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Returning to the state of the union we did -- -- Richard Wright the president proposing that the United States and best to boost the account last night he said.
Invest eleven times another five times today pushing as manufacturing proposals during a speech in North Carolina joining us now to give us some perspective.
And his reaction of the president's address has.
And what has turned out to be the president's never ending campaign former democratic congressman Fox News and here I'm happy to say and welcome.
Denis this and it's good to have you -- Hi Lou it's great to be with you and -- congratulations welcome and what did you think of the idea that.
He added he said it it seemed over and over.
That he could.
Create all these programs take move all of these mountains and do so without costing the taxpayer at the -- Well there there is -- talk about a tax increase I don't think we can tax our.
Way to prosperity nor should we be thinking about cutting our way to austerity -- we we really need to look at what our monetary system is about.
If if this if these programs you're gonna borrow more money.
That you -- deficit.
So we have an underlying problem here -- and that is we have a debt based monetary system money equals that.
And it -- or we tried to get out of it you know we we need things got to borrow money from Japan China South Korea.
We're going in the wrong direction and yet go back a hundred years to look at the Federal Reserve they took over the ability -- money that was a constitutional provision the government.
Here we're stock with rising debt you could.
You could cut the budget in half and put it -- -- To the deficit and urged to deficit you know what it's still have a rising deficit because of the exponential growth of compound of interest on the debt.
We've got to change our direction here if we're gonna get control over our economy.
Well it doesn't sodomy like -- bought entirely into president Obama's plan then because precisely what he wants it is precisely that.
Others and an alteration have -- By one -- In the president's program and his vision of the future here he's going to spend.
The debts will -- rise because the Republicans are not going to exceed the tax increases.
Word on what should we be -- -- what Lou first of you know I ice I'll support minimum wage increase -- the truth of the matter is if you at a minimum wage that was tied.
To increase inflation.
If you're looking at something about ten dollars and twenty cents an hour look out you know -- minimum wage in China is.
If you average it out according to in in US dollars look at something like at tops a buck and a half.
And our dollar dollar that we could be like dollar British thank you -- is that no you're you're pinpointing -- But here's -- Iraq where we -- become like China let's democratic people work for nothing good -- American dream now we've got to look at a solid.
But not just a solid wage in this country got to go beyond that we -- to get America back to work if you want to replenish.
Their coffers -- government get more people working.
But don't tell people are working -- and -- the -- pay more taxes.
Side you know I'm not status of the where we're going we must get America back to where we have -- -- over ten million Americans aren't working another ten million and more.
Our are underemployed.
We cannot X agree with the -- -- saying that a certain amount of unemployment is necessary for the proper function of the economy.
That's easy for those economists to say but it's not easy for millions of American families who are finding it's difficult to make ends meet.
And with the -- standard of living Dennis are here here are saying something that if I may.
Ben Bernanke is not saying.
That there has to -- a high level of unemployment in fact he is saying that he will commit to an accommodative stimulative.
Monetary policy until and unemployment.
Is it under six and a half percent in -- this president it is this president this congress this and it.
That are saying the hell with 23 million unemployed under.
Underemployed Americans and and the millions of Americans who have just given up.
This president didn't talk about those folks last night he's supposed to be the big liberal.
Well look this is -- this is about not about ideology it's about practicality.
When you have millions of people out of work you gotta get back to -- you gotta make sure that people who are able to work have a chance be productive in society and and we have to reject.
This idea of trying to make us let's say 6%.
The acceptable level of structural unemployment we cannot do that.
America cannot remain a free country if we're going to have known to people never be back in -- labor force you.
I think people are very surprised at how much you and I agree on certain aspects of this economy and public policy but I think we've also got to be honest do we not -- and say.
Without a without -- the discussion in a real debate and dialogue.
Over the public policies and the business practices that we are pursuing and permitting.
We can change nothing.
-- no matter what the legislation what the executive Fiat we've got to change the way we do business in this country.
And understand the impact on the consequences of some of -- rip the decisions.
That our government has made force over the course the last twenty years.
Well look though I was with you.
I'm pro testing what when I'm with NAFTA.
And and the General Agreement on Tariffs and -- and WTO we lost their sovereignty -- -- stability control our destiny with respect to.
Wages and working conditions and rights of workers and human rights for that matter and environmental quality principles.
And we're going to go you know now -- trying to export that.
To Europe and European trade deal worked on the Europeans.
You know if you -- -- trailer that's you gotta buy.
-- -- -- Or cal products treated with hormones.
But you gotta buy G amounts when that's these are huge issues from -- people are resisting that we are we are and instead of having the highest standards in the United States we're trying to lower the standards.
We're trying to accept China's standards look China.
You know to trade the trade imbalances you know indicted in 2011 what about 295 billion dollars with China China -- outstripping us and India and trade with the world what are we doing.
Dennis are written with that question we have to say great to see a great that -- -- I'm glad we started I was such a broad abstraction that -- that simple answers for your first occurrence of the broadcasts like for being -- -- -- -- -- -- --
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