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FBN’s Lou Dobbs on the impact to the economy of potential spending cuts, tax hikes, and the health-care law.
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You certainly agree that unemployment has been too high and his sticky and despite.
False to false start so we're having a much rougher time than we ever imagined getting unemployment -- Yes that's -- so get to work -- him.
It's senator sure we're got a great that's it never does these fifty persistent high unemployment.
The senator urging the Fed Chairman Ben Bernanke to stimulate the economy preferably before the November election Bernanke responded.
That the Fed is willing to take further action as it is said publicly but insist they will act and I non partisan manner.
-- which would suggest.
Unemployment is going to say I am employment is gonna stay sticky.
Many would argue of course that congress is the one that needs to get to work the president perhaps would get to work.
All of them are putting -- a disturbing amount of critical legislation until after the November election.
It includes debate over the one point two trillion dollars an automatic budget cuts such -- take effect next year well -- Paula -- again.
The one point two automatic.
Cuts.
It is is really a Republican and democratic contrivance.
That suggesting competency and governments on the part of both.
Of these.
These parties.
But -- the insistence on the part of the democratic leadership that they will take this country into recession.
If the depth of the Republicans don't go along with the president makes it delicate because they've taken ownership of this now.
Infected defense industry trade group is warning that if the so called sequestered cuts kick in only Washington -- with such nonsensical term.
It could cost the economy.
This nation the American people two million jobs in -- More than 200.
Billion.
Dollars.
From GDP.
And 200.
Excuse me two million jobs.
And this is a matter distraction.
In Washington.
You don't -- I don't know about you but I think even in idiot.
And I am talking about in the liberals -- a person without capacity to understand.
Too.
Be rational and engage.
Their brain.
Would understand this is not a good idea.
And that that would be a blow our economy.
That would add one and a half percent for unemployment rate one and a half percent by the way just to put that in terms right now with eight point true.
Nine point 7%.
Even the people that we have for whatever reason sent to Washington DC who sit in the Oval Office right now have to understand.
This is a bad idea.
And one of the Democrats -- this president -- they have said that they will take the country into recession if the Republicans don't go along with raising taxes.
In the face of a weakening account.
-- -- -- But it's not the only winners were -- -- again the bush tax cuts will expire at the into the Europe because everybody knows and Democrats are threatening to drive us into recession.
If the Republican leadership doesn't go along with the president's.
Tax hike -- if the dispute isn't settled I get ready for this middle class Americans have currency.
Their taxes rise per person.
By 12100.
Dollars.
A year I said middle class.
Not above 200000 as individuals or a quarter of million in earnings as counsel.
Time is also taking down on the payroll tax cut and -- it expires more than.
Get ready for that's.
A 120.
Million.
Americans.
Will be affected their taxes will -- on -- rich by.
A thousand dollars.
A thousand dollar.
In addition five major taxes will take effect next year as a result -- Obamacare.
And according to the Congressional Budget Office our economy goes into recession if Washington doesn't deal with these expiring.
Tax rates and sequester.
Automatic.
Budget cuts.
Democrats are paying attention to the forecast -- and -- they're making even louder threats.
I just want to assure you that we're gonna keep our eyes focused on what they're doing and report your faithful.
And we'll keep our voices here in the -- civilized.
Moderated talk.
As we continue this broadcast.
I believe you can't -- in this particular global this prospect.
