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Democratic Strategist David Mercer and GOP Strategist Guy Benson on why Americans aren’t saving for a rainy day.
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Show -- -- your savings account balance lately a lot of people probably don't even want to because a new survey by Bankrate dot com finds that.
28%.
Of all Americans have virtually no savings at all.
-- -- exactly am wondering joining me now is David Mercer democratic strategist and guy Benson on the conservative side gentlemen.
Thanks for joining me what I read this my first spot was about retirement -- I'm I'm thinking if you have no savings at all.
You know.
What are you sort of -- he is gonna happen in the long -- are you thinking you're gonna work for ever.
Are you thinking that your kids are gonna support you mean good luck with that because we disagree stories on how kids are getting jobs now -- that there's no hope of them ever doing better than their parents Social Security's going bust the government is sixteen trillion dollars and that I'm wondering.
What -- -- -- was our country just going to hell in a hand basket David take first crack -- -- it's a big question.
First of all I think Americans are more optimistic in the spirit is more optimistic I'm certainly more optimistic in the audience I would hope is with regard to thinking that we're going -- -- hand basket.
But David I don't they don't let me savings.
That and that may be there are several -- there are a lot of people that had to dip into savings.
One reason is because for instance sons who either losing their job -- having increased student loans or whatever may be.
They are finding it tougher now when we continue to put downward pressure on wages.
When we continue to bail out banks but yet.
They don't provide access to capital.
Those costs are gonna go up in the savings are gonna go down.
And we can address that we've been addressing it we've gotten four point two million jobs back from the private sector that were lost in the years presenting our Obama and we've also gotten -- in 35 manufacturing jobs thousand.
Fortunes -- -- 5000 manufacture just so we need to keep going forward and be positive about it and we can see those but I gains recouped.
Are I Richard guy because it -- somebody points out how we've been created -- half million private sector jobs or whatever you just have to look at the fact that we're down more than 500000 jobs than when Obama originally came to office so I don't know.
I mean those numbers sort of drive me crazy a lot of and.
You have a four point two million jobs is more than bush ever created in the two terms that he was there just to point that out okay -- First on just to respond to that President Bush's average unemployment rate was five point 2% -- -- we can go and play these -- back and get a look at the -- -- -- -- -- -- hand.
And so I think it's interest thing -- a -- -- some ways that Melissa you asked the question.
And gave it went straight into up kind of political answer and I I think that for me when I first saw the story.
Today I thought gosh how much do I have saved up and is that enough is that three months' worth for our rating on that six month or how much to actually have in the bank.
And my first impulse was not to say I wonder what the political class could do for me my instinct was to say.
What you probably need to do to make sure that I am taking care of in my own self sustaining life.
And I think that this is something when we're talking about individual families and their savings accounts we should be looking at.
Families making -- -- financial decisions for themselves not -- you know I didn't immediately look to Washington DC.
And if I might Melissa and I might add we eliminate political economy and I can -- below we all wanna be self sufficient we wanna do things on our own.
But to perpetuate the myth that was just raised -- -- Romney Mitt Romney sounds -- -- -- you know hey -- -- millionaire no let me finish.
I went well I would I well I just want to point -- what we're seeing at the bottom of the screen here because we are seeing some breaking news that we've been expecting all day but still it's happened.
So I want -- pointed out that Moody's has cut the ratings.
For all the Spanish banks.
-- announcing that they are downgrading long term debt and deposit ratings and 28 Spanish banks.
By one to four notches as what we're looking -- -- -- -- we're gonna get you more details on this story.
As we can -- we're gonna continue this conversation is that right.
Okay we've been so I had finished taking -- point.
And the point you know we have this myth of the self made man and we do this is a community and for it to go on Google for instance in importing -- Mitt Romney.
-- makes it sound like he just was a genius when it came to Bain Capital.
He'd borrowed billions -- dollars.
He might sue the government for major subsidies amounting to billions of dollars but you don't hear them talking about that but he could -- It's 300 million dollars or how entitlements from the government.
So he is not going on it alone okay nor should any American go out of my loan because that's not -- that's not the reality.
You know what I got this this conversation has absolutely nothing to do with Bain Capital -- the over 100 jobs it sure does because they want no government got finished -- you've -- your chin up what guys it shows so much.
Now it is it has nothing to do with Bain Capital of the story is about the number of American families that have no savings in their bank account -- we were talking not Mitt Romney we weren't talking about Bain Capital I would be delighted to talk about those things -- -- invited on to talk about them.
But what we're talking about is what American families need to deal of course there needs to be a safety net for people who cannot.
Help themselves and for people to whom we've already made promises but OK if we want to talk about government programs and government policies let's try to shore up.
The entitlement programs that are already OK going to -- No I don't know say hey don't look -- -- bank capital is getting government subsidies and then outsourcing jobs and what people are having their jobs -- and they are fired then people don't have the means to save so -- not -- to say that that doesn't exist.
-- does and it's a political economy and political choices are made that -- good -- to the benefit of those that would rather not acknowledged that it's a case.
-- the people who don't have savings right now that's the government's fault and it's up to the government to fix it I just.
I don't got no no those are not my words -- -- -- -- -- on the -- -- what -- No I think I don't know I'm not all what I said.
We are making choices we keep giving subsidies.
-- to energy when -- extra energy sector when they're experiencing all time profits and let me tell you I've worked for Procter & Gamble Bank of Boston the corporate America.
But we have an imbalance and when we -- are handing out subsidies should Exxon's of the world form to which uniform billion dollars.
And they are not creating more jobs -- that's a problem.
Okay that's what we got to leave it there as much as I'd like to continue this -- we're gonna go to this breaking news that we have now more on Spain thanks about the you for joining us.
