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Strategies for Reining in Government Debt

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    Former UBS Americas Chairman Robert Wolf on steps to reducing the government’s debt.

  • Duration 5:50
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About the economy was ready to raise taxes.

You know what I actually think and you and I've spoken I want -- -- deal.

I think that nothing approach is dominance here now while I think -- my perspective is we need to have revenues on the table.

We need to have entitlement reform on the table and we need to have defense on the table but.

Well let's not -- -- -- have not I hear the revenues on the there I don't see much else on the table but I wanna go back to -- Europe.

Creature of Wall Street -- -- -- community.

You have a lot of very wealthy friends Abdul to yourself on monster WRN.

And a lot of the wealthy guys -- have bonds with president with dumping them.

-- and I got to pay my fair share he's just raise my taxes he's limiting my deductions is help get things cost me through the nose.

On more than paying my fair share now and now -- -- about I have to do more easily from our balance and they think they're getting pretty annoyed should have been well.

-- away from the rhetoric.

I would look at this why I think we need four point two trillion in total.

Over ten -- over the ten year period okay where a little more than halfway there I have always been that it should be.

For every two dolls of spending it should be one dolls -- revenue.

OK so I'm still on that course maybe even to you're not in the anti below -- Harry Reid.

Chuck Schumer fifteen borderline president we don't have -- spending -- Now I don't I think we actually have a spending problem so what are they smoking -- -- -- we don't.

Well I have not heard them say that but spending is at a senate Harry did the president said it's really pretty neutral health care.

Net -- if you look at spending as a percent of GDP it's up -- 24%.

And revenues are down at 14%.

Usually where it 18% and 21% usually there's a 3% deficit do you say we have a -- we have a problem both sides of that that's a fact that's not.

Robert -- as someone is trying to bring the investment community and and try to reach out to events because the managers is a Republican crowd yeah it -- but it -- but you know you stand up.

Tom -- he's losing that crowd that did with the constant.

Badgering and saying we're at this point in these sequestration cuts are coming in.

Because Republicans are just catering to their wealthy friends.

And it's killing us bottle.

You know what I I have to admit the campaign's over and I don't hear that what I hear right now -- we've been hearing -- speeches this week.

Yeah but but can I tell you the loophole thing.

Listen Boehner but as you know thirty days ago 600 billion on the table that was not rate driven those itemized deductions.

Okay see you cannot say that revenue should not be on the table there are a lot of loopholes that should be on the ticket Bob Woodward said that Britain revenue wasn't supposed to be -- -- secrets rescinded -- the president's -- It wasn't I don't think this sequestration deals a good deal I don't I don't -- hi -- -- what I understand is not anybody else -- -- on -- a fine but I understand.

He's saying the president is changing the goal posts here I mean there's a lot of he said she said I'm not gonna get into that my view is only one thing you don't like about the -- One thing I don't like.

I like the president does not -- disrespect and are not say anything bad now listen to I don't -- I'm not familiar with the health care.

Okay obviously -- -- in some parts we have thirty million more people being insured but I don't like the cost.

I absolutely think entitlement reform should be on the table.

But that would be part of a four trillion dollar package not part of the -- -- politicians on both sides still.

Afraid to address because they just think every American's going to jump ugly on and just.

Gruesome find that the -- well what I would say is -- Novak you know in November December.

We have the ability of a four point three trillion dollar deal the president was 2.3 to one he include Social Security -- CPI.

He included some Medicare it wasn't Medicaid.

But it was Medicare so there -- things on the table then.

Speaker Boehner went to that proposal be which really just put taxes on the table.

If I was giving speaker Boehner.

Advice which I would like to give both sides and I would say don't put just taxes on the table let's make sure both sides on the -- yeah.

Boehner says from that experience that it was the president changed and an increase -- You're right I did -- look around you probably need but I didn't know what I was telling you -- all of Aron -- -- -- early with a guest.

But there's a pox on both parties houses here.

You both got us into this fix you can argue over who did it more.

I don't care.

It's like you.

Kids when they create -- mess -- -- eat you know yes tickets and president and of them well like you say well you know your vote gonna get off your asses and fixed explicitly.

Now that is where we stand I got a thing.

I grew up.

I don't know how you fix it.

Okay because the sides are not speaking -- OK and that's gonna change that is it.

It needs to change solicit I don't know what will happen Friday when they all get together may be the 24 now we have another deal.

We cannot start kicking the can we need a warrant until you know my -- my -- on this -- Americans that.

The players don't respect each to jump.

Not say what I'm not blowing you smoke there's a view of persuasion whatever a lot of folks respective well thank and and I think we need to have players.

Both sides respect because right now they hate -- and and -- Knee jerk amateurish prompter reading view and -- It is until we get players who the other side likes and respects.

Never -- Well we need the business community -- one that got a little -- that's not happening but I don't appreciate it.

You have noted America's -- -- -- know it's crayons and I -- I mean you can't well let's Lancaster.

President it's a humiliating price in out well.

-- big an outside advisor fits well for me today alright and Robert always a pleasure thank you very much present an idea what it sends a class act and either party.

We -- we don't have many of its votes.

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