country is that so many politicians don't know much about so much. that's our show. thanks for watching. it's time to declare economic independence once again. >> let's be sure we have affordable childcare and the re-collar to. >> clinton and trump have big plans for you. how dare they went they are so ignorant? they don't know much about science and books. they don't know much about technology. >> i don't know how it works at all. john: they don't know much about so much that they say they love us and if we love them what a wonderful world it will be. >> we are going to charge you a 35% tax.
john: it's not okay. what the candidates don't know, that's our show tonight. >> and now, john stossel. ♪ ♪ john: those two don't. trump is maybin. books but both plan to be a wonderful world if we would just do what they say. i doubt it. frederick hayek in his book a fatal conceits is a curious task of economics is to teach men how little they know about what they imagined they can design. hyatt was talking about communist central planners but democracies aren't immune. president obama with the ideal
health insurance system. now even bill clinton says his plan hurts people. >> the premiums doubled in their coverage was cut in half. it's the craziest thing in the world. john: the craziest thing in the world? i don't know. these two candidates are planning some crazy stuff. >> wingtip can deploy half a billion more solar panels and have enough clean energy to power every home. john: no we can't with today's technology. that's a fantasy. i thought trump because he's a businessman would be more practical but despite obama cares failure he speaks up for single-payer, government-run health care. >> as far as single-payer, it works in canada, it works incredibly well in scotland. john: it does? what does trump know about health care and economics? david mal fast says trump knows a lot and i usually believe what malpass says but he writes smart articles about economics and free markets but now now pass is
a trump supporter and an economic adviser to trump so you are just selling yourself out for this guy who says ridiculous things? >> i think the election is going to come down to who knows more about growth so hillary clinton has shown for eight years with obama that there's not much knowledge of growth. we have had a slow growth environment and trump has shown growth wherever he goes so in new york city we have buildings all around us. they were created because you could get the job done so one of the big things in this campaign is who is more effective. john: he's against free trade. how do you get growth without trade? >> ease with more trade and jobs for america so you have to examine the trade deals that have been done. they are benefiting american workers. we have got to be for having better jobs for americans and that's what he stands for. john: here's what hillary clinton says about your candidates ideas.
>> the kind of plan that donald has put forward would be trickle-down economics all over again. in fact he would be the most extreme version, the biggest tax cuts for the top% of the people in this country than we have ever had. i call it trump up trickle down. john: what do you say that? >> will pass with the lead always a. they want all the money in the country to stay in washington d.c. so anytime there's an effort to let people keep their own money through a tax cut let's say, they are opposed to it. so that is what trump as saying. it's going to have to be in a people of the washington culture that keeps the money there. john: i get the idea gets more growth if taxes are cut but we are going broke, america is and the dead is enormous and growing. he wants to spend more on the military. he won't touch entitlements he says. this is awful.
>> it's actually pretty good. you're not going to balance the budget by having slow growth. that's just not going to work. we can't squeeze enough money out of the country to make that system work. it's really disappointing to me that the obama administration followed by hillary clinton really are accepting of this 1.8% growth. that they are forecasting. john: obama said we were going to have 3% and we never got it. >> the federal reserve has lowered their forecast to 1.8 through 2019 under current policies of that seems to me a demand by the economics community that there be a sweeping up people change in washington. the current system isn't working. trump has a new system. john: he won't cut anything. >> people said that about ronald reagan. it created -- so trump is going to create 25 million jobs and that's going to make the fiscal balance stronger.
you can make the u.s. stronger. is it having more growth where we get a better fiscal balance, the dollar becomes a trustworthy currency again. we lost that as we have such slow growth. john: george w. bush said cut taxes. we will reduce the deficit and the deficit went up. >> addict a while but we had more growth than obama has had and you had a war in between both in 2001 and the attack on the u.s. and in 2003 and a surge later on. i don't think you can really go back and compare things. i think what we have to do to make any sense to have the u.s. corporate tax. the highest in the world so we are at 35%. the companies take their money out of the u.s.. the jobs go with them and that's at the barrier of the system and obama has not proposed changes nor has hillary clinton. in fact she is proposing tax
increases, $1.5 trillion the types of taxes she and its increasing are going to hurt small businesses which is where we have to get job growth. john: i'm never certain what trump knows or believes. he said something sensible about raising the minimum wage. >> we cannot do this if we are going to compete with the rest of the world, we just can't do it. i would not raise the minimum. john: don't raise it. that kills opportunity but a few months later. >> i would like to raise it to at least $10. john: how can you work for this guy? >> because i really think he will be better for the country and we will see in november. he's tapping into movement. people want sweeping change. they are tired of the way washington works. the special interests are eating up washington. john: they are for a 10-dollar minimum wage. are you? >> i don't think the federal
government should dictate to states and communities. john: why does he say this? >> would the does know and what is the more overriding theme of the campaign is regulatory reform. the countries being choked and small businesses are being choked in individuals feel the heavy-handed government all the time and trump has been crystal clear that there's going to be effective regulation. if the regulation doesn't cause us to be safer or faster growing than we don't want it and so there is a review of the regulations that will about the country to grow faster. that's really important. john: that would be good, grieve with you. >> he read a speech that said that and he said not strong enough. we are going to end the regulatory industry in washington. >> well that's good. thank you david malpass. usually he says what this one
attacking his opponent. >> you are going to provide the biggest tax increase in history. you are going to drive business out. john: she will the clinton supporters say she won't drive business away. frank lamented for mayor -- frank clemente. she will raise taxes and businesses willfully. >> i'm not worried about that. it's a very rich economy. corporations are making more money nowadays than they have made in years, record profits. they are doing very well at the tax system as it is my think they will continue to do well with higher taxes. john: 1.5 trillion more in taxes. won't rich people work less? >> i see no reason why not. tax increases are relatively modest compared to what people are paying right now and remember these tax increases are all on the wealthy people and
all an major corporations. they are not on middle class americans. she has been very clear, no new taxes on people over $250,000. john: don't rich people and corporations react to that by fleeing? >> i don't think so. what this is about is where the public is and the public says they want a fair tax system. john: the public says sold for the rich. >> the public 2-1 believe wealthy corporations have to pay more in taxes and clinton's plan reflects where the public is out. corporations are extremely wealthy at this point in time. they have to $.5 trillion sitting offshore that's not in being taxed here in america. that's a lot of money. john: they are keeping an offshore because they are scared of you. >> they just don't want to pay with the law says they need to pay. john: the result is the don't bring that money homeward we'll
do good things. >> congress should require them to pay what they owe. john: just to clear themselves in irish corporation or something. >> know, those who want to do that to a party done it. they're waiting for congress to change the law so they can bring it back. we have a choice. trump wants to give them a 10% tax. posts will only raise $150 billion of the money offshore. we believe they have to pay the full amount they owe which is $700 billion. a big difference. john: here's another promise hillary clinton makes. she constantly talks about investments. >> the more we can invest in you, your education, your skills, your future the better we will be off. john: there's no limit to how much they can spend? >> she has called for $1.5 trillion in investments. in a lot of ways she is very fiscally responsive. john: she's spending a trillion
dollars more. >> she is spending $300 million to rebuild roads and bridges. there's a bipartisan agreement on that. she is providing hundreds of millions of dollars to help people pay for college to become more educated, to become -- john: and this will stimulate the economy and things will bloom? >> absolutely. if you stimulate via come a lot more if you are putting money in the hands of folks who don't have much money then if you put a little extra money in the hands of millionaires. john: this is what we heard from president obama also. investments would reduce unemployment. when he pushed his stimulus he predicted if we pass the stimulus this is what would happen to the unemployment rate. it would go up a little and then draw. but if congress didn't pass the stimulus this would happen. unemployment would keep going up before it finally dropped so they did pass the stimulus and what happened?
unemployment was worse than all the predictions. it has only come down recently. this e-mail was a shovel-ready jobs that are not there in your regulations are killing those, we are art a indebted and going bankrupt. we can't spend more. >> we have a demand problem. there's a lack of demand in this economy because people at the bottom don't have a lot of extra income. if you give them good paying jobs and if you give them higher wages they are going to buy things. they're going to purchase things and get the economy moving. john: why not just give everyone a million dollars? >> i'm not sure that we could afford $1 million to everybody. john: that we could afford 1.5 trillion over years year's? that's probably 20,000 per person. >> know. john: it's a gift. >> john uber thinking about is is -- this is about us coming together as a country and doing what is in the best interest of the country.
the current system all the income growth is happening at the top. huge profits are being accumulated by major corporations. very little is trickling down to everybody else. that's the problem so we need a perverse trickle. ever first trickle is give more to folks at the bottom. john: phone companies make a lot of money if they put in the bank? the companies invested and that's what makes economies grow. >> we have huge profits and companies right now. how much investing are companies doing right now in the current economy? not very much, let's face it. john: thank you frank. we are out of time. more and how hillary clinton might know so much about economics and unintended consequences. >> make debt-free college available for everyone so future students won't have to borrow a dime to pay for tuition at a public college or university. john: sure, but next although
clinton and donald trump don't know much about unintended consequences, they sure want to buy your love. >> there are plan offers a crucial safety net for working mothers whose employers do not mothers whose employers do not provide paid maternity leave. is it a professor who never stops being a student? is it a caregiver determined to take care of her own? or is it a lifetime of work that blazes the path to your passions? your personal success takes a financial partner who values it as much as you do. learn more at tiaa.org
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>> was created national system of paid family leave. john: that when she love on the campaign trail so much love that donald trump sits next to his daughter in proposals too. >> our plan offers a crucial safety net for working mothers whose employers do not provide paid maternity leave. john: safetynet sounds good. why isn't that a show about what they don't know? pontes is working mothers and sabrina schaeffer of the independent women's forum. >> i come from this issue is the head of the independent women's forum where we have lots of women have children need to take time off in a working mom myself for the parents and the other side countries so this is something that all workers can relate to. john: nobody wants it. >> sometimes we are talking
about this as if we all work in sweatshops and we are not allowed to take a lunch break and the reality is the overwhelming majority of full-time workers are to have access. john: 90%. >> closer to 80% but still a lot of people and part-time workers, about one third need paid leave. we want to do more to help those that do. john: require it for everyone. >> probably not that approach. i'm in more line with the idea that we can give people more of their own resources back your taxes. some libertarians are a little bit uncomfortable and we don't want to gum up the system anymore but a flat tax as a way for us to get people more control over their resources. john: right, but if the richer people get paid leave while not everybody? what the candidates leave out is these plans have unintended consequences. >> that's exactly right in the american people realize this. john: no they don't. >> more than we give them credit for.
the reality is there are trade-offs. one of the things to keep in mind is that certainly a mandate would impede women's growth in the workplace and would also interfere. john: if i'm a company and i have to give some workers paid time off i'm less likely to hire women. >> we see this in other countries where they have had mandates and they have required childcare in the premises. it does impact women negatively. very often they hold part-time jobs or they don't have managerial positions that we want to be careful not to interfere with the workplace structure. john: politicians who support mandatory maternity leave with pay always say we are the only country in the world that doesn't offer it. >> we will structure plan that will be sensitive to small businesses with few employees but we have got to move with the rest of the world. john: the rest of the world doesn't have the job creation that we have.
women are less likely to become managers in europe? >> e and the difference between the number of women in the number of men is quite high and in countries like spain and we are seeing at six-point different shell compared to the united states words on par with one another. we want to be careful that we don't encourage or government doesn't encourage women to take a step back. many women really need to work and we don't want to discourage that. john: it's not like it's encourage women but encouraging companies not to hire them. >> that's a real thing here. those that are the most vulnerable in our society want to help but laws that mandate are going to hurt the very people they are intended to protect. john: let's put up the chart from "fortune" magazine magazine where they talk about paid maternity leave. here's the clinton proposal, the trump proposal. which countries are the best? greece. that's an employment success. >> also i don't care what we
call it most employees have access to some kind of paid leave whether paid sick leave or paid vacation time and employers will often give people time off. i say let's get rid of these different names and let's give people more of their own money back so they can take time off and let's stop acting as if no one is allowed to leave the workplace. john: in the u.s. were redone have freed -- and unemployment is 4.7% increase for -- 25.6% and 10.6 in france. >> we are seeing at the same time as i've talked in the past on the show about winning and ensure all sandberg and these laws will absolutely impede women's progress in the workplace. a lot of companies will say i'm not sure i want to hire women and we have seen that in countries like chile. we have seen a lot of women will come back in european countries part-time at lower levels and
take a year out of the workforce at the taxpayers expense. it's harder to catch up with their male counterparts. john: which may be why fewer women get jobs after they have a piece of the countries to do that. thank you sabrina schaeffer. coming up is trump as smart as he says he is? >> i will be the greatest jobs president that god ever created, i tell you that. don't let dust and allergens get between you and life's beautiful moments. by choosing flonase, you're choosing more complete allergy relief and all the enjoyment that comes along with it. when we breathe in allergens, our bodies react
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all of my purchasing. and that unlimited 2% cash back from spark means thousands of dollars each year going back into my business... which adds fuel to my bottom line. what's in your wallet? >> i love free trade. a lot of the conservatives say donald trump does not like free trade. john: yeah a lot of libertarians and others say too. and then trump says things like this about importing goods. >> for every car, truck and whatever else you are building,
you were going to pay a 35% tax every time it crosses the border. we have to or we aren't going to have a country left. everybody is ripping us. john: they are ripping us. the director of policy for the trade institute, are they ripping us? >> who is us? donald trump likes to put the perspective and play that it's a national competition. it's a sports analogy, us versus them. team america against team mexico or team china and experts are of the foreign teams points and the trade is the scoreboard. john: we have this deficit, 300 billion. >> about $800 billion last year and that means we are losing that trade. we need to do something about that. totally discount the fact that trade is interdependent and the
production platform around the world hasn't been internationalized. 50% of our imports are components that are manufacturers use sophie wants to erect a trade your wallet will try but they cost of business and drive up business. john: american products. a foreign car has a zillion products from different places which people don't get in this deficit 300 billion through august of this year. deficits correlate with economic growth and job growth. for the past 40 years we have run deficits and done well. >> we have ran trade deficits starting in 1975 and a couple years after nixon took us up the gold standard and foreigners wanted to invest in the united states. they were looking for reserve currency,, place to be safe with their investments. john: explained that as we have a deficit. we get goods and they get dollar bills.
they are stuck with these dollar bills which they invest here. >> that's right the senate back to the united states so how is it after 41 years of running trade deficit if they are so bad the value created, our economy has expanded six times in real terms, much more than these countries who have a trade surplus. >> we have created many more jobs and what happens is companies invest in the stock market and u.s. factories. they buy corporate debt and government debt. those are the best investments but they do undergird economic growth and job creation. >> and yet trump gets love from voters when he says it will be a wonderful world if we are economically independent. >> it's time to declare our economic independence once again >> that would be terrible. >> imagine waking up every morning and having to make your own clothing and grow your own food.
john: but i would be independent. >> you would be independent but poor. he would be subsisting. instead you have a well-known job as a libertarian tv host and you are able to consume these products because you are not independent. >> i can hear of you are saying yeah will your job is not threatened by these cheap imports but mine is. >> there constant job -- an economy that if you open up your pocket and pull this thing out every app on this phone used to be somebody's job. technology is changing the composition of jobs the united states. trade is one rule and is to grow the economic pot. it's the role of domestic policy and policymakers to create an environment where businesses can emerge and form. you need to look at regulatory policy tax policy. you can find trade for that. john: the newest trade illicit transpacific partnership.
both trump and clinton oppose it. >> the tpp as it's known would be the death blow for american manufacturing. john: it's not a perfect deal but what do you say? >> free trade agreements are not frey. my colleagues and i assisted and we think it's a pretty good deal the death blow for american manufacturing, we have been hearing this for years. the hollowing out of american manufacturing. john: manufacturing output is up >> we set a record. year after you'd such records. john: hillary is a complete opportunist about trade agreements. she was a co-architect of the tpp and she said things like this. >> the tpp sets the gold standard in trade agreements. >> now she's against it. >> she got the challenge from bernie sanders who was vocal about it. john: do you think she secretly
supports trade and when she is president which she is likely to be she will sign a? >> she has emphatically pounded her fist on the lectern and set as your eye can't support this tpp. the tpp that she supports. john: thank you dan ikenson. trump says he will create jobs but his policies some of them will kill jobs. >> women which has to go up. people are at the microsoft cloud helps us stay connected.
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he once said there should be no federal minimum wage. three months later he said this. >> the minimum wage has to go up. people are at least, $10 it has to go up. john: hillary clinton says it should be at least $12, maybe 15. >> every day across this country americans are going to work and they are working hard for vastly profitable huge -- companies that walmart and home depot and they are not paid enough to sustain their families. i think america can do better. john: is better is 15 why not 50? why so cheap? >> americans are out on the street and working people are out on the street calling for 15. john: why not 100 bucks in our? if you can artificially raise the wage and a dozen or people why stop at 15? >> 15 is what people say they need to support their family so i'm supporting them.
john: after seattle passed its minimum wage at $15 the democratic city council, it's not 15 yet but it's been going up. the council commissioned the university of washington to study the effect. the study found the higher minimum wage is possible for 73 cents per hour wage increase but it held back seattle's employment if low-wage workers. also the hours of work legs behind regional terms end low-wage workers transition to jobs outside of seattle at an elevated. compared to the historical pattern. if you mandate a higher wage companies are going to automate sometimes and they are not going to hire the poor kid who hasn't had a job. it has unintended consequences. >> you mentioned automation and that's interesting because we have been hearing for 100 years that technology is going to put people out of work and it has.
they're not as many jobs as there were before we had the automobile but it's great when companies invest in technologies that improve productivity and we all benefit from that. john: we agree. >> raising the minimum wage for companies to do that is a good thing. john: even if people lose their jobs? >> more jobs are created an economy where people have more money in their pockets to spend and create more jobs. john: i say you progressives just don't know much about job growth. hillary says it will be a wonderful world it unions are strong. >> when unions are strong families are strong and america is strong. that is not a slogan for me. that is a statement of fact. john: except in right to work states there is more job growth.
right to work meaning you don't have to join a union. there is less union membership in most places. >> and decline of organized labor in this country has tracked over the last 30 to 40 years. the decline of the middle class in this country and unions are what help to create the middle last and help to build and sustain it in right to work states we see lower wages across-the-board. john: and more job opportunities. >> the job numbers are a little low on that. john: when you say the middle class has declined, i don't agree. though statistics are not comparing the same people, the new people coming up from the bottom and more people entering the middle class but most of the middle class has gone up. not as much as there will rich it's true that they haven't done badly compared to people and highly unionized countries. they have done well. >> we have decades of -- in this country. i think it's partly because
workers are out there in the streets actually getting companies and cities and states to raise their wages. john: that one in 10 workers belonged to a union now. people are running from unions because they see the car companies that are unionized can't compete. >> it's much harder to join a union now than it used to be and that's what i think hillary clinton as saying. it is hard to join a union in this country. employers can get away with threatening their employees when they try to unionize. it's illegal to fire somebody for trying to unionize but employers do it anyway because they know they can get away with it. it's a scary thing to try to organize a union at your workplace. john: what you want us to organize a union that i have to join as i had to join when i worked at abc. >> i do think we have to make it a lot easier to organize and allow people to join unions in this country. john: force people to join. >> unions are democratic
organizations. john: it forces the minority to join. >> that's democracy. john: thank you amy traub. next i criticized both leading presidential candidates tonight but there's one thing that but there's one thing that attention! but there's one thing that did you or anyone in your household work around asbestos-containing gaskets,
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john: the students are leveraged in debt up to their neck. john: many are deep in debt and that something donald trump gets right to the sm propose a solution. but no solution is better than what hillary proposed. >> make debt-free college available for everyone so students won't have to borrow a dime to pay for tuition at a public college or university. john: they want us to borrow a dime. what's wrong with that? sabrina schaeffer of the heartland --. >> there are $19 trillion in debt and we have $10 trillion more on the hook for unfunded entitlements that exist and it's
going to be economic suicide for the kids who are trying to make it. john: this covers 80% of america's families people earning up to $125,000 would pay no tuition. >> the folks who make it through college are america's upper-middle-class of this is a money transfer from the lower middle class to the upper and middle class. john: this will encourage people to go to college who maybe shouldn't have. government subsidies to encourage people who don't belong a coward -- college to go anyway in the loves encourage colleges to raise tuition. >> the student passes through but the number gets higher and higher because college costs are out of control because the college is saying what difference does it make? john: tuition has gone up faster than inflation. >> 400% over last 40 years and the federal reserve bank of new york to spit out another study showing that for every dollar that the federal government puts
into student loan subsidies are poll grants colleges scooped up the tuition by 55 to 65 cents a trump is right in the research shows it. what we should do it get the federal government all of the kyle -- out of the college game. john: people will be encouraged to try things like internet courses which are much cheaper. >> not only that. the department of labor shows that full-time students in college spend on average less than 20 hours a week in class doing homework. they spend three much his is time on leisure activities, on eating and shopping. john: and they get subsidized for that and they don't have to pay the loan back says hillary if you do public service, like a miracle. >> obama exit is expanding a program before hillary gets into office. "the wall street journal" has a story about that's where people who are doctors are saying i'm going to save $150,000 from the
taxpayer by working for a nonprofit hospital and once the money is discharged by the taxpayers -- john: i don't mind that so much but she's going to let them off if they work for americorps and they pay people to support acorn these left-wing groups, to sign people up for food stamps. >> i think there prevails with colleges do. it's not a jobs program for them but it political and listen for them. john: let's quickly turn to k-12 education. hillary sometimes acknowledge is that government-run schools have problems. >> we are going to make sure that all kids have good teachers and good schools no matter what zip code they live in. john: in 1998 she said charter schools are way up ringing teachers and parents together but then after getting $200 million from the democrats over the last 20 years the democrats turned against charters and hillary is against them.
now she says for-profit schools are not acceptable. >> i think hillary clinton is never seen a problem that she doesn't think a lot of other people's money won't solve the democrats are out of ideas for kate k-12 education which is in need of reform. she wants at preschool programs and add college programs to book indicates 12 problem that is out of hand. john: thank you joy pullman. next how much does gary johnson no place you look like a fool on a tv show when he asked what foreign leader he admires. >> i guess i'm having an aleppo moment. >> i'm giving you the whole world. this woman owns this house, with new cabinets from this shop, with handles designed here, made here, shipped from here, on this plane flown by this pilot, who owns stock in this company, that builds big things and provides benefits
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>> hoosier favorite major? anywhere in the country. anywhere in the our country one leader you respect or look up to, anybody. john: my favorite presidential candidate gary johnson looked when he couldn't answer chris matthews question about a favorite world leader. he struggled to remember the name of the former president of mexico vicente fox. >> i guess i'm having an aleppo moment. >> but i'm giving you the whole world. john: vicente fox would have been a good choice. he supports free trade amasa legalize drugs but johnson was having a brain freeze.
what i wish gary johnson until the questioner was this. >> i'm libertarian, we don't worship politicians. i don't even like most politicians. libertarians don't respect the schemers who want to rule over others asking us to pick a favorite leader. it's like asking vegetarians how they like their steak cooks. >> you call politicians leaders and i reject that team. i want to be led. we lead ourselves. but unfortunately gary johnson didn't say that in people accused him of not knowing much about foreign affairs. the smug media pounced running headlines like these. johnson unable to name a foreign leader, cannot name one foreign leader. that's just a smear. he just couldn't name one he admires. still the media claimed years of marijuana use clogs johnson's mind. >> i think that's a classic
example of the result of smoking marijuana for decades. john: come on stewart there's no science that proves that adult marijuana use has long-term effects on the brain. is obama -- because he smoked pot and get harder drugs? leftists like chris matthews who worship the state probably have a dozen favorite leaders. it seems the media are in love with politicians. after johnson's lump sump had their own list of names. the top of us in "time" magazine suggesting foreign leaders johnson could have named our vladimir putin. putin? p. should admire putin? he's a dictator. also on times with their canadian premier justin trudeau probably because he is good looking at trudeau wants to raise taxes and government spending that he's going to bankrupt canada. i don't admire him. and the times listed nonpolitical leaders. pope francis.
give me a break. so many reporters access about strong leaders who believe the state fixes all the problems. why are the media so in love with politicians when so many of them don't know much about so many things. >> don't let anybody tell you that you know, it's corporations and businesses that create jobs. john: yes hillary i will tell you it is and if you don't think so it's because you don't know much. unfortunately neither does your opponent. >> nafta as an example has been a total disaster for the united states. john: no it hasn't. given this cheaper goods in manufacturing the u.s. rose 50% faster after nafta than the years before. what is a disaster for this
country is that so many politicians don't know much about so much. that's our show. thanks for watching. [♪] >> announcer: this show has never been solely about investments. we talked about anything that affected people and their money. from fox business head quarters in new york city, the new "wall street week." anthony: welcome to "wall street week," the show of record for long-term investing. i'm anthony scaramucci.