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NewOak Capital president Jim Frischling and FBN's Gerri Willis react to President Obama calling on Congress for middle-class tax cuts.
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Fresh look at -- -- capital.
What goes on -- right now also Gerri Willis host of the Willis report right here on Fox Business talk about position that the -- weapon.
First to -- tear your reaction to what -- for the president utility better nowadays spoke.
Not feeling much better -- the truth and I tend to I -- -- hear.
I didn't hear -- I did not -- compromise and actually I kind of have to respectfully disagree.
I think the American people are overwhelmingly calling for a compromise and in fact I think the Republicans have made the first move.
To put spending cuts back on the table or are on the table.
What I'm not hearing about targets -- the Republicans on the on the of the tax hikes and the raising of revenues I'm not -- the other side.
Now talking about the necessary spending cuts and they really do have to go hand in hand.
And I think -- the president and the Democrats right now are feeling very emboldened by the election results I understand that.
But if they're not prepared to put spending cuts and entitlement on the table.
We we we actually could trip this up in this -- be an absolutely self inflicted wound and we all know and I think I don't there's any disagreement.
On how bad this could get if we do -- the fiscal cliff.
Jerry ST -- President Obama earlier on -- a year to go calling on America to take up arms and and call for tax increases on the rich only end up extending those bush tax cuts for an earlier do you get the feeling that Americans are clamoring for tax increases on people -- -- -- to our balcony.
I don't think so and I certainly don't think the people who create the jobs in this country are clamoring for higher taxes and that's just the problems.
The president said this isn't about the numbers of course it's about the numbers and you know what number it's most about is GDP.
The growth of this economy the more taxes you pile on this country.
The worse the economy is gonna do and that is the real problem.
That he just.
Seems to avoid and not think about it is clear that higher taxes means less spending by the people that you relying on to make this economy go it's interesting you say that -- because in Jim's mind from an investor perspective do you think.
That if we deeply if we did all the clip no deal you're saying at one point 5% hit to GDP your basic metal what -- talking about -- consumer spending.
That's I mean think the consumer has been -- driver.
Of this albeit modest recovery but a driver of our ability to kind of continued to at least.
Do we build in strength and I also think home prices Pacific -- the recovery in the housing market has been one of the drivers.
-- of that that consumer feeling more emboldened their -- at the home is appreciating somewhat like I think there's a good story here that could be really derailed.
-- and we are not calling for that we are expecting a compromise but I'm telling you when I listened to president.
And his position and I'm not hearing a lot of that he's cherry picking one thing.
Will -- his -- candidate and Jerry you know if they raise taxes on people who are more than 200000 -- -- we bring an eighty billion dollars more every year.
But we have a trillion dollar deficit every year -- why did we get so hung up 180 dollar.
-- thousand stupid at this point that's my analysis enough popular -- I area we cannot come to the right answer.
And it's frankly my observation that people in Washington do not understand the economy they don't know how it works to make a lot of -- At the end of the day they come up with a policy that isn't good for the American people and I think the American people.
Understand what's good for them at the end of the day look my ounces of this and what you see in the media right now is that it's completely misread the impact of the fiscal cliff what you see.
Personal finance writers and even some financial advisors saying is look.
Don't worry about the fiscal -- -- doesn't mean much is Australia it's not important yes it is it is absolutely.
Important.
It's gonna cost you money it may cost you jobs we could see the GDP fall off the cliff go back into recession a lot of in job seven.
1101000.
To two million jobs depending on who you -- All right we're stuck on stupid thank you Gerri Willis thank you -- -- impression of being -- things and you cannot catch Gerri Willis weeknight here on fox -- Not just once but twice at 6 PM and.
And you -- in doing segments on the fiscal a lot of Larry every night yeah I can't get enough that nexus net job here -- --
