tv Sunday Morning Futures With Maria Bartiromo FOX Business November 13, 2016 6:00pm-7:01pm EST
when they thought they should westart saving for retirement.le then we asked some older people when they actually did start saving. this gap between when we should start saving and when we actually do is one of the reasons why too many of us aren't prepared for retirement. just start as early as you can. it's going to pay off in the future. if we all start saving a little more today, we'll all be better prepared tomorrow. prudential. bring your challenges.
. welcome back. president-elect donald trump looking to hit the ground running on capitol hill with the gop also in control of both houses of congress. falling outside the traditional republican philosophy. joining me right now the republican jason chaffetz. it is good to have you on the program. thanks so much for joining us. >> let's talk about what you think you can get done, first off, congratulations, the republicans in control of three pier. is this something you think you can achieve in 2017, tax plan,
what else do you think will happen in 2017? >> we better. tax reform. the oppressive obamacare has to be dealt with immediately. there are trade issues, there's certainly issues on the border. president trump's agendas is full and so is the house of representatives. also a lot of regulations that need to be rolled back and a lot of executive orders that president trump is going to have to deal with in the first few days he's in office. the republicans having the house and the senate and presidency. we're more optimistic than ever. >> are you saying you would vote yes not 15% corporate tax rate that donald trump has proposed? >> yes. i think it will be more complex and deal with other issues as well. lowering the corporate income tax, the highest corporate income tax in the world, literally billions of dollars parked overseas will do wonder for our economy.
and i know president-elect trump understand there's. >> talk about doubling the growth rate. he thinks he can take it to 4% in a say short period of time. you agree with that? >> yeah. that should be the goal that we can get to and there are some very systematic things that we can do. corporate income tax rate and the -- i would love to know the analysis of how many billions of dollars are parked overseas that would come back and be injected into this economy. >> let me ask you about some of the things that perhaps the two do not agree on and we know congressional republicans have generally been very profree trade. you've been the driving force behind trying to get president obama's transpacific partnership passed for one thing. where is the agreement on free trade with donald trump and then of course is the issue of immigration and deportation another issue on which the gop base is largely with trump but there are gop leaders and many republicans in congress that
simply are not. >> well, for me personally, i've been actually opposed to tpp. i do believe in free trade and i think we're going to need to have one on one agreements between the united states and new zeallands and united states and individual countries and i think that's where president-elect trump is coming from as well, that let's deal with these -- rather than turning over our direction to some anonymous board that really nobody knows who it is, let's just deal with this one on one and deal with it in each country. that's the smarter thing to do. >> when is a trillion dollars on rebuilding his program, infrastructure plan too much? people are worried that, in fact, he's actually going to be doubling clinton's plan to spend 275 billion on infrastructure over five years. is this too much spending? >> well, it has to be done in context of all the others. we spend about $1 trillion in discretionary spending. we spend in the neighborhood of
$600 billion on our military which does need refurbishing so we'll have to find the right combinations. we're going to have to take it from some other place anesthetize put it into the infrastructure. $787 billion that obama put into the rebuilding of america, less than 5% of that went to roads, bridges and infrastructure so it was -- he grew government, the president obama did as opposed to invest in the infrastructure which we do need to do. >> let me ask you about the hillary clinton investigation. are you expecting president obama to give her a pardon and what will you be doing in terms of continuing the investigation into the pay for play investigation at the clinton foundation? >> it's really up to president obama as to whether or not he wants to pardon hillary clinton but it's bigger and broader than hillary clinton. remember this is the largest breach of security perhaps in the history of the state department. there are dozens of people in that inner circle that we are most interested in looking at.
we had perjury issues that we still want the department of justice to look at. you have allegations of a quid pro quo. we don't know where they're at in terms of their investigation into the clinton foundation and the fbi director, we still have some questions because his latest letter narrowed the scope of their investigation to the time that she was secretary of state but we're also interested what happened before and what happened after that. it's huge mass of mess that has to be cleaned up. so we would be remiss if we just dismiss it had and moved on. we have a lot of things that we have to fix so it never ever happens again. >> so you're saying that investigation continues? >> absolutely. i would be derelict in my duty and let it go. there are still people that work at the state department that were key to this problem. look at the secretary of management patrick kennedy, there are lots of these people that we are still in the infrastructure. >> thank you. we'll be watching the vemtsz. the stock market hitting a high
the best week in five years on news of mr. trump's victory. my next guest is on to comment on that. three things the president-elect must do now to keep those numbers up. we'll ask him next. when i first started working with capital one, my dad called them up and asked for "the jennifer garner card" after he gave his name the woman from capital one saidhing to do. "mr. garner, are you related to jennifer?" kind of joking with him. and my dad was so proud to tell her, "as a matter of fact, she is my middle daughter". so now dad has the venture card, he's earning his double miles, and he made a friend at the company. can i say
it? go ahead! what's in your wallet? nice job dad.
...one of many pieces in my i havlife.hma... so when my asthma symptoms kept coming back on my long-term control medicine. i talked to my doctor and found a missing piece in my asthma treatment with breo. once-daily breo prevents asthma symptoms. breo is for adults with asthma not
well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. breo won't replace a rescue inhaler for sudden breathing problems. breo opens up airways to help improve breathing for a full 24 hours. breo contains a type of medicine that increases the risk of death from asthma problems and may increase the risk of hospitalization in children and adolescents. breo is not for people whose
asthma is well controlled on a long-term asthma control medicine, like an inhaled corticosteroid. once your asthma is well controlled, your doctor will decide if you can stop breo and prescribe a different asthma control medicine, like an inhaled corticosteroid. do not take breo more than prescribed. see your doctor if your asthma does not improve or gets worse. ask your doctor if 24-hour breo could be a missing piece for you. see if you're eligible for 12 months free at mybreo.com.
news of president-elect donald trump's victory sent the stock market soaring this past week. the markets rallied as optimisticism over tax code reform led to near record highs. joining us right now the chief economy advisor, chairman of president obama's global. muhammad good to see you. thanks so much for joining us.
>> it was amazing because on election night i was sitting there live on fox news and the market was down 800 points and it completely vanished. now at that time i said it was buying opportunity but i didn't realize it would come back as strongly as it did and hit all time highs for the rest of the week. what do you think was behind it? >> two things, content and tone and they both matter. the content of the president-elect's speech was very important. he stressed all the pro growth elements, corporate tax reform, infrastructure spending, deregulation and the tone. the tone was inclusive and it was very conservative and that met the market interpreted as this leading to higher growth and high inflation which means high corporate earnings that overcome the impact of high interest rates. so the market heard content and tone and like it had. >> it's pretty incredible and as part that have content he basically said this is a growth plan.
we're going to lower corporate taxes, corporate taxes to 15% and we're going to roll back regulations that have been really challenges for small and mid cap businesses. do you think it will work? i feel the market really turned up when it was clear to investors that they had both houses, because then you have a growth plan but you have a growth plan that's actually going to get through. we will see tax reform in 2017. do you think it'll work? >> it certainly has the potential. the problem has never been the engineering. people have recognized that you need these measures. the problem has been implementation. why because of grid lock? now you have the republicans controlling both the white house and congress so if they can get together, it will work. importantly also is to refrain from things that upset markets and can derail economic growth and protectionism is a big issue here. so it's good to hear canada and say mexico, yes, we need to tweak nafta because the goal
should be fair and free trade. >> and that's certainly the discussion right now with congress. we want free trade but we also want fair trade. so it sounds like what you're saying that could be one issue that we're unsure of. you said there are three things that the president-elect needs to do now, what are they? >> so do more of what he's been doing. one under pro growth elements of his program evolve from announcements into concrete implementation plans, working with congress. two, is refrain from pure protectionism. that is not in the interest of the u.s., nor is it in the interest of the rest of the worlds and three tone really matters. so continue with the tone that started at 2:30 a.m. on wednesday and that has continued since then and that has attracted leaders from all parties to reinforce the president-elect's message. >> it's pretty extraordinary when you consider the fact that the dow jones industrial average hit an all time high.
people have 401 ks, got money in the stock markets in various ways. do you think this continues? >> it certainly can. it's not a slam dunk. we are living in a very unusual uncertain world. europe is having issues, japan is having issues, china's having issues. so the neighborhood matters, but if we focus on getting the house in order, that's going to help a great deal. >> would you put new money to work in the stock market today or do you want to be cautious after the week that just was? >> so it was an amazing surge so i would be a little bit cautious. i would also look at other segments in the global markets that have gone the other way and ask the question, if i am to put money in the u.s. stock market, i would look at the laggers. the focus has been on industrial, on banks, technologies have lagged and i think to the extent that you want to put money in there's an opportunity there. >> all right.
. president-elect donald trump showing signs of compromise on his plan to the accordable care act. he wanted to repel and replace obamacare. he now at least two parts of the act are worth considering keeping. >> when you replace it, are you going to make sure that people with preconditions are still covered? >> yes, because it happens to be one of the strongest assets, also with the children living with their parents for an extended period. >> you're going to keep that. >> very much trying to keep that. it adds cost but it's very much something we're going to try and keep. >> i want to bring in one of the architects of obamacare dr. memn
we will. >> how easy would that be to keep the preexisting conditions element of the plan and children living with their parents under their plans and change everything else? >> it's possible to keep the children up to age 26 whether they're living with their parents or not and have them on their parents insurance plan. it is not possible, let me repeat, not possible, to have preexisting condition exclusions preventing insurance companies from excluding people with things like cancer or multiple sclerosis and not have an individual mandate if you want to functioning insurance system and that's always been the tension. the republicans don't like that but it is a law of insurance. if you want to have people who are sick in the insurance marketplace and buying at a reasonable cost, you have to have the mandate to get every one in the system so that costs are balanced out. and you can't get rid of the mandate and keep that
preexisting exclusion. those high risk pools are the most inefficient way to provide insurance. they super concentrate people with illness which means that the premiums are super high and require the government to provide very high subsidies so people can afford them. >> the premiums are already pretty high. we know that the growth in terms of the premiums have gone up significantly since this plan has been in place and they're going to go up even more excuse me. >> excuse me maria. >> 25% is what everyone is expecting. and when you look at look at -- one second doctor. when you look at a state like arizona you've got premiums going up 116% next year, why is the affordable care act so expensive? >> first of all, maria you have the facts wrong. when the exchange is opened in 2013, the premiums were much lower than had be predicted.
and now they're coming back to exactly what they were predicted because you have a change in the pool of who's in the -- >> what fact did i get wrong? >> you got fact that they're higher than expected, first of all. >> they're much higher than expected and everybody says it. i speak with business people all the time and the biggest expense for them is obamacare. they refuse to higher more than 50 employees because they do not want to be on the forced to have to give healthcare benefits to them. that's number one when i speak to individuals, they have seen their premiums sky rocket and we've got a chart right now. let's show that chart again rocko to show the premiums what they have done. >> let me explain to you -- since this is my -- maria i can explain this. >> why are premiums going up so much in 2017? >> can you let me explain my chart? >> please. >> what that chart shows if you please put it back up is that the insurance premium, the
higher line is the bush line when healthcare inflation under bush, the lower line and the bent line is healthcare inflation under president obama and the $4,000 difference between president bush's line and president obama's is how much we've saved by controlling costs. now we have had an increase of 22% in the exchanges. many states including the post populus states like california and new jersey have actually have under 10% increases and some states like indiana and massachusetts have negative growth. some states, like arizona, the only state with triple digit increases. it is a one time correction. and this is bringing insurance costs to where they are. if we really want. >> i think people really want to understand is why healthcare costing them so much money and so much more than they thought so, number one. number two, we know that united healthcare has pulled out of the exchanges and the affordable care act because they said they
were going to lose a billion dollars on the plan. we know what aetna has said. so across the board you've got the health insurers pulling out of the program that's creating no choice for people. you can keep your doctor, if you want your doctor. that was a complete lie and now -- >> would you calm down. >> i'm simply trying to understand why premiums are going up so much. >> let me answer the question. premiums are going up because healthcare costs are going up and healthcare costs are going up because we have more sick people who come in and we haven't had enough healthy people come into the marketplace. that's the basic faskt. that's why insurance premiums go up. and let's repeat, the fact that insurance companies have had record enrollments, record profits and they have plummeted, their stocks have plummeted in response spot election of trump because he's going to disrupt the market and no one knows where it's going because we
don't want mandate but we want everyone with a preexisting condition insurance. that will only drive prices up more because healthy people will not buy insurance. you want to see a big increase in your insurance prices, just follow the fact that we swroent a mandate but we'll ensure everyone who has a preexisting condition. that will destroy the insurance market. >> we're already going to see premiums go up. we know that from the white house, right? the government came out with the report three weeks ago to tell us that they're going up on average 25%. >> no one ever said -- >> our viewers no this no matter how many times you talk on top of me. they understand the issues. >> no one ever said premiums were going to go down. the issue is how much do they go up from year to year and the increase has moderated substantially under president obama as my graph showed. if we have had continued with the inflation under president bush we'd have insurance premiums now that would be
$4,000 higher than they are under president obama. >> just as we wrap up here, you think the affordable care act has been a success then? >> it's definitely been a success. 22 million people with insurance, healthcare cost increases have moderated. what many of your audience is experiencing two things, that is drug prices going up because the drug industry has raised prices substantially and people pay more about -- >> how come you didn't see that? that's nothing new. the people will pay for whatever the market will bear. how come you didn't know that when you put the plan together? >> many of us wanted to regulate drug prices but we could not get it through congress and the republicans have not come to the table. interestingly, president trump and i think this is one of more positive indications said that we do have to control drug problems both he and hillary clinton have agreed on that. >> no they never agreed on that. donald trump -- he does not want to regulate drug prices. he never said that. that is absolutely inaccurate.
>> you are not saying the truth. he did say that they were too high and he said that we had to have reimportation from kaunds and other measures to get drug prices down. >> thank you. thanks for joining us. it was a lot of fun. thank you, sir. >> coming up look at the -- to give us a preview. good morning to you. >> that was some good television. we're going to look at the historic and stunning failure misjudging and failing to understand what was going on with donald trump's election. also the hostility some subtle and not so subtle and hillary clinton blaming james comey and the press in part as well. got an all star lineup coming up. >> going to be there in 20 minutes. thanks so much. sizing up president-elect's
first 100 days in office, which parts of the big to do list can realistically get done. we'll be right back. see me. see me. don't stare at me. see me. see me. see me to know that psoriasis is just something that i have. i'm not contagious. see me to know that... ...i won't stop until i find what works. discover cosentyx, a different kind of medicine for moderate to severe plaque psoriasis. proven to help the majority of people find clear or almost clear skin. 8 out of 10 people saw 75% skin clearance at 3 months. while the majority saw 90% clearance. do not use if you are allergic to cosentyx. before starting, you should be tested for tuberculosis. an increased risk of infections and lowered ability to fight them may occur... ...tell your doctor if you have an infection or symptoms... ...such as fever, sweats, chills, muscle aches or cough. or if you have received a vaccine or plan to.
if you have inflammatory bowel disease, tell your doctor if symptoms develop or worsen. serious allergic reactions may occur. see me. see me. see me. on my way. find clear skin... and a clearer path forward. for a different kind of medicine, ask your dermatologist about cosentyx. [vo] is it a force of nature? or a sales event? the season of audi sales event is here. audi will cover your first month's lease payment on select models during the season of audi sales event.
[burke] hot dog. seen it. we know a thing or two because we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ there goes my sensitive bladder. sound familiar? then you'll love this. incredible protection in a pad this thin. i didn't think it would work, but it does. it's called always discreet watch this.
this super absorbent core turns liquid to gel, for incredible protection that's surprisingly thin. so i know i'm wearing it, but no one else will. always discreet for bladder leaks welcome back. president-elect donald trump topping the to do list dismantling obamacare, a federal hiring freeze, fundsing the construction of a southern border wall and that's just the tip of the iceberg. tax reform top on that list as well. i want to bring our panel in right now. katelyn burns and hank schekoff.
what an incredible week. >> it's one that we studied for a long period of time. one, will be how did trump win and how did the democrats lose, the map was clear. trump campaign executed the map perfectly. they went places that we haven't won since '84, '88, democrats new they had to have those places and they didn't go there. they didn't listen to bill clinton. bill clinton himself went out to michigan and they lost those three states by 100,000 votes. the other part that's amazing white women which is the largest bloc, 37% of the voting bloc is white women, trump wasn't supposed to do well among women did very well. >> the other side was basically saying, look, he's a -- what a
novel idea, they wanted the same thing that everybody else wanted, they want the lower taxes and economic growth and a roll back of regulations. that was what they thought would keep their familiesafe and growing. >> and i think what was really underestimated in covering this, at least, was the dislike and distrust of the clinton and how much that impacted people especially at the end. you saw a lot of late deciders breaking for trump in the end and a lot of moving factors but i think exactly to your point that that's what people were feeling for a while now. and what was also interesting was to as bill clinton. he won them white working class voters, he won them twice in wisconsin, pennsylvania, they also showed up for him in those two elections and didn't and the clinton campaign missed opportunities to least carve into that but at least carve into those numbers. >> i don't think hillary clinton went to wisconsin, by the way.
>> she never went and trump was there a couple times. he went to michigan. union vote is so interesting. listen to what the union boss said in terms of what union workers wanted. >> we're going to where he write the rules of the trade agreement with workers at the table and not just wall street or the elite at the table. it's going to be a different world. she wants to change the economy not just manage it. >> so do you want her to rip up nafta then, the way donald trump. >> we want to rewrite the rules of nafta and make sure that ttp doesn't pass but it gets rewritten as well. they've not been good for the country. they've not been good for workers. we can have a real trade regime but it's fair to american workers. >> the ideas were everything
donald trump said. >> by the way, this is an attack on los angeles and manhattan. that's really what's going on here. the middle is tired of hearing what those folks have to say, telling them what to do, earning the dough, how do they figure that out, they watch television and look at the internet. everybody knows everything that's going on. what trump is saying we got to protect our jobs that they've been an instrument, now their people have said, by the way, we're going to do what he wants. >> it sounds like he has a mandate. >> he does. he's got a big task and challenge ahead of him. two words that ended up describing this campaign and never be words you think about when you started this campaign, one when she said did he ploshables and is he said drain the swamp, those two things -- she and er elitism thought of very large segment of americans were deplorable. >> and the media was very
accommodate not guilty terms of telling that story. >> draining the swamp became symbolic words for fixing washington and at the end of the day he won this in the last week of this race. >> this election very soon in to it became one that is focused on jobs and national security, but it turned to we want an end to corruption. >> and we saw that -- we've seen -- she had two road maps really, jeb bush but not really and then talking and then bernie sanders throughout the campaign and the reason that they were so stuck sesful and parts that they ignored was because of that message. >> a short break on this because a beat up party and they're searching for answers. the panel is back to discuss what is next for them as we look ahead on "sunday morning futures." back in a few. ♪ we asked people to write down
the things they love to do most on these balloons. travel with my daughter. roller derby. ♪ now give up half of 'em. do i have to? this is a tough financial choice we could face when we retire. but, if we start saving even just 1% more of our annual income... we could keep doing all the things we love. prudential. bring your challenges.
won't replace the full value of your totaled new car. the guy says you picked the wrong insurance plan. no, i picked the wrong insurance company. with liberty mutual new car replacement™, you won't have to worry about replacing your car because you'll get the full value back including depreciation. and if you have more than one liberty mutual policy, you qualify for a multi-policy discount, saving you money on your car and home coverage. call for a free quote today. liberty stands with you™. liberty mutual insurance.
welcome back. we're back with the panel and hank i think this election was a repute yags against president obama's executive orders and going around congress and the behavior of finger pointing and as much as it was against corruption and the media and not covering things that were important to the american people. >> the elite were seen as the enemy. the democrats want to vote interelect yule and that's not a process. there's a gut feeling and people felt in the gut that this had to change. >> what do the dem's do now? >> my sense is that they have to decide to pick three or four things that matter and try to work with the new president to
do that. they need to success. >> yeah, i think that assume ers the person to watch. the state houses and legislatures and 900 something have been lost since taking office and that's important since talking about cultivating new leadership and a bing. i think that leaderships have to decide and they have not been in a long time do they want to be strictly an opposition and build it up that way or try to point and pick off some victories that they can bring back? we have a lot of democratic lawmakers that are saying that we're warning you on what the message is resinated here.
>> demom identify. >> yeah, put some real people in there. they have a much younger back bench. what do the democrats say? they have not had a new idea since social security. come up with something new. >> getting harry reed out of there is important. he is a part son man that i have been around and. >> he stopped a lot of the bills from moving forward. >> schumacher is different. he is a deal maker at heart. he wants to get something done and keep an eye on the chairmanship. i know that's inside, but that's where the fight and the heart and soul of the democratic party is. look at those elections. >> i think that both parties are in serious troubles.
>> thank you so much and that's going to do its for us and my business was built with passion... but i keep it growing by making every dollar count. that's why i have the spark cash card from capital one. with it, i earn unlimited 2% cash back on 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?
the full value of your totaled new car. the guy says, "you picked the wrong insurance plan." no, i picked the wrong insurance company. with new car replacement™, we'll replace the full value of your car plus depreciation. liberty mutual insurance. we worked straight through. lou dobbs has an hour or two left. see you next week. lou: good evening, everybody. it has been barely three days since voters elected america's 45th president, but president-elect donald trump is on the move. he's working hard at selecting his transition team, selecting who will join him in government, in the white house. in his cabinet. throughout his administration. president-elect this morning tweeted about the decisions he'll be making saying this -- but the president-elect is creating a structure and organization around him that