tv Cashin In FOX Business May 5, 2013 2:30am-3:01am EDT
thanks for watching. have a great kentucky weekend. by the way, this is a mint julip. healthcare law train wreck. democratic senator harry reed agreeing that obama care may go off of the rails . aren't we paying enough for all of tholce new taxes. plus. may day. unions demanding the halftime deporting immigrantings. does big labor have the interest of undocumented workers in mind or all about saving themselves. cash in looking out for your best interest right now. i am eric boling, welcome to
cashing in . john and tracey are in the studio and joining us is president obama's former top economic advisor in the boot school of business mr. austin goldsbee. first. democratic senator mabaccus said the healthcare law could be headed for a train wreck. >> unless we implement it properly it is a train wreck. i agree. >> we are not spending enough money to implement it properly. >> yes. we have the menu, but we don't have way to get to the menu. >> start with that. that is chalk full of taxs and fees to pay for it. and that spending more money and taxings.
and it is a train wreck. doctors leaving the practice and insurance premiums going up and hours cut at work and that is it the result of central planning. that leads to the destruction of valuings. for the president to say it is it a bump and glitch. it is it people's lives and money talking about . why it is domed from the start. >> that is for president obama and economic guru in the university of the chicago. austin, what about it. a 2.3 medical device tax and obama care. tax fee, tax fee. enough is enough. >> stop, stop. that is confused. that is it an entire rant that lost me at hello. that is a total mischaracterization . bill and harry reid is saying they have to work on implementation he's not
talking about expand entitlement. they are talking about basic stuff. >> off the- austin. what wrong. there is a 3 hadn't 8 percent tax on investment income. >> it is it on high income people. pay roll taxings. what pay roll tax are you referring to? pay roll tax going away had nothing to do with that. >> i am talking about obama care medical pay roll tax. a new specific tax with obama care. it is it a noncompliance. austin, come on, man. >> you just stated two things that were the same thing . that is an increase on the capitol gains rate is the stame thing tried to portray as a second tax. >> it is going to medicare. >> there is no doubt there will be practical hicups like
when they passed medicare d that free money that the bush administration giving out. there were logistical hicups and problems with that. over all the congressional budget is not forecasting that this will be a increase in the dev stit by any oh, boy. >> look at margins. >> i have to jump in here. >> austin, do me a fave error. >> calling it a logistical hicup. my god, you don't know what will happen to the middle class. what about the insurance premium fees and none of this is making healthcare better . doctors are turning patients away and it is not in full implementation. people trying to be helped are hurt in the end of the day. families don't really give a dam about families paying extra for medicare. but it is it less money for me
to save for my kid's college. this hurts all ofulse. it doesn't make my care better.
>> look, healthcare costs as you know were rising at double diget rateless. in the last two year they are lower . saying that healthcare costs goes up. >> that is wrong >> my problem here, austin, you guys sold it and you were there when you sold it . i remember the term. if you don't remember the term. we'll bend the cost curve down. you are not doing that. our premiumings are still rising. i have to bring wayne rogers in. >> you know, with all due respect. no one knows what the costs is. you have 2300 pages that say 17,000 that the rheums and
regulations are written by the secretary of health and human resources and doesn't say congress knew it
when they voted. you don't know now. there are 20,000 page that is constitute a tally 7 feet tall of red tape. you don't don't know . hare reid spoke the truth when he had said it is a train wreck. you can't tell yus they can't. >> let me ask you 1.2 trillion is the latest number that the cbo said it is going to costulse. >> eric the grand benefits promised for year after year. they remain elusive. we know the higher taxs and the internal damage done to the healthcare austin said healthcare costs are rising. yeah, rising more government is getting involved in healthcare and now government
is involve would. doctors are leaving the practice and forget keeping your insurance. what about if your insurance is there but no doctors. that is happens in socialized care. >>in, the president is back tracking on a lot of the promiseless that you guys made when you sold it to the american public. what is more or is there any left. >> i don't know what to tell you. you guys are work would up and you know am a fan and we are friends, i can't disagree more with the statementings. >> they are fact accident. >> increase of healthcare costs is not due to aging of population but the rise in government. that strains the bounds of credibility . you look at costs of medical insurance . medicare is the lowest cost of
insurance in the market . not the highest and that is back backward. >> and one of the taxes i didn't mention new tax on health insurerings. guess who will eat that up. >> talk to any doctor that has a private practice and ask them how they are feeling about this. they are dumb founded and many are thinking of shutting their doors, it is it that simple. >> we'll get wayne in here one more time. >> austin all due respect it is what i said. we can debate. you don't know and i don't know and they don't know. no one knows the costs because you have too many times and johnathon right in the first place. they abdicated their responsibilities to the regulators and the regulators will make up the rules and
tell you how much it wil cost and it will be after the fact and it will be bad because the federal government can't run anything. >> we'll leave it there . that is not a insult to you austin. you were but not anymore. >> stop supporting the illegal immigrant. unions are look out for undocumented workerings. they are trying to help their own bottom linings whompt is right? .
hour. i hope you will join us. >> unions are out rallying demanding the halt of illegalings. tracey said they are trying to protect something else. >> this is that you are bananas. they are out for themselves. there a time and place for unions in history and today is not it unfortunately. the way the unions look at this. we keep the illegals and get them in our club and increase our membership. membership is tanking for the unions. >> un. ment unions and by proxy democrats and in my opinion we should stop all deportation and unless they are a jihadist or leper they should be able
to stay here. i am against deportation . i think it is it horrific, but unions are looking out for what i believe is -- operating, immigrants will get in bed with anyone who pay the dues and bolster the rank. >> austin what is this about? >> historically unions are not proponents of immigration. i don't think they are natural bed fellows. they view it as competition to domestic labor; i know that i think that for us, we ought to go out and get two million buses and find 20 million people and deport them out of the country is impractical. >> for a second, why would the unions demand the halting of deportation of illegals?
>> look, i don't work for them. i am noted in this and i don't the exact story is. undocumented workers don't vote but undocumented democrats. >> i think i made that jump, everything that we are hearing there is a path to citizenship and those undocumented become documented and they are voters and my guess, history shows, 75 percent will be democrats. wayne what is in it for the unions to saystop deporting. >> i think austin is right. historically they have been against this. the reason anyway, the gang of eight is right and they have a good formula and one should be pursued. you have to be here 10 years and no criminal record and they are good common protectis from i think that is the way to proceed. i am not sure what johnathon
is referring to when he said the unions. tracey is right. unions had a time and place. i am a union man and i know that. i think they did and i appreciate that time and place. but it is not now. they don't have a horse in the race. >> johnathon, you said something interesting. everybody should be allow would to stay? >> i believe so eric. the government doesn't own the country. it is it privately owned. the notion of rounding up illegals and shipping them anywhere is a horrific use of government. >> who is paying for it? we are paying >> in a free society they are paying for. >> they are going to the emergency room when thape get the snivels. come on. >> go ahead, austin, your comment. >> look, on average, the undocumented workers that are working here illegally are paying into the system.
>> they are a benefit. >> and any employer where they get a w-2 they are pay nothing social security and medicare and not take out. >> i am on tracey's team with this one. wayne last thought? >> i think the gang much 8 has a good plan. if up are qualified here for 10 years for god's sake and done that kind of thing and there is it a path for citizenship. >> this is making our borders flooded right now. they are coming over in droves saying i got to get in on this. >> good, good. >> a new push for longer school days and here said why not longer school years to make our economies stronger. that deserve an a-plus or a big fat f?
>> want to make our kids smarter keep nem in class longer. some public scooms, and latest doing just that. tcey said why make it longer and not just help our kids but our economy. >> good things my kids are on a baseball field but i do think that there is something to be said about a longer school year. they have little minds. september is a waste and so by the time the summer comes. they basically feel like they walk would away with nothing .
>> john, you say not so. >> there is no correlation between length of the school year and student achievement. u.s. students are more in class than those in japan and finland and they have much better school. the government run schools and unions that bill extra hours at taxpayer's extense. more school time better for. >> the data shows that it is better especially for the worst schools. you still have. it is not on its own going to colve problems. you have to have good teachers and do those things. the problem in chicago is more extreme than anywhere else . u.s. is a out lier . in the u.s. chicago has had
the shortest school year of all. new york has six week longer than chicago has got. >> wane, charter schools tend to do better than your average public school. they go to class longer than your average possible school in >> that's true. they are about to get unioninized and we'll see if that changings. i agree with johnathon on finland as he mention would is better and shorter years and better educate india has the stame thing and a study by ohio state that said there is no difference at all. i think you have to come down to what i first said. quality ways quantity. >> and government controls bleed more government controllings. >> it is in essence a failing school system.
keeping them out of trouble is not such a bad idea for inner city schools struggling to get their scores up. >> austin? >> we have a three month summer vacation so people can pick croppings. >> maybe they can get a job, austin. >> maybe. >> and here is a good study for the university chicago business schoolless. >> yes. see if the additional hours justify the cost . then we rehash that another time. austin, you are a great sport for joining us. coming up. planning your summer get away. brace yourself for carry on and drink carts that cost you.
>> you pay 2.50 on star bucks. >> not on the plane, come on. >> wayne, what is your call this week? >> first of all, i haven't put money in the rally. i am a little suspicious of it . i am nervous . i am saying lookingalt the long term look at ggle. >> wow, that is a big one. >> interest rates spiked up on friday . that is a big trend i see. if is it a floating rate senior loan fun . not getting a lot of attention from most investors. it is it an income source and strong stock. that is the place to be. >> $15,000 this week and continue more of that? >> the trend is your friend. warenis bearish and bull markets are built on doubt. >> hold it, suspicious not
bearish. >> see you next week. >>. >> tom: the president has been trying to paint the congress specifically republicans as the reason for all of our nation's problems. i get politics but stopping white house tours and cutting air traffic controllers seems to have backfired on him. will he continue this charade and why the president is calling for pain on all of us, right here and right now. >> tom: and thanks for joining us. here at the top of the stack. according to the president we are going to experience pain due to the sequester cuts, 2% cuts. not really cuts, but reductions in the bge