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Harper’s Magazine Contributing Editor Fred Kaufman and FBN’s Charlie Gasparino debate what changes, if any, are needed to help Social Security Fun...
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Is this a turning point in the debate over entitlements Wall Street Journal reporting AARP that's a lobbying group for seniors will no longer -- cuts to Social Security benefits.
And while the organization strongly denies it's changed its position Charlie Gasparino says it doesn't matter.
Big changes in the retirement program need to happen.
But could that mean higher taxes joining Charlie Fred -- and for the streets -- out there in about but on the is that you know they're changing.
The put out -- headline decides they're not change.
I really don't every other day ago.
Listen I I I think the it's it's sort of out of their control right now the bottom line is.
People don't like higher taxes.
Younger workers when.
They think of all the benefits that older generations have received don't -- -- pay higher taxes to sort of keep a system like Medicare going at this but that's what this debates about whether.
Medicare is one of those entitlements which are replenishment race taxes to bail -- out of -- should we cut.
And most people know that the system is just untenable and they need to be cut and cuts and they if you read the fine print in what they're saying they're agreement that is well.
By the one of the worst things is that the cost of living allowances that that they have been based on these Social Security increase.
Don't include food and fuel which -- the two biggest expenses for re target because most of them have already -- home.
You know Charlie it's election when you say that people don't wanna pay their taxes you know -- As -- they don't want higher taxes why doesn't GE paid any taxes allowing a white was -- gonna bring in the White House begala Kevin.
It helps a lot Jeff Immelt is on the president's economic recovery -- -- I don't point -- -- we need our our reports social security and the -- and RP OK so.
Semantics there they're not admitting they're changing are they -- different their position on a Social Security key -- Did they have painted themselves in a quarter right now with the help of the Wall Street Journal and right now the you're gonna see a -- -- -- -- -- -- street -- York times say the same effect of the external broke the story and to try to help you -- that all of his -- operation -- -- you can disagree with him.
And I think they're gonna see a storm of protests from the rank and file and everybody AR -- are not in line.
With what -- rank and file once this is that this is the one long mood of the rank and file this one higher taxes they wanna keep the and so they want to have a couple of of millionaires that there's nothing more we can 170 can't -- and but making too -- if you.
Probably people who aren't even working because they -- net worth of ten million swing the important thing you're working seventeen don't consolidation -- -- -- 17%.
Of their income in taxes why don't they pay about.
He's an arrogant really think -- -- are probably been paying their fair share and I want to -- and what did you -- their share in the -- hot -- decision they've taken it.
If taking missing all of this is all about in.
We thought deeply about people paying their banner -- Medicare retirement is Medicare knowing that Medicare is completely -- you want a Third World and our Medicare and retire -- time and time.
And why does that spread let's get our heart the other because it's -- -- billionaire should be -- it's whether you you raise that cap.
Now right now what is -- the one 10707000.
Dollars is the cap that you think that should be raised the income on which you pay Social Security write what you know I do believe in something called progressive.
Struck already have a progressive tax that I wanted to get -- -- that's why General Electric is owed money -- Little heart rate up plot structure at all that you don't get funny when people aren't.
Paying apparent right and then they're blaming Britain -- -- -- of the.
Tax structure is dot giving you General Electric paying zero -- -- is giving you tax.
This entire the loopholes are giving you a flat tax -- So he's got -- on sorry excuse me want all -- you have when the funds run out for Social Security it's in 25 years but we're worrisome alarming rise at thirteen right we have to do some imagine raising taxes that would of bone headed economic thing to do right now we're not kind -- -- or their diet -- I don't apparently right now that we have a very difficult situation in terms of employment.
Underemployment lack a wage -- growth and guess what.
To kill businesses monetize that I I guess raising news giving you think the government CEO I think the government is better it is seeing my people open up individual businesses you can say that every week go ahead I don't -- -- I don't.
Apparently -- a single economic it and you know I had forgot not.
I think you need figure out of -- I think that what's happening would have been -- -- an anti panic if I think what we're going to see is there's alternatives don't care if I don't know that -- -- -- -- -- is going to -- -- the face -- Oh my god it's Paul and then -- -- at what he's doing here what he's doing here is he's saying alright.
We need to change the structure on Medicare into Internet to respond to break some -- you really need to raise tax I actually have -- we need to raise taxes.
The coupon I don't what you -- but obviously -- -- -- for the coupons that people can use to pay for health policy look at this.
It is you don't use of the triple triple triple discount on your double bypass Charlie get a free chili dog a free Chile public to open -- -- -- About 1% off -- I don't think finally get -- here.
Finally yes you hear about you know this is BS and a chili dog which are hot heart surgery.
I would -- -- that is it for you Charlie I've got an husband -- and I've made up chili dog.
Well.
Well if you're looking at what's going on with taxes you have the bush tax cuts before all.
For many many years doctors say they -- the ballot and not gonna say anything about that I am going to say that you didn't see in net gain in job creation at the well know that we went to a financial crisis which was unrelated to that.
-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And we're still not -- job creation -- still don't like tax revenue -- you have you have a present United States.
Which he agrees with queries with on this promising to raise taxes on businesses businesses are holding -- to -- -- not a -- tax cut they they want to -- Day.
Hello it's just they're -- not this is just pure ideology it's a -- yeah.
That's not true okay I'll bombing was not a -- to raise taxes -- two years that Obama is not planning taxes -- capita rate what are you talking about.
It what you so crazy my my -- he should tell you really I really think that President Obama does not wanna raise taxes and it's like you've just said that we should I -- -- -- -- -- Social Security right I think I'll probably just.
We're looking at here is -- -- hard about raising of -- if you're talking.
Probably the unit has pulled out if you're talking about lifting the cap on income up on which you updates are security that's increase in the marginal tax rate are in the business -- simplified elation here we are seeing very silly problems and our economy and we need a final chart and I'm not -- -- I finally.
Actually go by get down to a flat -- plebiscite felicity huge story on -- complex so I don't know -- Look at the prices already and I think you -- I -- is by ice we're bringing to see that you stimulate you -- anti tax code quickly realized that aren't actually already too complex we don't need more come that was.
-- -- recognize and listen to the point -- breaking a big story here Obama doesn't wanna raise taxes in two years.
Poppy doesn't get back -- and do.
-- -- she's a huge story.
Our 31 -- -- Charlie Gasparino.
This is my sources Charles Gasparino and that's -- breath -- enough and they will continue this -- -- in the Green -- sleep problems and now you're in the ring and -- -- opening animation you -- hope we recognize and thank you.
Fred good to see you thanks very much.
