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It's clearly having an impact on consumers January retail sales up zero point 1%.
Michelle Girard senior economist and obviously Greenwich capital joins us right now a favorite economist of -- us.
-- I say this economy is just.
Waste so -- bumping along a bottom absolutely not good enough what's your take.
Yeah -- that's absolutely -- -- you know what it looked very weak in the fourth quarter but the underlying data actually we're better.
We had better consumer spending and business spending and that decline of a -- of a percent indicated but let's face said.
-- exciting is that consumer spending is growing -- point 2%.
It's gonna be weaker in the first quarter I mean these are.
Levels that are very sub par well you know below.
All the historical norms it if you would you doesn't doesn't end here actually like that's like even -- -- -- -- keep telling everybody.
We're growing we're growing things are getting better everybody looks -- -- -- -- doesn't -- -- whole lot -- -- -- as as people -- -- suggest.
I'm sure you listen to last night's state of the union speech in it to my mind the president was calling for more revenue more tax increase coming from the private sector.
Coupled with much more government spending.
Do you think that that program more government spending more taxes do you think that gets is 2345%.
Growth -- what does it do to the economy.
No I certainly don't think that that's a prescription for come from our ground.
I also think it's and that starter you know we what we see here is the president sticking obviously to his -- on how we should approach you know.
I'm more government spending more stimulus more programs.
On to help boost the economy along but the Republicans of course are adamant they gave -- -- taxes they're not going to give it anymore.
And that's why I do think -- we look at heads of some of these budget issues that we're facing that -- close.
Summers for the economy the sequester cuts in particular that take effect I think march 1.
You know we are gonna I think look at a situation where the economy is gonna continue to have a struggle just of the uncertainty.
Above what's going out of Washington.
Okay I just wanna bring in my colleague Scott page wants to hold a second Michelle.
As you should think you're gonna get growth of government spending and taxes Scully got ten seconds maintenance and you know what she played on -- exactly is the uncertainty at that we're you know we were running up against the fiscal -- from frozen ruined because of not a -- -- Scotland and secondly the question -- -- if you raise government's spending.
And you raise taxes do you get growth in the economy I think what's -- -- and I think that taxes need to be raised do you get -- by that industry -- do you get growth by raising taxes and raising revenue and we need to we need to tax more oil companies I think any any company has job policies need to be overtaxed.
Oil companies -- to be -- taxing and stop a kitten I think had I not ask you what I think we should.
Does that give -- growth.
By raising taxes yes raising taxes does not give us -- I will admit to you on that looked like -- -- -- that Michelle back to you if I guess -- another philosophical question to you.
Is what's a fashion that if you make a million dollars -- yeah what's -- -- after the government to take on every extra dollar unite got.
All I how can even begin to answer that I -- start with -- I mean I think you know obviously as the cases -- been made the upper income earners pay.
Far the the by far the greatest percentage of all the tax revenues that come in and you know -- to the extent that.
A lot of those upper income earners that we say those wealthy guys are really small businesses as everybody talks about it creates jobs.
This is where the risk is for the economy and present last talked about raising the minimum wage let's unite I don't think it's gonna happen.
But it can't we just continuing to bargain small companies health care -- mandates in and talking about raising the minimum wage in the irony -- based upper income.
-- you know obviously tax rates -- that upper bracket I mean I think out real problem here I think it explains.
Until -- extent why we just can't get -- -- about the overall economy but at the ticket on the job front.
Michelle -- no wonder you'll want to profit at -- -- -- -- have much -- Michelle we will see you soon thanks a lot indeed one last question for you.
I know you're in the top 1% I know you -- You happy to pay more than half of your income.
In Texas but did you who do you have perversely of course yet you know a thank you -- much and it declarative.
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