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Loews Corp. Co-Chairman Andrew Tisch on the need to rein in the government’s rising debt.
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Yet many of these days lows co chairman and partition -- -- a big conglomerate that has everything from luxury hotels to oil drilling and to all kinds of pipelines.
The co chairman wants to ban the word trillion when we're talking about the US debt he says rounding the number out to a -- eighty.
Fifteen point eight trillion masks have dangerous the number is he wanted to see all the zeros and he wrote in the Wall Street Journal op Ed today quote.
We can't keep piling more debt onto our children or our children's children.
Or our children's children children otherwise the million million millions in debt will make their future worthless worthless worthless.
And -- cash joining us now and Fox Business it's.
To write this off -- because he feels very passionately.
That it shouldn't be tidy that we should struggle to wrap our minds around all of those zeros -- -- -- well it'll be about one trillion it's thirteen digits fifteen point.
Eight which is our national -- is there warned that it -- All zeros next to a trillion nobody's ever seen a trillion of anything.
And yet we we throw these numbers around like -- rounding errors.
And who we should we should stop using trillion it's too benign word got one more letter then it's more benign cousins -- million so.
Let's let's start calling it.
Let's start calling our national debt fifteen point eight.
Thousand -- fifteen.
1800.
Billion dollars that we will we -- a hundred billion from.
The deficit it's 151700.
Billion that we still have left to do.
Already my eyelids are flattering because I'm looking at the look -- -- that we had where we actually put the number with all of those euros all of those digits and and we talked about what in your -- that you talked about.
How high a stack of hundred dollar bills for all of that money for a trillion would be it goes up into the upper atmosphere above the earth.
Beyond 678.
Miles.
And what is -- 101000 miles of would be in the accumulated fifteen point eight trillion dollar.
Deficit.
Then the fact that a trillion dollars -- hundred dollar bills -- 22 million pounds.
Now this I mean -- these numbers are staggering.
And we even did a couple of our own Andrew I mean we we said how much can that actually -- -- come.
Fifteen trillion by you fifteen point eight trillion -- -- -- what 31 point six billion ipads.
Look at all the Rolex as one point six billion Rolex is 27 point four billion round trip tickets from the Bahamas.
To and from the Bahamas okay so that's the Q part of -- the seriousness -- it is we know we have a gigantic national debt.
What do we do about it because right now Andrew we have an intransigent.
Congress.
And you are even part of -- group that actually talks about how.
Politicians.
Republicans and Democrats should stop taking these single issue pledges like no new taxes why what.
Why because we've lost the ability.
To talk to each other we've lost the ability to come to compromise.
Compromise all of a sudden a dirty word.
We send these people to Washington.
To come up with creative solutions the only way they're gonna come up with creative solutions is -- they talk to each other.
I think not talking to each other for not reaching across the -- Then -- -- we're gonna end up with.
Bad decisions we're gonna end up with people stuck.
Where they are and women.
-- -- getting -- for example people who follow Grover Norquist no new taxes no matter what would pass up for every ten dollars of cuts.
One dollar of tax hikes right.
And everything needs to be on the table right now we we need to look at revenues we need to look at re doing the tax codes we need to look at entitlements we need to look at.
-- -- -- I heard a lot of politicians.
Say we need to put everything on the table OK and then what what a lot everybody's sense that within a hundred nothing happens well.
We we had a great first start in.
Simpson -- delivered -- really great program.
-- and nothing happened and they blame goes all around the united Edwards has.
It was Obama's fault it was congress' fault it was a social who -- everybody's fault.
And -- -- but it was a great first start and and there are a lot of people in Washington saying I wish we had -- to do all over again because we would we would take that.
You running a big conglomerate against seventeen luxury hotels in fact you've got enough pipelines for 11% of Americans daily natural gas usage.
How was it to do business right now and if the corporate tax rate brought that to try to cut it but if it were hiked or your personal tax rate went up would you -- that -- to help.
The situation we we would do that unless we shared sacrifice everyone's got to suffer a little bit on this hinted to handle.
-- this national crisis.
We all have to get in there and do our part what we need -- what we corporations need is certainty.
We need to know exactly what the rules of the game are once we know the rules of the game that we can play we can play the game.
But until we do that.
We we're just gonna guess as to what the tax rates are going to be we're gonna guess what the regulations are gonna be.
And we we live an environment where.
The markets are demanding certainty and which is not having that and then.
In the economy right now or in.
What we're getting from our government.
Before we go quickly you're also -- how the New York Giants -- are they gonna do this coming season well until the Fed should truth be told us the other side of the family right now we we are we are absolutely thrilled.
For that season that that the giants had last year.
I am one of the giant's biggest fans and I'm one of my cousins biggest -- And we are we are hoping that they do it.
Again and again and again and -- of loans co chairman great to have you we would be right back on banning.
