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Dow Jones Columnist Al Lewis on the government’s impending fiscal cliff and the outlook for the economy.
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Well joining me now down Jones columnist Al -- Al great to have you here.
-- let's start with these reports -- Ernst and young.
-- -- aerospace industry coming with these reports saying -- specifically.
On top of what we heard the congressional budget office on -- again as we call it here.
That this is this is idiocy.
It is a sure disaster waiting a policy choice that has been proposed advocated strongly by the administration.
Thanks for -- -- man.
And I -- you know -- I would like to point out.
Both of these groups but I reports that support pretty much what -- -- -- on 101000 job to a hot -- debate.
But but it does stand -- -- to cut it -- -- it does stand to reason right if we raise taxes right now.
That's gonna hurt job creation there's no doubt about it yet it also stands to reason that.
Eventually have to raise taxes on somebody had maybe it's -- enrichment is now -- maybe it's.
All of us are not ridiculous this article -- always had -- Kim all acts tax what you don't want -- what you do so what are we tax before because -- we wanna get rid of this poverty.
Does it -- to anyone that the real issue is really -- you know is being.
Just absolutely closeted.
In fog in the year and that is that this government is on -- -- unmanageable too big.
In spends too damn much money and we're going to have to change the way well I -- back you up on that but you know the that -- the other point is that they're gonna do absolutely nothing between now and November.
And it's a good bet that they may do nothing how much is that -- -- does -- scare you that they'll do nothing after November.
Well you know I've -- gotten used to this right I'm expecting.
Global economic collapse that's pretty much been might not -- my two favorite sectors are canned food and ammunition.
I sit up and Colorado.
Now.
I have my own garden and everything I'm I'm wondering what it's going to be like when this thing comes to an end right but we're in the middle of the global debt crisis right.
And the Fed has pretty much run out of bullets that done just about everything that they can you know.
And guess what the economy's not growing it's not growing don't tell senator Schumer that he sat there and -- -- Bernanke today.
To save the Democrats bacon -- in the in the in the months remaining before the election Big Ben Bernanke's convoy that that senator Schumer -- told me.
This -- a shameless grand -- he knows congress doesn't tell.
Denver -- the Fed what to do the Fed tells them what to do and you know I think Ben Bernanke -- been saying.
Well once -- several members of the Fed we've done all we can it's time you guys that these things.
What -- was saying was you know what we're really not gonna do anything you can bet on matzo you better -- some.
But the reality is as you say straightforwardly this congress can't do anything because the Republicans are committed to their direction.
And that is one of constraint and the Democrats are committed to bears which is greater government.
And the two -- not going to result in.
Compromise now in the sad thing is is that it you know the country divides along the same lines and I mean we as Americans can't agree -- -- -- -- -- -- a lot of frivolous where frozen.
What -- listen Lou this -- been going on for four years you know one this colony collapse in 2008.
I would tell people you know all of this is a debt crisis.
The economies can be bad wouldn't be going through this until at least 2018.
People would laugh at me right.
Alan happening when I say this people don't think that's a crack and affect 2018 not that our way out we get that.
-- you're inspiring all considered a bite out but it is the race -- noted truth little you can't sit there and pretend everything's rosy.
And what I don't really quiet way to make -- and.
I know I think they have what you just said so I'm gonna try to give you a chance by may to the kind of fix that back because.
I I don't sit here and say no no no no I'm not a lot about you OK well that's what they would you confuse me and perhaps some.
-- of the audience when you say when you sit here say I apologize for that misstatement and.
Let's not to elected and you.
But you know the economy.
It the beginning of the year at the beginning of last year is still with people who say it's growing.
Let's not growing 10% wealth is not -- when it's mostly just counting the money that the that is injected into the system.
That the stimulus programs and injected into the system the sort of organic growth for and that's what I mean by.
But you can't sit here and pretend everything's rosy and -- Georgia at.
I don't I think get a -- one cannot -- -- wonder how about that.
How about what's the point -- living like that if you're if you're primarily interest that -- canned goods and ammunition.
-- they're sort of suggest that you feel that there is no way in which an American citizen in this country in this day and age.
And influence his server nation or its direction well there are a lot of things that are beyond our control global finance being one of them how the banks behave in this arena you know being.
Being one of them think -- you know you can take care yourself.
-- -- payment out of funny if things that work you don't have to depend on Wall Street for your investments you don't have to depend.
On a lot of things and -- -- I I don't come up I come from a place of rugged individualists you know I mean people people.
Who who who will learn how to.
To do things for themselves and had a lot of Americans are starting to realize.
That they can't depend on a 401K but they're not gonna be able -- dependence on big corporation unemployment and and that they're they're finding new ways and it's it's.
It's it's -- -- entrepreneur.
Ellison is what it is.
Well -- on individualism.
Self reliance the American way.
Straight talk straightforwardly.
Even when you disagree as you and I do.
Is is good I'd love it in the public arena and I want you back here whatever you want to -- don't really deciding -- -- used different rhetoric that's.
And by the way one of things like your top three ammunition makers at the both GM foods -- but -- is -- -- for a stock that.
Follow us down Jones columnist good to have you --
