOR
INVESTORS.
THINK ABOUT WHAT IMPACT THAT
WOULD HAVE ON THE STOCK MARKET
IF YOU ACTUALLY RAISED THE
CAPITAL GAINS TAX TO ANYWHERE
NEAR 40%.
THEN TAX PEOPLE ON THEIR
UNREALIZED CAPITAL GAINS.
THIS WOULD BE JUST ABSOLUTE SOCK
RIGHT IN THE NOSE OF EVERY
INVESTOR, EVERYONE --
NEIL: THERE WOULD BE NO REASON
FOR YOU TO INVEST.
>> EXACTLY.
NEIL: WHETHER YOU SELL OR NOT
YOU’RE STILL LOOKING PAYING
CLOSE TO 40%.
YOU’RE JUST NOT GOING TO INVEST.
>> AND YOU’RE NOT GOING TO GET
ANY REVENUE.
EVEN THE CONGRESSIONAL BUDGET
OFFICE ESTIMATED THE AMOUNT,
KIND OF THE REVENUE MAXIMIZING
RATE ON CAPITAL GAINS IS
SOMEWHERE AROUND 20%.
THEY’RE TALKING ABOUT TWICE THE
RATE THAT ACTUALLY MAXIMIZE.
IN OTHER WORDS YOU UNDERSTAND
THIS, NEIL.
WE WOULD BE ON THE WRONG SIDE OF
"THE LAFFER CURVE."
WE WOULD HAVE A TAX RATE SO HIGH
IT WOULDN’T RAISE ANY REVENUES
AND IT WOULD CAUSE I THINK A
MASSIVE SELLOFF OF 1929
PROPORTIONS IF ANYTHING LIKE
THIS EVER HAPPENED.
NEIL: ONE THING I WANTED TO
TOUCH ON, CBO SEES A
46 TRILLION-DOLLAR PUBLIC DEBT
IN THE NEXT 10 YEARS.
WHAT IS LEFT OUT OF THAT IS THE
SPENDING THAT THEY ESTIMATE WILL
BE ABOUT TWO TRILLION IN
DEFICITS YEAR IN, YEAR OUT FOR
THE NEXT 10 YEARS WHICH ACTUALLY
BRINGS THAT FIGURE WELL OVER
$50 TRILLION.
>> YES.
NEIL: THESE ARE USING BASE
FIGURES.
USING REAL FIGURES RIGHT NOW IN
REAL TIME, IN REAL INFLATION
TALKING ABOUT
20 TRILLION-DOLLARS IN MORE DEBT
A PLAN THAT SAYS, ALL RIGHT WITH
THIS PLAN IT WILL BE
$3 TRILLION, LESS THAN THAT.
IN OTHER WORDS, IT WILL BE MAYBE
ONLY 17 OR $18 TRILLION MORE
THAN THE DEBT WE HAVE NOW.
THAT IS HARDLY A VICTORY MARCH.
>> HARDLY.
AND DON’T FORGET, BIDEN IN THE
FIRST TWO YEARS IN OFFICE HAS
ALREADY INCREASED THE DEBT OVER
THAT 10-YEAR PERIOD BY ABOUT
$7 TRILLION.
SO IN OTHER WORDS IF WE JUST
STUCK WITH THE TRUMP PROGRAMS,
THE 10-YEAR FORECAST WOULD BE
$7 TRILLION LOWER.
FOLKS, DON’T BE CONFUSED OR
TRICKED BY THIS.
THIS ISN’T A PRESIDENT WHO
REDUCED THE DEBT HE SAYS THAT
ALL THE TIME.
HE PROBABLY INCREASED THE DEBT
MORE THAN ANY OTHER PRESIDENT IN
AMERICAN HISTORY.
THIS BUDGET ISN’T GOING TO DO --
BY THE WAY CAN’T THEY FIND
SOMETHING TO CUT IN THE BUDGET?
WE HAVE A 6 1/2 TRILLION DOLLAR
BUDGET.
THEY CAN’T FIND ANYTHING TO CUT?
NEIL: VERY DIFFICULT TO DO.
NO OFFENSE TO YOUR OLD BOSS.
HE RACKED UP THE DEBT AS WELL.
TO BE FAIR A LOT OF THAT WAS --
>> COVID.
NEIL: COVID RELATED SPENDING.
PRESIDENTS OF EITHER PRIORITY
HAVE A DEVIL OF A TIME WALKING
THE TALK HERE.
>> YOU KNOW IT.
NEIL: I’M WONDERING WE CAN’T
KEEP GOING LIKE THIS, STEVE.
>> AT AT SOME POINT THERE WILL A
FINANCIAL CRISIS.
I DON’T KNOW IF IT IS IN SIX
MONTHS, OR TWO YEARS.
WE CAN’T STAY ON THE PATH OF
MASSIVE OUT OF CONTROL
GOVERNMENT SPENDING, MASSIVE
DEBT.
NEIL, POINT TO A SINGLE COUNTRY
IN THE HISTORY OF THE WORLD
WHERE THIS KIND OF ECONOMIC
STRATEGY WORKED?
I COULDN’T FIND ONE.
NEIL: ITALY.
THEY KEPT GOING THROUGH PRIME
MINISTERS.
BUT THE FOOD IS DELICIOUS.
THEY BALANCED IT OUT.
>> WHAT ABOUT VENEZUELA?
WHAT ABOUT ARGENTINA?
WHAT ABOUT MEXICO?
WHAT ABOUT BOLIVIA?
WHAT ABOUT GREECE?