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FNC contributor Dr. Manny Alvarez, Glenmede Director of Investment Strategy Jason Pride and IAM Communications Director Rick Sloan on the debt ceiling...
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Is now for more on the stale stalemate over the debt ceiling of negotiations what that means.
Four Americans three American voices Jason pride director of investment strategy -- -- made great to have you with -- Jason.
Fox News about a -- contributors and senior managing editor of Fox News helped -- -- Dr.
Manny Alvarez and -- law.
The international association of machinists communications director and you -- executive director Rick good to have you with us.
Thanks Lou good to be here let let's start if I may Jason these markets still today that it if one listened to the rhetoric emanating from particularly the White House Friday.
You there were bombs which I think -- can be forgiven for thinking they're trying to talk the market down what do you think.
Look -- you know I think a lot of the concerns about a true deep fault of the US government are are a little bit out there reality.
We have the ability to repay the debts that this nation currently -- even -- our debt level is relatively high.
The concerns really surround a technical -- -- and a possible downgrade of the US debt.
The reality here is the US has.
The credit -- from respect -- building to pay right now.
Perhaps what's coming under question is our willingness to pay and the rhetoric that is surrounding that that is scaring the rating agencies the White House.
Where does the Treasury Department Jason are pushing archived by the way I wasn't quite as sweet as sophisticated as you I said all the talk about August second default -- pure -- Off from the outset.
Number two.
That's a matter of Alicia not economic consequence number three the ratings agency I've said throughout are playing a political role.
Not the role that trusted ratings agency should be playing.
And if there is to be a ratings change it should be triple A plus because for this country's headed is to a lower.
Rate of growth in its national debt ceiling and hopefully.
A reduction in the budget of the United States government.
That's seems to me to be a recipe for a higher rating -- or what.
What guy I don't know if I disagree with you on this I mean.
Who beat the you can understand -- the raging seas are coming from as a purse from perspective of questioning the willingness of the of the legislature based actually implement the right actions.
But when you dig into -- you look at the plans that we're talking about.
The plans are being put put forth today from either the senate or the house.
Are better though we saw six months ago -- -- -- look forward to this simply if we did go through -- technical default.
In my eyes that would likely be a buying opportunity for investors.
OK all take a buying opportunity and I'll guarantee there won't be a technical default because.
As Fox Business Network has been reporting Charles Gasparino reporting throughout the day what we've known.
The suspect and I should say a for some time treasury is quietly telling banks and financial institutions there will be no default.
Let me let me turn to you many I mean we're we're seeing.
Entitlement reform kind of moving shifting out of these debt -- negotiations.
What are your expectations well look we'll.
Defaulted in our society I think it as a country we already have the -- -- because.
Health care entitlements and particularly are one of the main reasons that we have had so much of a -- organize government is spending money that we don't have.
And for congress now really not even to include that I think the democratic plan that was group proposes -- did not include any kind of entitlement reform.
It's really something that is not acceptable.
They health care system is broken today.
Beyond comprehension.
You know your credit -- we've got Obama care only -- -- got nothing we -- we have nothing we have September 1.
Let's say and again I'm not an economist nor I play one on TV.
But if a big if if if the deadline of August 2 whether Israel -- not.
We can't pay the bills you know that our bills come due September 1 so that that's that the deadline for Medicare and Medicaid payments.
On what the government is gonna do if they start choosing who to pay and not we're not to pay is going to be doctors and hospitals and states.
In a system that's already defaulted because it really doesn't work there's not enough money to pay for all the medical care.
They're that you know the doctors have are getting cut left and right so to me this is something that you have to include in any package that you bring before the president.
Whether Republican or -- Democrat.
-- -- let me ask you this.
The bills already come due for about 25 million Americans unemployed underemployed.
Or given up prospects given up -- hope of the prospect of employment.
Before is this administration I thought this president was supposed to be not just a friend a big unions.
But the friends.
-- working men and women in this country and I don't hear this president and even talking about -- level on goods about.
-- the big the big.
Thing that's not on the table here.
Is a jobs program right and when you really think about it they job.
Really good paying job is a terrific debt reduction mechanism.
About a good jobs a good job is the best it -- Good job raises.
Revenue it's a good job eliminate spending for things like unemployment benefits Medicaid.
Food stamps and some trading.
In fact with thirty million Americans idled in this recession in this jobless recovery.
If you put them back to work.
-- generate 300 billion dollars in new revenues and cut.
Your expenses by 200 billion that's half of what this debate is all about.
Yup and but if you've got to put people back to work got to put people back to work -- -- -- part of the discussion right now.
It's it's at least -- directly indirectly because -- we manage our our fiscal policy it'll improve the economy.
But what we're not managing it well right I mean we've moved from -- -- flew to fiasco.
From.
Situation normal all fouled up to a complete and utter failure of leadership.
But -- sure why this is Europe this is organized labor's die.
I'm not here to speak for organized labor I'm here to speak.
For the unemployed all right that thirteen billion.
That I think you should be because there's more expletives.
If that you are.
Isn't -- a fairly shout yes sir that if there are just joking in -- presented temptation or of a return.
You can can I add something in -- sure what.
In the in the discussion surrounding jobs there's -- been a proposal.
Or component of these proposals that keeps getting floated that never seems to manage to make -- of the legislature for -- -- into the back room deals.
And that is another repatriation tax cut out for corporations.
When you're looking at a -- a lot of cash and sitting in these large corporation balance sheets off shores.
That must not -- -- product out now.
Jason is -- you know what you're that they can't have a guarantee they get to do what other business leaders have done.
Take risks and rewards -- -- Jason pride Dr.
Manny Alvarez thank you all for.
