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Forbes Media Chairman Steve Forbes on Jack Lew, government spending and the economy.
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And so there wasn't there aren't Timothy Geithner exits the treasury today in the man the president has picked to take his place Jack Lew.
A lot more partisan so how will this affect our economy joining us now Steve Forbes he is -- media chairman.
Editor in chief and star of Forbes on FOX which is tomorrow on Fox News Channel 11 AM good to see you and -- the -- I've been following -- -- -- -- and our failures are.
Jack -- This guy's partisan background goes back to Tip O'Neill of course that was the day when would Republicans Democrats actually dealt with -- each other but.
Timothy Geithner is clearly much more nonpartisan he worked for Republicans and Democrats is guys are real partisan -- so how will that affect the negotiations income.
Here's what it means there's right now they're gonna be no real negotiations it's -- way or the highway.
And so a Republican and I -- Ronald Reagan did when he dealt with Tip O'Neill is first you get start to get public opinion on your side.
Then you go on -- the real hand that you can play.
So far the Republicans haven't done the fact -- back down on I think on the debt ceiling debate was a good thing -- sense they're not gonna wanna the president says -- can take.
Benefits away from Social Security recipients.
Game over we saw that before.
So work it go and got -- -- to change public opinion forced Democrats to increase the debt ceiling and start to will win over the public one other thing this.
Extraordinary to -- win over public opinion the question is how when you have well media you have a media that allows statements such as the following business.
A statement -- Jack -- made back in 2011 about the 2012 budget he said this budget includes a five year not securities.
-- security discretionary spending freeze reducing the deficit -- billion over the next decade.
And this what brings spending to the lowest level since president Eisenhower.
Sat in the -- -- statements like this are song.
Far removed from the truth in fact.
This president has increased spending to 25%.
Of GDP were as it was 20% under the bush administration and it was 16%.
Under Eisenhower so they say these things and the press doesn't correct him on how -- -- win public opinion.
-- that well first might think that was set on Saturday Night Live let's not no hope of do you imagine having taken seriously -- Well that you you'd be -- first to get a spokesman.
-- -- -- the Wall Street Journal said the other day each -- should get a spokesman.
-- -- So you have one voice of speaking for the leadership percent of having ten people go out wants.
Noting that got to do is come up with positive things like how about radical tax reform like the flat tax.
How about having these non negotiable IOUs with Social Security changed -- Marketable bonds -- have a crisis.
Can easily make them debt debt payments.
How about passing a law again saying you can't use of Medicare money for Obama -- struck on offense pass these things -- Harry Reid gag on blocking the bill.
Not taking money from the.
What it's been happening even in these these comments notwithstanding that their their budget is lower than it was during -- which is nonsense.
But we have seen the budget first of all of course we -- -- 20082009.
The budget go way up 20/20 5% as a result of the stimulus but that just stayed there we can show the figures from 2008 all the way through 2012.
Showing that we are now at a 25%.
-- GDP level of spending which we haven't seen since World War II that's the norm now well.
And this president understand spending as power that's why his.
Notion of cutting spending when he says when he feels he has to say it is absolute nonsense he does not but he wants more not less.
And so Republican ships come across not as just as accountants but start getting some of these ridiculous things like a feeding heroin to monkeys in the programs like that.
That we're gonna discuss reports that we watch that was by the -- a real program that we will be talking about tomorrow equipment and and and start to highlight even -- it's -- big numbers statement it gets across this government's doing a lot of crazy things and -- on the debt ceiling -- proposal like you say how about have spending eighteen -- -- revenues eighteen so -- 18%.
The GDP instead of 25 put some real things on the table but the Democrats -- OK and finally financial regulation we don't have much time but that clearly is gonna is gonna be costing a lot of folks out there -- a lot of money.
All the details haven't been filled and there are a lot of blanks and Don our but it's still going to be the one of fill in those plants well it's killing small banks and that talking about lending to small and medium size businesses regulators -- banks today.
Making it very clear you can have a very difficult time making those kind of -- threats very easy to buy government bonds to finance the government deficit fights deficit without tears.
So they've taken money from the private sector finance and government starving the job creators of our economy that's a good thing for Republicans not very efficient Steve Forbes we'll see -- 11 AM.
On Fox News can't thank you David very much -- over to --
