Also in this playlist...
This transcript is automatically generated
Thanks very much what President Obama.
Knowing the importance of the private sector to our economy lunch today when executives from a variety of industry now he could have benefited if he had this executives to talk to.
That would be Terry McGraw he's -- CEO textbook publisher of financial information provider McGraw-Hill companies it's saw quarterly earnings jumped 44%.
Beating analysts' expectations this -- -- now -- his take on the president's spending freeze the state of the union and even the Apple Tablet.
We welcome him by the way you're the parent company of absentee resurrect our -- of the Fed I -- -- it data essentially this gentleman before us that you know.
You guys that have a grip and it on you know.
What is going on with Japan and you know the US is financial picture picture what do you make of what's going on -- I.
Think that it's very clear in the developed countries.
-- -- if you get some of your economics stretched and you're gonna be running big time -- And I -- there's going to be a price to pay for that.
Usually they'll be as you'll see it in your currencies -- also.
Me in your credit rate -- the -- agency committees that that deal with sovereign.
And are very concerned about the debt levels wind the UK got -- to a 100%.
That was a concern and they went from stable to a negative outlook.
Japan is still a double A and then but they went from a staple to a negative outlook.
They are in excess of -- 150%.
-- -- GDP so.
The the message is very very clear -- you cannot just continue to spend and if you don't have the right kinds of receipts and you can't grow your economy.
It's going to have problems for -- So I really think though that the events of the last week in particular.
Sent a very clear message to Washington.
It's that you don't have your priorities straight.
-- -- the and I think the message was heard loud and clear is all about economic growth and through that economic growth book on the job creation.
And the question is what is it that you're going to do that and if those -- your.
-- also the question is who's gonna create the jobs -- -- we know I think now -- got the message that the government alone can't.
Create the jobs we saw -- of the flat failure of the stimulus program to do that.
They understand it's private business but then they have these jobs meetings in the White House.
And no offense but they just.
They bring in people like you the big guys it's the small in the mid size companies that need the incentives that they don't have now and they are right out of the conversation largely.
That is correct and there's a couple things that obviously we have to have a very serious discussion about because these are the things that are going to be in the levers that have to be Terry.
You're going to have to cut taxes to business.
You're gonna have to reduce the corporate tax rate from 35% to say 25%.
You're gonna have to extend capital gains and dividend tax rate maybe two years thirty.
I'm talking -- an -- on corporate companies I'm talking about that.
51 -- I'm talking about the small companies this subchapter S -- corporations that are being killed by this economy and they are the people that are going to be doing the hiring.
Yeah and it's going to be difficult days I mean obviously it took us awhile to get into this and it's gonna take us awhile to get out of it but you have to create the environment by one -- -- the business investment gets made what is it that fences and borrowing to -- business -- -- set a -- to spend how about a -- tax holiday when nobody has to pay taxes.
Well I I what would that do for the jobs market -- probably not enough you know on that went in of itself that day you're going to need basic tax receipts to in order to me that the governing.
Function I'm really get that -- we've got to -- they haven't faraway hill growth you've got to get the incentives right for growth.
And I think there's a whole host of things that are on the table people have been talking about a we just have to do.
Me and if we really haven't gotten our priorities straight and it's about the economy and it's about jobs and we know how can you do you do do it.
But you know what -- -- point if you were to add up all of the receipts from income tax over the past year.
It would be less money than the money that the government has spent on very ineffective growth program -- -- -- 2.4 trillion that we collect in taxes so.
And I think that a message from -- business standpoint -- the president.
Is lean on business -- together we can make it happen.
Terry McGraw thank you very much has your business to an okay terrific I tell you there.
Filter by section