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Geraldo: Not the Time to Raise Taxes

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    'Geraldo at Large' Host Geraldo Rivera weighs in on the economy.

  • Duration 5:11
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-- now the big story today we've been talking about it those awful job numbers way lower that expected self.

Does this mark the end of the economic recovery -- are we headed for another recession.

Where can we get ourselves back on track let's bring in now Geraldo Rivera the host of Geraldo at Large on the Fox News Channel these with is that you're the boss is always -- an hour of the day here near the gorgeous day here -- market.

Not so happy about the jobs numbers and I know you told me.

What her and I know he's devoted to crush when they hear about -- all those losing money in the market that's a bad day.

Areas today lost a ton of money my biggest one day loss in in quite a few months and -- it stung.

And you know it is tied to this stagnant economy that we have in the fact that we're not creating more jobs and I just wanna say parenthetically I'm no expert in auto bailouts.

But it seems to me thank goodness Obama and the administration acted when they did what we lost all those.

Those our auto worker jobs in them in the midwest that that that particular time.

-- the debate and it may be a double dip but I I'd at least they save some of those jobs at the time we really crucially -- here's the question that I talked it march -- about this from Chrysler earlier today.

Did that debate is essentially it.

-- -- auto makers both GM and Chrysler went through bankruptcy right we have bankruptcy court set -- the I don't know I -- -- -- -- stock I know very -- right so we -- have allowed them to go bankrupt.

Restructure and come out of that without government help some say they would have been able to do that march -- says -- Is a very low probability that would have happened is when until.

He seems -- very competent executive today and he's paid back most of the money so I -- -- he has a real incentive to misrepresent.

It's true feelings economically.

I I just think that you gotta give credit where credit is do I think thank goodness.

The auto bailouts only costing us a 1000000003 it's not well in the grand scheme of things it's not real money you know and not when you have a fourteen trillion dollar deficit.

I guess that's true in some ways now you just said just you talked about the stagnant economy talked about the fact you're losing money in the market ever a lot of people are today the market is down again on these disappointing jobs figures.

So maybe finally we -- job every couple weeks you can stand well we -- -- this millionaire's tax is time to raise taxes on the on the rich in the country.

You are I'm from assured now I'm positive you finally given up on -- idea I don't -- slow the economy down right now around oil and other times of the day.

I agree I reality it's time to it right now to do it but let me and as a -- tickets there's wait a minute and -- hold it on I I.

My priorities have shifted slightly and let let me just take one minute to explain we've talked some since I I think as the -- -- the restoration of the of the Clinton tax rates.

Is crucial long term.

But I also think that -- everyone's talking about the the pending deficit.

And particularly in entitlements and Social Security being -- I would like to start my new program.

We had the payroll tax and that and this artificial ceiling that we impose that that really.

Penalizes the middle class in favor of the rich why.

Is it only a 106.

Thousand dollars of income that -- tax the first quarter to 6000 dollars and into why isn't it.

That's the 200000.

The one million the one billion dollar and again let's that it doesn't know you wanna start this now well now I -- I.

Everything has to.

It should be pegged to the unemployment rate in the nation let's say -- on a -- -- that the 7% that's a good time where you can begin to think about.

The revenue side of the deficit equation as well as the entitlement cuts that already because you always want to think about.

Just when the economy's recovering that's not the time you want to.

Cut it there and say are we wanna slow down this recovery just when we got ourselves back on our well I'd like to see -- -- -- to doing that yet I agree and I I'd like to see the town of the Republicans in congress that reward deficit hawks now are they going to suggest.

Cutting back programs in this period of real -- yeah I I think that this whole conversation.

Has to be put now in the context if we don't get jobs it's not about that the 2012 election.

It's about the suffering of the average Joe working man and woman in this country.

There is a -- is there is this threat of a -- that they really is Eric I want Tanya.

I thought I period optimistically.

That we were on track.

And I know that we did add some jobs thank goodness.

And with so it to have ads at them the consecutive months of economic -- -- -- national but it is very very scary and there's so many people that I know.

That are really -- I had a way that seems I mean people with type -- my daughter just went to the -- -- -- has been going off to college is -- and -- you.

You've got to be a millionaire to send their -- to NYU or these private institutions that -- And there's so many people -- -- now are making life choices that are different than their and there are you know what they would.

Like best for their children yeah because of the financial constraints of the current economy.

Now I know that you write about it.

All that and I think the headline from this interview that is the fact that after months of months.

On the day again and -- show here Fox Business 11 o'clock.

Geraldo has come around how well she's elected drag my feel awful.

Good to see you -- my -- I'd watch -- over the weekend of course on the Fox News Channel.

-- -- large jets started at 10 PM.

And weekend.

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