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tv   Cavuto on Business  FOX Business  January 2, 2017 11:30pm-12:01am EST

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last year. i love amazon. i think it's up 30% this year. >> john. >> verizon. i own it. 5% yield. i think it's a great company. up 30% in a year. >> jonas. >> power shares high beta stock >> happy new year. kennedy now. all right, a fox news alert, big labor blaming president-elect trump for big cuts before he even takes office. the seiu planning to slash its budget by nearly a third in the coming year and pointing the finger at the new administration. says when republicans win unions lose, but some here say that's a win for all workers. hello everyone and happy new year. i'm kennedy in for neil cavuto. ben stein along with jessica, charles payne, charlie gasparino and adam working on hangovers as
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we speak. well done, gentlemen. seymour, i'm going to start with you. unions are running scared, at least union bosses are, but it seems as though union households gave trump quite a boost in the election. is the split a good thing. >> i think the election of trump was very good news for many unions, public sector union probably not because trump wants to shrink the government. but when you talk about the old blue collar industrial unions, those unions are going -- that is to say the workers in those unions are going to do very well because donald trump is very much committed to bringing back the jobs of coal miners and of pipe fitters and truckers and, you know, other kinds of industrial jobs that have left the country. so i think the union leaders wanted to run in one direction and the union members that they're supposed to represent wanted to go in the other. but i think ultimately more jobs is good for unions and i don't
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know what they're trying about. >> all right. seiu making these massive cuts, emily, i'll go to you because you say this could be a great thing for all workers getting the federal government out of their pocketbooks and out of their lives. >> yeah, absolutely. i think, you nknow, president-elect trump understands ronald reagan understands that the scariest words you can hear are i'm here from the government and i can help. government is often more harmful than helpful. for instance the federal minimum wage, trump is going to stop organized labor, that's great for workers. less workers fear lose their jobs, more job opportunities. pro business administration i'm looking forward to it. >> more opportunities for min minority workers getting into the workplace for the very first time. the seiu has been behind that fight for 15 campaign. ben stein, i'm going to go to you because you're a man who
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loves everybody to make money. and you say if there is in fact mass prosperity on the horizon that this could be an enormous boost and perhaps we don't need no stinking public sector unions. >> well, the seiu has for a long, long time basically been an arm of the democratic party, or you might say another way, the democratic party for a long time has been an arm of the seiu. >> that's right. >> the seiu mostly or very largely works with government sector employees and that's the only part of the union labor force that has not been shrinking. now they're going to take -- get clobbered, i think, if mr. obama is gone and mr. trump really does slash the size of government. the seiu in no sense represents the real working man. the seiu is a group of left wing politicians, just my opinion who are have no interest in anything but their own jobs and their own prestige and their own powerful connections in washington. the fact that they're cutting their budget is a good thing. anything that helps get the
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unions' pockets -- union officials hands out of the pockets of the workers is a good thing. we don't want the unions keeping people from working. seiu prime example anti-worker, pro-bureaucrat. >> absolutely right. and their president has had feisty words saying because the far right will control all three branches of the federal government we will see serious threats to the ability of working people to join together in unions. jessica, i think you can maintain they were having problems before this election. >> yeah. >> a 30% budget slash in a single year. that's pretty outrageous. can they realistically blame it all on trump? do you think this union would go untouched if there were a hillary incoming administration? >> no, i don't think so. we've been talking for months about the fact public sector unions in this country do need to reform. now, i don't want them gone. you know what ben stein was talking about though i respect him a great deal, it's going too far. you know, public sector unions will be a future of the american
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economy until the end of time. but they doeed to reform. and we have sn a divergence between what the leadership is saying and what those people on the ground are saying. now, a lot of them back trump, not a majority obviously, but they need to have a discussion about how best to move forward, how to represent their workers interests. to emily's point about the minimum wage, donald trump has said that he's not for raising the federal minimum wage but close to 70% of americans want that. >> are going to see an increase in the minimum wage in the coming year. >> i think $15 is going too far when you look at what reasonable economists are saying, but we have over 600 economists saying 10.10 is a good baseline and if you're in new york city you can go to $12. if you're a bigger city, maybe los angeles, i don't know $15 seems a stretch for anywhere. but those kinds of local conversations can be had. but just out of the gate say no minimum wage hike when 70% are saying this is something they need to be able to survive, you need to pay attention. >> well, i think what he's saying though, i mean, just to be clear. >> uh-huh. >> donald trump didn't say no to a minimum wage increase.
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he said let's let states decide whether they want to raise minimum wage or cities -- i know, i know. but i think that's the important point here. if we raise the minimum wage to $10 an hour as you say at the federal level, yeah, in san francisco or washington, d.c. where the economies are booming that might work. but if you live in mississippi and you have a $10 minimum wage, you're going to put a lot of people out of work. >> but you also need to take into account and listen i'm an anti $15 minimum wage gal but you need to understand what a living wage is anywhere even in mississippi. right now it's $7.25, that's too low for anyone anywhere. i understand the argument on cutting jobs. >> all right, i want to bring in -- >> zero is also not a livable wage. >> yes, if you turn int an ipad it's going to be difficult. >> those are risks you run, either cutting your workforce and automating or shutting your business completely. and that's absolutely the last thing we need. so what is the solution here, joe? >> i mean, minimum wage i agree
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should be a state issue. if you are in idaho, it could be lower. if you're in new york, it should be $80 you're living in the city. i think it depends on what city. >> can i get on that minimum wage? >> in genuine onmembership has declined over the years and i think the reason a lot of these are more political fund raising units than worrying about their labor workers. and they're disguised as political units rather than actual unions. >> so what do you chalk up that disconnect to between the active union members and their bosses? bosses clearly supporting hillary clinton and many more union households going for trump and his optimistic message of economic prosperity. >> yeah, i mean, the case of the seiu they went all in on hillary and been big backers of obama and affordable health care act. so they kind of went all in. it's not unlike tech ceos where they might have been vocal against trump but they could backtrack a little bit and say, okay, now that you're in we can work together and they had a
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tech summit with everyone. but once you went all in and your candidate was wrong, you're pacically -- >> i want to say in defense of unions and how they have their fingers on the pulse of what's going on, there were all the articles post election union members knew we were about to lose wisconsin and michigan and wanted to bus people in from iowa and the democratic party didn't pay attention to that in hillary clinton's campaign. so we do need these people. >> there again you have the disconnect shouldn't be fixed by a postmortem. you should have a campaign that's able to adeptly respond to some of these major issues and not just assume that you're going to win the states that have historically made up the blue law. >> just wait for 2020. >> as whole new look for the democrats. >> i'm guaranteeing it. >> that's what i want more than anything in the world, jessica, is another presidential campaign, because this one didn't go on long enough. let's go to you, you say not all unions are bad and they're getting a bad rap some of these private sector unions. how are they going to fair in
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the coming year? >> well, i sure like the screen actors gild. gasparino always tells me how his father's in union, some unions are great jobs, but the union bureaucrats in washington are part of the upper class in washington, they're not really workers at all. they haven't been workers for a long time. they're in the class with lawyers and lobbyists. they're not workers, they don't know much about how workers live. god bless them they have to earn a living too, but the idea they're joined at the hip with workers is a joke. >> yeah, again we're seeing the disconnect. and you hear democrats talking about the e into the party. and even union bosses, you know, they were no match for the extraordinary outcome of this election. >> very well paid. >> yeah, that's a great job. what are we doing here, ben? speaking of strong arming, as
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mall brawls breakout across the country, someone here says it's time to ban all teens from shopping malls unless they're with an adult. is that going too far? what do you think? we're going to debate. >> you may want to hide. we're coming after you. stay right here. i'm so frustrated. i just want to find a used car without getting ripped off. you could start your search at the all-new that might help. show me the carfax. now the car you want and the history you need are easy to find. show me used trucks with one owner. pretty cool. [laughs] ah... ahem... show me the carfax. start your used car search and get free carfax reports
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we've seen a thing or two. ♪ we are farmers. bum-pa-dum, bum-bum-bum-bum ♪ cavuto on business. with teens out of class for the holidays, fights are breaking out in malls across the country. viral videos showing chaos inside a shoppers scramble for safety. and now some malls considering banning minor who is are not accompanied by an adult. all right, so, emily, let me start with you. you actually think that this is a good idea, a bit draconian, isn't it? >> no, i'll tell you why, and let's first get out of the way malls are owned by private companies, so there's that. but growing up locally we h two malls, one of them started
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to have problems with gang violence and they implemented a policy like this only on weekends they started out that way and was so successful that they expanded it. i'm telling you, i promise, people stopped going to that mall because they were genuinely afraid of the violence and went to the other mall. and so this could actually help business at malls where they're having these problems. it can actually encourage people, reassure them it's okay to shop there. >> it's interesting because in the '90s that was of course before the age of social media and it's not a stretch to see that a lot of these teens whether it's aurora, colorado, or in ohio or memphis, hundreds of people converging on a mall all at the same time you have to think there's some form of coordination. and, you know, maybe that's the one thing they can do to ease shoppers' minds who are actually going to show up to spend money. but it's funny, joe, because when you talk to people about these issues, a lot of people say, well, that's why i shop online. that's why i don't go to the
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mall anymore. >> that's a great point. amazon is destroying the majority of retailers. i don't feel people are going to the malls to shop anymore. they're mainly going to hang out. i was in a target on christmas eve -- not bragging or anything. >> wow. >> and it was empty. i was shocked at how empty it is. when i go to the malls, they are empty. it's no different than a sporting event or concert. when you know large groups of peoplere going to converge, it's usuly teens on school break that are going to hang out. when you know they're going to converge, beef up security and increase police presence. >> that's what they're talking about doing. you know, not only some of these unorthodox solutions like having your mom go with you, can you imagine being 15, 16 years old and having your mom show up with you? >> to the mall? >> that's what i had to do. i got carded at the mall. >> yeah, but your mom is very beautiful and young looking and everyone knows that. so, steve moore, are kids killing malls? i mean, is this a dying industry? >> you know, who would have thought that the jets and the
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sharks were meeting in the malls now? that's potentially looks like what happened this week. i'm very much in favor of tighten security at these malls as was mentioned earlier, these are private enterprises, they're in business to make money to get shoppers in. if people feel they're not going to be safe at the malls, then they're not going to go. it's really that simple. no, i don't think this is the death of retail, but they have to make the shopping experience something wonderful and something people want to go to. certainly if you feel like you're going to be mugged or see violence at the mall, then people are going to stay away. >> yeah. and here you go, you know, it's a great thing for people to do, jessica, when they don't have anything to do when they've got too much time on their hands -- >> right. go hang out. >> yeah, people aren't shopping, that means there's not as much security. so these are essentially havens for what i have said in the past is potentially bored protesters for whom it's too cold outside. >> that's an understandable way to look at it. i think quite smart actually.
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to your point i'm totally with you on the online shopping. i actually didn't get any present this year that i couldn't get online. i gave up. i was like i want to get this thing but it won't get here in time. >> and you don't get beat up on amazon. >> you can do more in ten minutes with amazon prime than you can with two hours in the mall. >> last night at midnight i was on there buying new towels. anyway, i think that the parents' angle is the difficulty here because that penalizes kids who don't have parents around to go with them. if they are going to meet their friends or generally have an errand to run and your mom or dad is at work, which majority of americans are because obama has brought the economy back, i think that's a difficult case to make. but tighten security, yeah, i'm glad no one mentioned guns. i'm going to do it, not saying i don't want guns at the ll, to put that out there. >> ben stein, guns and malls, where do you stand on it, ben. >> the whole subject is heartbreaking. it's almost unbelievable. malls used to be a place where kids could hang out, maybe
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friends meet girlfriends and boyfriends, now it's more a f focal point for violence. heartbreaking, kids generally from unsupervised homes very, very often lacking fathers, it's a terrible, terrible -- yes, i love amazon. crazy about amazon, use it all day and all night, but it is not the same as going to a place where you can meet people and see smiling faces. and if that's going to be part of america's past, it's a genuine tragedy. >> you're absolutely right. you think about these giant facilities, will they be consumed by weeds and greenery? like city blocks in detroit. it makes one ponder. >> i'm afraid so. same reason. >> very good. ben, thank you. so much more to come including a new year's resolution to finally deal with our nearly $20 trillion debt.
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coming up, how the next administration is preparing it take on our mounting debt plus a milestone year for markets.
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makeceps, but neither party is talking about tackling it. ben stine says if we don't bring it down, it's going to come crashing down on all of us. unfortunately i share your doomsday outlook, ben stine. what do you think is really going to happen here? >> well, my very smart father used to say if a thing cannot go on forever it will stop and that's true of the national debt growth, too. but whether it stops in two years or carefully worked out plan -- >> your father was -- >> but the interest rates are rising, its will be a burden as long as they stay low, it's not such a big problem, but they're not going to stay low forever obviously. >> no, they're not goi to stay low. let me turn to you, you have a little bit more of a rosie outlook because you say if we grow more, we will have to spend less. and the debt will take care of itself. >> well, i don't know if i say the debt will take care of itself. >> i added that part.
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>> i think ben stine i might even have been able to persuade your great economist father herb stine. look, if the economy grows faster, you solve a lot of the problems with the debt. the dt we care about in terms of carrying load, how big is it relative to our gpd. i'm with donald trump. i think we have to get the economy growing from this rot of 1 1/2 to 2% that we have had up to 4%. one statistic for you all to think about, every one percentage increase in growth over a decade reduces the debt by 3 trillion dollars. the math shows you get the debt down -- >> that's a big increase. >> that is a big increase. >> we can do it, ben. >> emily, we have so much on our backs. how much is the average american carrying in this debt load? >> yeah. so the national debt per capita right now is around $60,000. for taxpayers it's about
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$100,000 more than that. as a young person, i don't know how i can emphasize enough, this is not monopoly money. we have people coming out of college with an average of about $35,000 in student loan debt. add to that their $60,000 of national debt per capita. youth unemployment is around 16%. it's a dire, dire situation for america's young people and it needs to be talked about by people on both sides of the aisle, which it isn't being and i'm begging them to do that. >> i'm going to talk to the person on my right. you say repatriation may be the key to this because not only will we be getting money from overseas, we can go ahead and service the debt with that? >> that will be part of it. if we can move gdp to 1 1/2 to 3, 3 1/2, that's a tremends amount of money to help reduce the bt. when you're elected president, i'm sure there's 10 or 20 things you have on your list and i don't think tackling the debt will be a number one priority, but it will eventually get through that repatriation.
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>> unsustainable? >> totally. there was something we had bipartisan agreement on. we need to talk about entitlement reform, smart entitlement reform. i'm not going to pay anything into the system i'm not going to get anything out. things are looking up. i know everyone wants to say 's a trump bump, but that was an obama bump. so, yes, i don't think it will be a top priity for trump, but he has smart people like steve moore around. >> thank you very much, jessica. >> you're very welcome, steve. >> i thought you were supposed to be in the studio. >> thanks to jessica and emily and steve and happy new year to you both. moneymakers in 2016 and our guys say it won't stop after the ball drops. if you know the stocks to buy now. happy christmas to you once again. stock picks are next.
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afoot and light-hearted i take to the open road. healthy, free, the world before me, the long brown path before me leading wherever i choose.
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the east and the west are mine. the north and the south are mine. all seems beautiful to me.
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the best new names for new year. what are the must have picks? >> my pick is a building materials company 30% earnings growth next year. >> holy cow. ben stine top that. >> berkshire hath away, b, if that's too pricey for you, the spiders. >> i'll buy you anything you want ben. happy new year.
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i'll be right back counting down to t big ball drop. the cost of freedom continues now with david on the pla for business, fox. the u.n. has such tremendous potential. there is such tremendous potential, but it is not living up to it. when you see the unit t nations solving problems? they don't. they cause problems. if it lives up tohe potential, it's a great thing. if it doesn't, it's a waste of time and money. >> president-elect donald trump not happy with the united nations for condemning our ally israel and not happy with the obama administration for letting it happen. well, now some republican lawmakers calling for the u.s. to cut off u.s. funding to the united nations. should we? hi, everybody, happy new years. welcome to force on fox. let's find


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