tv Cashin In FOX Business September 18, 2016 7:30am-8:01am EDT
bullish on it. that's it for "forbes on fox," keep it right here, bolling continues with "cashin' in." welcome to a special edition of "cashin' in," the candidates, the economy, and the future for american prosperity. if you're paying attention this week, you likely heard president obama take a victory lap over some data that came out suggesting the economy is doing great. >> we turned around a declining economy. thanks, obama. >> wages increased 5.2% from 2014 to 2015, a huge jump for certain. the poverty rate dropped a substantial 1.2%. these numbers appear to be good news for the middle class. but let's add some context to these claims. the truth is, it's been a rough decade for the middle class. in 2014, the poverty rates
skyrocketed to a near historic high of nearly 15%. so a drop of 1% is good, but dropping from such an elevated level remains a major concern for america. wages have remained stagnant for years and even with the reported jump, wages are still 1.6% below the level they were in 2007 nearly a decade ago. the bottom line, the economy has squeezed the american middle class for ten years, under presidents bush and obama. we've seen urban plight our major cities have experienced. in detroit, abandoned homes number in the tens of thousands. in baltimore where poverty is still soaring at 23%. and unemployment among young african-americans is a staggering 26%, five times the national rate. to chicago, my hometown, where it breaks my heart to report there have been over 500 murders year to date. many blaming poor economic opportunity for the crime
tsunami there. economic malaise has drained our the middle class and bankrupted our minority communities and driven a record number of young people to move in with their parents while massive numbers of our greatest generation, the elderly, are flat out broke. so we wanted to get back to our "cashin' in" roots this saturday. is america really better off? and which candidate for president can bring prosperity back to our middle class? the backbone of our country that american prosperity will thrive or die. hi, everyone, i'm eric bolling, joining us, morgan ortegas and julie rusinsky. we'll get to hillary clinton in just a minute. we'll start with donald trump who outlines his economic plan on thursday. he wants to cut taxes by $4.4 trillion over ten years, cut
corporate tax rates to 15% to 35%, renegotiate trade deals, halt new regulations and scrap some current green regulations and provide childcare assistance for working parents. trump says his plan will boost the economy and create 25 million jobs. can he do that, mercedes? >> i think trump has the right formula to move forward with a pro growth tax cut in terms of simplifying the tax code, reducing the marginal tax rates. what's happening here, and you mentioned this, eric, in the beginning, is the fact that for the american worker, it's very difficult for them to get ahead. this has to do a lot with policies that president obama and hillary clinton support and have put in place, which is that of obamacare, for instance, which as we know for small businesses in particular, it strangles these corporations from wanting to invest in their employees. my nephew is working in the
service industry. you can't get a 40-hour job, he has to get a 30-hour job, because the company is not willing to pay for obamacare. reducing the regulations, reducing the corporate rates. what does this do, eric? it helps to create economic expansion. it helps to bring capital home from abroad and helps to encourage investment. >> let me take this to julie. a lot of trump's plan is based on somewhere between 3.5 and 4% growth. that's impressive. cutting the corporate tax rate, that's one area where we could really stimulate the economy. 3.5% is not out of the question. >> every respectful economist from the congressional budget office and many others things there's an incredibly unrealistic proposal, i would love him to say how he's going to do it, pie in the sky proposals are just that. he's said he will repeal obamacare. he's talked about replacing it. he's told us to stay tuned how he's going to do that, i would love details on that. i'm happy to hear republicans
are finally on the bandwagon for paid family leave, i would like to see it expanded to women's partners, a father who may be taking care of a child. these are nice baby steps but without specifics, all we hear from donald trump is trust me, trust me. where are the specifics underlying those? how will he achieve that? >> the corporate tax rate. >> how is he going to pay for it? >> this corporate tax rate, it doesn't cost you a penny, you cut it from 35 to 15. of course the revenue, if everything -- if the pie were to stay the same, you would lose 30%, maybe 50% of our tax revenue or more. but when the pie grows -- morgan, let me throw it to morgan, if lowering taxes doesn't stimulate growth, forget it, it's not going to work anyway. but it does and it has in the
past. >> if we're talking about bringing jobs back to the united states, we see people like ford motor company going to mexico because they're incentivized because of the tax rate. stopping all of the heinous regulations are going to bring corporations back to the u.s. we've been saying for months trump should be talking about the issues. he is talking about the issues again. according to the latest bloomberg poll, 51% of americans trust him with the economy more than hillary clinton. so i think that it's smart that he's bringing back these issues and not talking about some of the silly things we heard a few months ago. >> can i just jump in? let's be clear why these products are made in mexico or china 0 are other places, because they pay their workers pennies on the dollar. if we want to replicate that in the united states, that's one thing quick talk about. >> cost of labor is one reason. one of the big reasons is, let's just say that the corporate tax rate here in america is 35%.
>> not the effective. you know that the effective tax rate is really not that. >> it makes almost no sense to open a brand-new plant or factory in america when you can do it overseas. mercedes, jump in here, for substantial lower rates. >> what's the effective tax rate, eric? it's not 35% and we both know it. >> i'll tell you where it starts here, it starts at 35, it starts substantially lower in foreign countries. >> there's no question that the companies, many american corporations have left the united states to go abroad because of the fact that the corporate tax rate is so high. we have to ask ourselves, are we going to move towards a redistribution of income economy or are we going to move towards economic expansion through investment in the united states? the way to do that is to encourage and spur investment by lowering the tax rate. that's the way they'll invest in our workers and also bring these companies back to the united
states. you have to have those. >> i want to bring this back to julie. morgan points out why manufacturing may go overseas, that's highly reliant on labor costs here and overseas. the tax inversions that we've seen. >> and regulations. >> we've seen major corporations. it has nothing to do, jules, not a thing to do with manufacturing. >> and regulations. >> right, tax and regulation environment here, business environment here, versus overseas. >> no question, tax inversions are ridiculous. i think both sides have said they need to be addressed. i have to keep coming back to the fact that donald trump and everybody else talks about bringing jobs back, especially manufacturing jobs back to the united states, needs to really level with people, and that is to say unless you want to eliminate the minimum wage across the board and start paying people next to thing like some of these third world countries do to manufacture things for us. you're not going to make
sneakers or ipads here, it's not going to happen. >> if you want businesses to invest in america, that's going to be the first step. >> how? >> you have to see a healthy business environment where corporations are not paying excessive taxes, where they're able to hire employees, and not have to deal with the costs of obamacare. >> i have to save time for hillary's time. we have to cut it off right there. coming up, fair and balanced, we analyze hillary clinton's economic plan. how does it compare to look at all these purchases you made with your airline credit card. hold on...you only got double miles on stuff you bought from that airline? let me show you something better. the capital one venture card. with venture, you earn unlimited double miles on every purchase... not just...(dismissively) airline purchases. every purchase. everywhere. every day. no really! double miles on all of them! what's in your wallet?
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all right, fair and balanced. before the break we discussed donald trump's economic plan. now it's clinton's turn. we reached out to ms. clinton's campaign asking for the top bullet points of her plan. and they are, exclusively sent to "cashin' in," make boldest investment in good paying jobs since world war ii, make debt free college available to all
americans, assure those at the top pay their fair share, match our policies to how families live, learn, and work in the 21st century economy. jules, it looks like a ton of new spending, but what do you think of hillary's plan? >> it is a ton of new spending but she offsets it by talking about how she's going to pay for it which is a lot more than i would say for trump's plan, in that sense it's more responsible. i know you're not going to agree with it. >> i'm laughing because the pay for it is to tax people more. >> nevertheless, it's not a pie in the sky magical growth which economists understand is not realistic. you'll probably end up paying a lot more but that's because you're a successful businessman. >> someone's got to pay for these, free college tuition, fair share, you heard that fair share line, most people put more into the tax revenue base. >> after reading hillary clinton's plan, i've decided not to be a conservative anymore, because i'm going to get everything for free. so i have a student loan bill for my mba.
and so i think that i could stop paying my student loan bill and buy a pair of louis vuittons every month. there's relief, you can't afford your house anymore. i'm going to get off the mantra of being fiscalically responsible for the budget. maybe i'll get a pony too. >> what about you, mercedes? >> i like the unicorn but that's a different story. i have to say, i think that there's always that big concern with bigger government. and the federal government will be the solution to the problems for american workers. so it doesn't really stir economic growth. and that is the bigger question. and i think when you're adding additional taxes to both the business side and the individual side, i don't see where that encourages economic investment in america. the other part of the plan also, based on one of the analyses, basically said it would reduce the gdp by 1%.
it actually reduces the size of the american economy. those are the red flags with the hillary clinton plan. it would be great to have college paid for and debt free. but we have to be realistic as well, that is a costly proposal, and it's going to mean higher taxes. >> i actually agree, free college tuition is unrealistic, and frankly i think it's counterproductive because all it does is raise the cost of college for those people who are too wealthy to be able to get free college tuition under this plan. i don't support that proposal at all. i do like the rules that ensu ensure -- the part of this that i like is the economy adjusts to the way people live. the paid family leave, where trump only limits that to the mother who has physically given birth, not to her husband or partner. >> believe me, i have five kids, the last thing i need is for him
to be home. after giving birth, two days later he was back in the office. being realistic here, providing for the family and ensuring that someone is out there working while i was able to be at home with my child. >> mercedes, you know what i would have thought, i was suggesting maybe matt stay home with the kids and you're the one that goes back. >> we all love matt, matt, hi, i'm sure you're watching. but let's get back to the taxes here for a second. john f. kennedy and ronald reagan, julie, actively and aggressively dropped individual tax rates and we saw massive economic expansion. hillary clinton is going in the opposite direction. >> what were tax rates under reagan, you can't compare. >> the point is lower taxes created economic stimulus. >> i can't speak to kennedy because he died too soon, reagan
many tax creases after that, because he understood that it was insupportable to have done what he originally did. let's be clear about the history that transpired after reagan did that. reagan was not shy about raising taxes multiple times because he lived in a realistic world. and the budget deficit -- >> he dropped rates on corporations. >> every conservative who now screams about the deficit has to remember that they have to be fair about what it was like in the '80s when reagan was president, it was massive. >> whoa. for 240 years, america accumulated $10 trillion in debt. in the last seven and a half years, america accumulated another $10 trillion under president obama. and he raised individual tax rates. >> at least acknowledge ronald reagan was not pure on this issue either. >> yes, the debt did increase under reagan, that's true. >> there is absolutely no way to increase taxes to spay fpay for spending she's promoted. we have a massive entitlement
problem in this country that neither candidate frankly is addressing. it doesn't matter how much you tax the rich, we cannot afford to pay for that. it's intellectually dishonest to think raising taxes is going to cover all the new spending and the entitlements boom out of control. >> two americans trust, 51% versus 44%, who would do a better job on the economy. we'll leave it right there. coming up, he's 70 but says he feels like he's 35. and she faints and says nothing to see here. everyone focusing on health of the presidential candidates. should they come clean and be completely transparent? coming up. he
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donald trump and hillary clinton releasing their partial medical records this week that critics say not enough. they argue shareholders demand transparency from companies' records, so should they demand transparency with health records. >> absolutely we should have their health records. both of them are 70 years old, or clinton is almost 70 years old.
they're not going to be the youngest and healthiest presidents we've ever had. george bush was in excellent shape. barack obama was in excellent shape. they're both secretive. i think they've released as much as they're going to. i think the american people feel comfortable with trump because he he's active, and people have to be concerned about hillary clinton's fainting for the whole world to see. >> she comes back and looks good, but is she out of the woods? >> absolutely not. every time she goes on tv, i'm looking at every single step she's taking. you're worried if she's going to fall over or not. i think for -- it is a legitimate concern the health issue. it's important for both campaigns to be transparent. you know, john mccain set the standard back in 2008 when he released thousands of pages of his medical records. put it out on the table. what do they have to hide? i think for hillary clinton, the fact that that video came out
was very, i think hurt her significantly, as well as the fact they were trying to cover up the fact she was sick. i don't think that helped her in any way. >> here's an idea. how about independent physician, not part of either campaign, and not demand it from both, but offer it to both for them to say i'll be independently verified i'm healthy. if not, they would look like they're hiding something. >> i agree with everybody on this panel that both should release their health records and their taxes. and frankly, i think this has to be a requirement if you're going to run for president, that a re. >> it's not going to be a constitutional issue, but i would love the congress to pass a requirement that your taxes and your medical records are released, both the fiscal health and the physical and mental health of the presidential candidate. >> you would like a demand for both taxes and health?
>> i think that people should have the common decency if you're going to lead the country, and if you're in advanced stage, a senior citizen be honest with your health. >> mercy, i'm going to push back on that. constitutionally, i'm not sure -- >> let me tell you something. i'm sure john adams was not the healthiest you could imagine, but he did serve as president and a good one. coming up, a milestone the microsoft cloud helps us stay connected. the microsoft cloud offers
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i want to say thanks to our "cashin' in" crew for joining us. i hope you were informed and enterta entertained. before we go, i got a call this week from st. martin's prep. after spending seven weeks on the best seller list, the book sales are off the charts 110,000 hard cover books sold, and 10,000 ebooks. i want to thank each and every one of you who have read the
book, or even commented on social media. thank you very much. and thanks to our very small yet talented group of producers who made this special so special. tony, amanda, kyle, great job, >> i'm bob massi. for 32 years, i've been practicing law and living in las vegas. i help people with all sorts of real-estate problems, from trying to save their homes to closing major deals. eight years ago, 6,000 people a month moved here, looking for employment and affordable homes. little did anyone know that we would become ground zero for the american real-estate crisis. now, it's a different story. the american dream is back. we're gonna meet real people who faced the same problems as millions across america, and we'll dive deep into a city on the rebound because las vegas was a microcosm of america, and now vegas is back. [ woman vocalizing ]