tv Forbes on Fox FOX Business January 24, 2016 9:00am-9:31am EST
>> that's one of the fringe benefits. >> not an insight we were looking for. that's a freebie. we now con ♪ >> wow. i feel the burn on the campaign trail. is your cash about to feel it next? welcome everybody. this is "forbes on fox." a week away from the iowa caucuses. but if bernie sanders wins the road to the white house would that put taxpayers in the poor house? let's find out. steve, who is in los angeles today with the nice warm weather. let's go over the cost of some of bernie sanders programs.
"the wall street journal" put it together. socialized medicine $15 trillion. rebuilding infrastructure, $1 trillion over a ten-year period adding up to $18.3 trillion which is our entire economy. >> that is right. bernie sanders would make barak obama look like ronald reagan. massive new tax increases. he would blowup the trade system and socialize health care. if you think you have a bad experience with hospitals now and specialists not talking to each other, wait until bernie gets in charge. it will be like all of those troubled v.a. hospitals.
donald trump would say he is a disaster. >> too far to the left. too socialist. which you say what? >> he is at least getting people to talk about what we need to talk about. give the fat cat rich bigger tax increases. infrastructure, health care, things relating to our aging population and what we are doing with social security. the only thing from the republicans is cut, cut, cut and give people like steve bigger tax cuts to make more money. why should steve, a billionaire, get to make more money. >> even bernie sanders realizes it is going to cost money. hiking taxes on capital gains. e state taxes.
a whole list of tax increases. still $7 trillion short of what he is going to spend. how would it affect the economy? >> bernie believes he knows better than we do what we should do with our money. bernie's plan would suppress capital formation. that is what barak obama did. bernie sanders would double down on that. if you think the economy has been bad under barak obama it would be twice as bad under bernie. >> bernie calls himself a democratic socialist. haven't we had enough so far in the 20th century to know they don't work? >> he wants to turn us into the united states of greece or argentina. fortunately they have a new president that will turn things around over there. the united states of italy. young people love bernie
sanders. he sounds amazing and intriguing. but he wants to destroy wall street. he is trying to take down the wall between wall street and main street. >> there are a lot of young people that don't remember the failed socialist experiments. >> it would be a scary thought and one that would cause a market correction if the american system went socialist. bernie sanders talks big about all of these ideas to increase spending and raise taxes but he would face a ferocious opposition from democrats scared by their own party. >> he is already having an
effect on the democratic party with the polls showing him beating donald trump with a head-to-head. hillary looks at the polls. he is polling hillary left of obama. she is beginning to propose economic plans which are to the left of barak obama. >> some of that is expected because it is a primary and they are competing for the progressive part of their party. but when the election comes they will move more to the center. trust in government right now is tremendously low. only 19% of americans say they trust government most of the time. that will make a lot of what bernie sanders wants to do more difficult. a lot
the last eight years of republican rule brought us the worst downturn since the great depression. people that have no idea and they are not even talking about economic policies. but talking about people parting their hair and have not come up with any solutions. i am not saying i agree with sanders. >> steve, what would bernie sanders' socialist plan do to america? could we recover from it? could we recover from the socialist ideas?
>> the answer is yes. but in the meantime a lot of unnecessary damage would be done and globally lead to uglier politics around the world. mark should read my new book "reviving america." the chapter on the flat tax. >> have you read it, be honest. >> a family of four, first $52,000 of wages would be free of federal income tax. as john kennedy and ronald reagan understood, reduce the burden on the american people and it will be okay. >> are there more single people or people that don't care about the middle class that might vote
bernie in to power. >> no. but mark raises a good point. the republicans under george bush were horrific spend, spend, spend. obama double downed on that. the only person right now that cares about reducing government spending is ted cruz. >> john, what do you think? >> i think what government grows is bad for the economy whether it is republicans or democrats and i don't think they like slow growth. >> all right. the polls show different right now but things could change. thanks, gang. coming up next, the supreme court selling a election battle over illegal immigration and executive action and also decides how much taxes you pay. that is coming up next. in new york state, we believe tomorrow starts today.
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>> there are actions that i have the legal authority to take as president, the same type as taken by democratic and republican presidents before me that will help make the system more fair and just. >> that was president announcing he would delay the deportations using executive action. as the supreme court gets ready to decide if it is legal could one of the best arguments come from the president himself. >> with the respect to the notion that i can suspend deportations through executive order, that is just not the case. there are laws on the books that congress has passed. the executive branch's job is to enforce and implement the job. >> if the president does not follow his own advice how could
that hurt the economy? >> what makes an economy work is the rule of law embedded by the constitution. he has a regulatory agencies do things like wrecking the internet for the federal communications commission. rule that are done with govern and not the president. >> businesses depend on rules to plan for the future. it is a problem if the president is not obeying rules that he himself has laid out. >> it is. but it needs to be viewed in the context of the clip he has showed. presidents do have the authority to use executive orders. the real threat to the economy is that there is uncertainty
about this issue. i don't think it is clear and that is why it is before the supreme court. it is having a damaging effect with can people stay in the country or not stay in the country. we need to determine what we have in terms of our workforce and who can be in the country and who cannot be in the country. >> he said it over a dozen times that he couldn't do what he eventually did. isn't that a problem? >> not for this president. if you like your doctor, you can keep your doctor. i want to go back to what steve said. with this president it is like every driver on the highway has a different speed limit. it does not apply to everybody. that retards investment in plant and equipment. that is what hurt our economy and makes it impossible for people to have confidence that we invest money that we will have the same money that will
apply to them as to will their competitors. >> that is what some of the attorney generals who are suing the federal government for this. attorney general for texas said that he can't rewrite congressional laws and circumvent the people's representatives. >> along with that the fifth circuit ruled against president obama's power grab in this saying it is unconstitutional, laying the ground work. executive orders are used but not used for sweeping policy change. they are used in times of emergency. we have a lot of people who are here illegally and others who are here because such an
inflated wellfare state. >> a lot of states can't afford to pay out what it would cost. >> that is the problem of integration and making these immigrants productive and in the workforce. when you have inconsistent policies businesses don't know what to do with the hiring and firing and planning. you can't have a president that does thing on a whim. >> what do you think? >> it is always good when the power of the presidency is limited. here immigrants are generally coming here to work and are generally productive. but i like to see the presidency limited. >> all right. that's it. eric, what do you got? >> after the prisoner swap and $1.7 billion payment to iran, iran says it will build new nuclear power plants.
calling on the government to erase hundreds of millions in federal student loan debt. promised a good paying job from their schools and never got it. someone will have to end up paying for this. >> taxpayers will have to pay a lot for this and we saw it coming a mile away. in 2010 when the democrats crushed the private loan market. >> only 8% of those paying out student loans are behind in payments. won't it encourage more to get behind in their payments? >> it might and it goes to the heart of the issue if higher education is a right or a privilege. when we bail out people, do we only bail out wall street and the big banks or bail out the little guys and the people in school? there is a big issue here. the total amount of debt is about $250 billion.
do we wipe that clean? what do we change and how do we change it? >> i don't think you are for any kind of bail out for students or banks. >> no. of course not. this is not the federal government's money. this is taxpayer's money that the federal government is decide to potentially excuse. they should make the people pay back the loans and scrap the student loan program all together. >> a loan is supposed to be paid back. >> this is going to encourage fewer people to graduate. they are go to drop out, not graduate on time because it is other people's money. the same economic percentage. and it is over $1 trillion. >> it is bad. the very best way to keep cost low in anything is to make sure the consumer is the closest
person to the person providing the good or service. now the government is getting involved allowing universities to spend and students are majoring in womens studies and stuff that are not going to pan out for them. >> steve, wrap it up for us. >> well, when the government gets involved it is a critical reason why tuition is through the roof. it should be left to the private sector and not to government. government makes it more expensive. we have a version of the subprime mortgages. they wrecked the housing market with that. >> no more bailouts period. lots of folks selling this new lots of folks selling this new year. every year, the amount of data your enterprise uses goes up. smart devices are up. cloud is up. analytics is up. seems like everything is up
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>> meanwhile we are back with the stocks to buy. mike, you have a fund on the idea of stocks going down. >> if you buy the fund it will go up because stocks, i believe, will go down. >> nice way to protect yourself in the falling market. >> but you like oil? >> it is exciting to buy well run companies when they are beaten down. >> only if you think the fed will reverse course and lower
interest rates. >> thank you guys. continue now with "cashin ox." in". >> iran is still good at deal making. we agreed to pay them $1.7 million. frozen funds from the 80s and $1.3 billion in interest and now we get word that iran is moving forward to build two new nuclear power plants. are we making a very costly mistakes? jonathan, michelle, welcome everybody. handing over big money and turning a blind eye to their nuclear program. good deal for iran but what about the rest of