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Former BB&T CEO John Allison on the economic impact of increased government spending on unemployment benefits and food stamps.
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Sales that's a recession bank -- So as as a former banker who knows about such things John Allison without power house BB -- -- and argues we keep saying government stimulus checks.
Our stimulus.
Well this country's DO hey John good to have you I couldn't believe when I heard that I -- to go back read it again and again and again.
What a negative.
And they -- -- another good afternoon a -- is really scary that we have congressman that believe that.
It both unemployment insurance AN thirty stamps are simply transfer payments.
If you get more unemployment insurance and about letters -- visit my insurance premiums.
If you get more of food stamps and -- taxes go up.
But unemployment insurance is actually destroys jobs in two ways first if I'm running a small business and I have to pay -- political insurance premiums unless likely to our new employee -- -- his calls when.
Secondly -- this is people not to work -- the last time congress extended unemployment insurance I had a friend that runs a small business.
He had -- -- one job he's looking for he had three applicants to of those applicants dropped off the minute they heard that unemployment insurance was going to be -- -- Because that's -- The -- got -- right.
It shouldn't surprise here's a word is EO John what I hear watching to putting more effort -- -- -- Jobless benefits and helping folks find jobs came over.
And that's the truth you know I got a great story this this I did not -- this story -- this is that in the event relates to both unemployment insurance and to.
They stance -- or nineteen years she's pretty apolitical.
She's working at a convenience store this summer.
In a couple days ago just out of the blue she's that you know what president of public needs to work for a -- and convenience store I think he would change his policies.
And acid why Sidwell these people coming in every day lots they come in a -- here.
Very big bass cigarettes they -- lottery tickets with cash.
And in a turnaround in back but -- -- -- and pretzels and soft drinks with their 36.
And in this he says listen I I think.
Mr.
Obama's why false ought to come not know she's trying to fight -- basically sit.
Just a couple hours to get -- this lady came in the store who was extremely overweight.
And she.
Bass some while and in some cigarettes -- -- cash -- -- she has the power of other candy bars issue about whether food states.
Well you're right about that about whether that's what I do but at least is my money but you raise a good points and I'm wondering about the tone itself because -- -- been telling folks around here are some -- want to hear me some decision you know set up and would drop them off about it.
That I think something has shifted in our country and I think this shift -- -- Japan because all of a sudden now we are.
Extolling the virtues of government talking and doing is Norman Rockwell type commercials.
On the beauty of welfare checks on the beauty of food stamps.
I don't take a -- the need.
For for a certain -- have to get that and we -- country that looks after.
Are neat but won't we get up to these kind of numbers where words eat it it is something is very wrong and we -- -- -- government far more interested now.
In in promoting -- extending those candidates then trying to address.
The underlying causes of -- so many to get them.
I think we're in in deep deep doo -- I totally agree with you thank you you listen to the recent speech where it's not individual achievement is some kind of collective.
-- -- -- -- -- -- -- What -- -- -- -- that now I'm looking at your career young man on big -- well you know out of nothing to do would you that was the government who who made you possible.
Anybody runs a business that is that's not true.
You know you have employees that might have much bigger contribution and other employees not not -- they're necessarily more moral better human beings -- -- Michael much bigger economic contribution that's a fact.
We have against yesterday John percent of sort of present a good guy who helped take care of the football field -- -- -- you know.
Trained as a young man and into adulthood.
Is responsible for Brett but not that however that -- speak out about that I just they get a case of -- pharmacists at the bottom line is.
We're attacking individualism.
We're saying individuals don't Blair met -- this country was founded on the concept that.
That -- about individual pursuit of personal happiness in a real big sense of that word through hard work.
Through create -- Do you live action should respond because he did respond a little bit more strongly that -- has in the past.
But maybe owing to my time -- I don't think enough but but.
Is he being too because this is evening to reserves would even.
I think he's being way too reserved I think he -- -- make this a philosophical.
Argument argument in principle.
America was building -- of individual rights own personal productivity -- personal responsibility.
And really what's been rejected -- personal responsibility were saying that some kind of -- to -- collective responsibility.
But nobody's individually responsible for themselves and that's what an entitlement world looks like and that's not what my America right this ought to be a fight over principles.
John Allison none -- -- thank you very much for joining us again.
