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FBN’s Adam Shapiro discusses the issues facing the country as the president vacations in Martha’s Vineyard.
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And we talk about politicians being on the job President Obama here in the United States and Martha's Vineyard this morning getting started on his ten day vacation.
With the nation's economy where it is the market's tanking his critics are taking aim -- -- -- us with more is it fair.
All the criticism.
Sure it's fair -- every president goes -- President Bush yeah this kind of criticism during Hurricane Katrina when He was on vacation.
This is nothing new and the president keep saying that we're going to get his new job proposals.
After Labor Day and there are millions of Americans who want those who want to see in writing what the president plans to do right now we keep hearing the same things.
And unemployment extension.
Benefits.
Payroll tax cut holiday.
Infrastructure bank to cut things that make your eyes -- glaze over and don't reassure millions of Americans and he's kind of been there done that all.
They have been hit on that and and what's interesting about tax cut holidays is the economists will tell you that the only way they work is to make them permanent.
The one year it's great to have a thousand dollars in your pocket and we should point out that employers did not get the tax cut holiday it was you and me that there are working Americans got it.
But that doesn't it's only one year it expires the end of the year He wants -- -- last year.
The head scratch or is it where worried about entitlements that those payroll taxes go to find -- very entitlements this is on.
You can't you can't make negative feedback loop in a -- -- let you know we talk about the debt in the country being fourteen point six trillion the then the country's far greater than that our obligations towards Social Security obligations towards Medicare and Medicaid.
It's approaching what is it 66 trillions -- -- -- much higher than it was about ten point six so that's why.
The president has to put his plan on the table he's talking about also putting a plan fourth that will exceed the one point five trillion.
That the senate committee every time was a super committee I -- -- back to that nineteen to do its part to that is something here has -- guess they don't see additional left -- or something but He says he's going to super friends and there are not friends -- As it that were like Hong Kong -- -- but that's they need.
The class like -- what what you saw yesterday and a lot of analysts say as I wrap this up this was not only reaction to what move my Morgan Stanley it's at about the European economy hitting a brick wall.
This is about jobs jobs jobs nobody has a plan for jobs in the United States and people see that and they used to say second half the year we would be growing now this thing we're not program now.
Thank you Adam Adam Shapiro all -- progress on call point number one super.
One of my all time favorites.
Are.
