Fox Business
Expand
Browse All Video
Watch Live

You're watching...

Bernie and Geraldo Solve the Debt Crisis

Details

  • Description

    FNC's Geraldo Rivera and Bernard McGuirk give their own solutions to the debt crisis.

  • Duration 7:30
  • Date

Clips

Also in this playlist...

Latest Video

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

This morning's Imus in the morning the great -- Mcguirk sexually here with us today so -- here well.

They can solve the DC crisis the debt crisis that we brought in a couple of well.

I guess you would call them outsiders out is I don't respond I have to cut it back up well all this -- the country doesn't get any outsider than I have had a -- I'm -- are -- at large.

Had actually making his first appearances Bernard Mcguirk on the show at least the Obama's not a morning thank you with the Reagan vs so shoot -- talk over she took off on me today.

You know and now we're here like.

It's -- -- both the later we got the beef is like every girl and a couple of big and doing the show by himself put it.

I -- on -- that's not right output all right so these guys have their plans that you might think this is a joke but I read over the -- that it's not you to put some serious thought into this so the floor is yours first Geraldo taken what the recession.

Is over that's my headline it is over for the -- in this country not the have nots if you examine any of the statistics some of them are quite alarming.

The -- who are largely -- I mean just shakes down that way.

Have.

Eighteen times the well.

Latinos.

And twenty times the wealth.

Of blacks that's just a statistic.

That just came out that's the reality of it so I think that the arguments against the abolition of the bush tax cuts.

Should disappear we should revert to the Clinton Era tax rates a -- because the recession is -- think that's number one.

Number two in terms of Social Security solvency.

We have to read the payroll tax from the 106800.

Dollar limit why is it that Warren Buffett's secretary.

Pays the same a map to the Social Security trust fund as Warren Buffett doesn't kidnapping and all our all you got to pay it that you whatever you do whatever income you claim on your W two you -- -- -- tax on that.

Alternatively.

You know you should have a means test with Social Security you don't -- -- pay the the payroll tax on all you make.

Then OK if you're a millionaire a billionaire you need the pension the pullback pension of fail safe.

You know end up like pension.

Less than people who don't have.

You know other pensions or you know savings right well they can pull back on -- so let's implement the means test if you don't wanna go for the payroll tax.

And then on the revenue side to get and some of those obscene subsidies to get rid and the ethanol -- -- cut you've got to -- the farm subsidy you gotta make these hedge funds pay income tax rates not capital gains tax rates.

You get and this is really bizarre.

Oil depletion so OK so there's -- does this revenue definitely is a part of that.

And -- -- talk about a second let me get Bernie what does that have your chance and you'll start off with also -- or not and in some of these taxables right.

Yes that's a little immediate benefits to the symbolism of the tax loophole for corporate jet owner I mean it just sounds -- you get you get a little again as John McCain Hussein.

You get to these Tea Party people is -- gonna lose the -- you gonna win the battle you're gonna lose the war in the election you can't you can't expect to cut.

-- social security and leave these loopholes in place just on the surface doesn't look good.

However.

The able elimination of the bush tax cuts is just that that's also symbolism it is a really get to our a problem you eliminate Saturday got earlier on Barney show up its total amount out that you would say would be a hundred billion dollars annually.

Spit in the ocean it's not our what -- so you have the you have that deal that Boehner and Obama agreed to that got us 800 billion dollars ending the tax loopholes.

The subsidies to the oil companies and that's an all in all -- up.

And that but what one thing this dude there it's obscene and this with President Obama has failed all of us because especially -- -- hope a role to back them.

Is drawing that.

Take the troops home from Afghanistan and Iraq immediately.

Immediately you were elected to do that a few years ago you raise the levels that all the long term that's a trillion dollars in savings which Harry Reid is calculating home by the end of the year and -- you saving 200 at least 200 million dollars a year.

And then -- 200 billion excuse me are at the right and and that's where He fell less and and also.

Eliminate the groups say for example desperate times call for desperate measures I'm -- libertarians eliminate the Department of Education right there.

Ninety billion dollars He had ninety billion dollars a year for what the schools that a failing so what -- -- everything's local that.

Everything's all good as far as the as get an education goes absolutely what what you do that again it's still only adds up to about three trillion dollar that we can talk about but.

Screwing grandma and social security and Medicare that we can talk about as long as we're serious about reducing government true conservative libertarian principles.

And then so you're cutting off also just to get through this list here's some because it's a military base is cutting foreign aid capping spending we all agree that spending has to be cut.

But we thought you know having -- -- you guys on Bernie and rob bell that number they would view way off somewhere on the right we have to pull in back and are probably falling off the left wing but I you guys actually agree on a certain and so these guys should be able to figured -- you don't.

You guys agree.

A process of attacks as well while but I ended the whole thing about rates -- -- -- but the haves and have -- -- -- to have -- -- people are racist He did it racial intent and impact but that you raise taxes on the -- the top 1% pay for -- -- -- the top five for -- can afford it.

But still it's a bond is a law of diminishing returns I don't buy it does it at some point they're gonna flee the cut they're gonna put money overseas is just not -- work it's a spending problem not a revenue -- -- start already.

Newspaper in the 1990s.

I I'd I'd obtained most of my you current well -- the 1990s in the Clinton administration.

That was a fair rate of tax the -- -- -- Behind the bush tax cuts was the trickle down impact it was supposed to have.

For poor people right capitalism this wonderful engine which I totally believe in that's Weimar republic and was going to generate enough wealth that it would trickle down to the masses and they it would elevate these -- by the bootstraps the fact of the matter is the gap between rich and poor has never been bigger.

You know like have a quote here from its pew research.

Senator here.

The and 113 thousand compared to 6000 Hispanics.

5600 from blacks that roughly twice the size of the ratios that that prevailed between these three groups for the future decades part of our service necessarily case for higher taxes in that in that quote it's his eyes off the rich are getting richer the -- getting poorer and the gap is getting the -- I mean clearly the bush tax -- philosophy is up -- -- -- even -- says that revenue has to be part of -- you don't always tax -- but He said.

Well sort of Washington to present Obama we incurred a ten trillion dollar debt from and present Obama's three years.

Within four trillion dollars more four trillion dollars more -- I mean is I would suggest is an idea -- program results I would also if if not this generational generational theft is going to be as much for the kids when they get all that.

As you found in -- Al Capone vault.

-- topic if they head going to be a big 08 the Republicans refused to eliminate the oil depletion and allow the millionaire's tax and all the rest of it.

They are.

Expose this hypocrite we've called up Bernie from downtown -- percent to five point whereas there is the entity I think I believe in our proposed vault.

The -- -- -- you're always have to rely upon yeah.

Credit -- C on Monday aren't fit Bernard Mcguirk rivals -- at the better all the Rivera now -- you.

Load More