tv Cavuto on Business FOX Business March 23, 2014 8:30am-9:01am EDT
another job the e-trade baby is being put out to pastier, their going digital. how can they do this? doesn't that want to make you have a baby? >> it makes me want to have this is hysterical, the best ads on tv right now. >> neil's next. what do we want? >> jobs. >> what do we want? >> here we go again, more cash now, more job losses later. be careful what you wish for, then, hi, everyone, i'm neil cavuto, unions getting 23569 food workers out again chanting for a hike in the minimum wage. one tiny problem. a few survey of employers shows those jobs will be taking a big hike, if they get what they wish. to charles payne, what do you make of this? the boss says we have to hike the wage that much, a lot of you have to go? >> first of all, it's common
sense. it's sort of tough the industries that they're targeting, they have the slimmest profit margins, it's not like the googlele's 50% profit margins, the burger kings and retailers, american eagles. look at their stocks, they have thin profit margins, fewer jobs, fewer promotions, a disaster for low physical people. >> you can argue a lot of these guys are trying to preempt the move by saying if you do it, we will fire workers. so is it a threat or is it real? >> i think it's real. i think the economic research shows at this point you are pushing on a strij, it hurts small businesses a lot. i will say this, this is a political mindfield for people to oppose this. it's hard for republicans in a time and place where you do have income inr and equality. you have an issue. >> people drop out of high school make a lot less. >> people and equality. >> people going to college are making less mine these days. that is an issue, politically, it's a tough sell, economically,
the evidence is so clear, you start pushing on the string, will you get less jobs, you will not get that much more. people will not be helped that much more. >> the money will come from somewhere. it will mean fewer jobs and/or price increases in this very survey you cited, more than half of those businesses surveyed, 51% said they would raise, will raise prices. and that's how the minimum wage hike is aimed to help lower income people, but it doesn't help them because -- >> there is an assumption you can raise prices. last year, mcdonald's traffic was down 2%, if i don't want a big mac at $2, i don't want it at $3.50. >> the other point is these things poll and test well when democrats bounce them off their days. and the fact is, republicans look evil responding and saying
give the academic argument as karlsson payne said it could be problematic. so what do they do? you know in this environment, you know, selling a company to willy nilly hike the minimum wage to the degree the president wants, $3 bucks morineau over some years is a billing task. >> well, we tend to look at these things as one variable. if this, then that. when, in fact, there is lots of variables at play. i think you must your finger on it in answer to charlie which you didn't answer when you said could in be posturing by the executives who answer the question. >> oh, come on, mom and pop the guy that runs small businesses. >> then you can get to that. go ahead. >> plet pe finish. if you ask me, you know, will i, will i? might, how will i react if you require me to raise wages? well, you have two answers, i will keep jobs the same or cut them. ly answer i will cut them. >> that doesn't mean i will cut
them. >> it's postureing, a small business lobby. these guys are so powerful. they control everything, people that run flower shops in brooklyn are so powerful they can sway congress and make this argument. that's bologna. it's one thing if you were talking about microsoft. are you not. the small business owners who can't afford -- >> here's the only point on this is if we were going gang busters and have been coin gdp numbers of 7 or 8% with such an incredible environment that you could almost afford to pay them $20, i don't think now is the time to be pursuing it. i also think there is to these gentlemen's earlier point, a huge difference between a pittsburgh donald also or a burger king, a conglomerate thing, these wages, even though they're franchises and the small guy around the street who runs the diamond. >> there is a big difference. to adam's point that slight best phone as a congressional budget office also said that raising
the minimum wage would cost at least half a million jobs. the upper end of that estimate was a million jobs. the white house tried to write it off and say, it's only 3.8%, what is worse is having zero dollars. >> how do republicans spend that? you are all aware of the presque on this, sure, there are friends of those greedy capitalistings, how could they argue? how can you argue that it is in their best interests, you might talk about an increase in the minimum wage. i can see that as room for one. how do you make that argument? that republicans don't sound like, i know, the grey poupon commercial. >> i'd ask a community if your household, what you would like four people working for x am of dollars or three people working? you make the decision. if this is the way you want it, if you prefer three people making $10 bucks fine, if you prefer four people making $8 bucks, if you do that vote for me. that's the way i would lay it
out just like. i think it's an impossible political argue to make. if you ask me, politically, i'm a simple country business reporter. i would give in. >> you have never been. >> i would not fight this fight in the mid-terms and then. >> would you suck it up an bear it and go ahead and approve it? >> yes. i would. >> you have no backbone. >> i want to win. >> it might not have to do anything for companies to step up and worried about what the white house is going to say. we're going to raise our minimum wage. lo and behold, you get a nice national advertisement from the leader of the free world. >> i want to know why we can't be honest with people. this whole thing we got to lie to people. >> we got to keep them in perpetual poverty to get their votes, who is committing here? who is hurt something. >> you know why? because you have liberal reporters like adam who can't add that they know for a fact. he foes for fact. you know for a fact.
totally fair. adam knows for a fact that this is totally fair. >> even i feel for you. >> no. he's right i wasn't bad at it. i wasn't a math -- >> he's a country boy. >> just like charlie. the math is way more complicated than you want to let on. because the full story is, i will be adam lashinski. the faster the matter is, is that if raising the minimum wage causes more people to lose their jobs. some people will be making more money. >> are you saying -- >> that's the problem you will have to deal with. >> adam does it cost jobs or not? a simple question. the budget office says it does.
just about every economics, what do you think >> many things cost jobs. many things add jobs. >> it probably doesn't surprise you, i that us a static accounting. when you do that, you look at it in black and white. if you argue to the point of why it's justified, i don't agree with it. those who get the higher minimum wage will spend more of that, buy more burgers. >> that's a supply site argument that libl liberals are making. >> a very good month. >> the argue for it is that these folks with the extra money will spend extra money and create more jobs with that extra money they are spending. you say what? >> i say going back to my first point, you watch these people, impose the minimum wage. they will raise prices, that takes money out of the pocket you put in by raising the
minimum wage. >> liberals like adam have raised the laugh curve. >> when we come back arc health care brack buster. py predict, the ultimate reason why this thing could go up in smoke owing no constitutional battles or back and forth with republicans that will undo all of this if, yes, caught spiritual my show comes right after the sew with the fancy disputers and graphics. so we used sharpees and a post tore get the point across. we asked people a question,
how much money do you think you'll need when you retire? then we gave each person a ribbon to show how many years that amount might last. i was trying to, like, pull it a little further. [ woman ] got me to 70 years old. i'm going have to rethink this thing. it's hard to imagin how much we'll need for a retirement that could last 3years or mor so maybe we need to approach things dferently, if we want to be ready for a longer retirement. ♪ suddenly you're a mouthbreather. well, put on a breathe right strip and instantly open your nose up to 38% more than cold medicines alone. so you can breathe and sleep. shut your mouth and sleep right. breathe right
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with investment information, risks, fees and eenses to read and consider carefully before investing. coverage of the missing malaysia airlines plane 370. welcome back. not a happy birthday for obamacare. the president's health care law is turning four a. new report turning stomachs. health industries warning obama premiums will spike. some will double or triple in the next few months. so what happened to this? >> everybody whether have lower rates. >> the health care plan that would save the average family $2500 on their premiums. >> i know this is going to sounds like i'm making a statement about people who talk with their hands by being italian.
i am told when you keep talking with your hands, you are lying. what is that all about? maybe they knew this was all coming? >> they had to. what is going on in this particular report that came out. it is about insurance companies raising premiums in the obamacare exchanges because lo and behold, not enough people are tying the knot. >> exactly. dagnab it. in about a quarter of the people are only young. you may be young and healthy. >> you are getting a lot more now. >> it's pretty simple math. adam. nothing here. >> oh, i'm waiting for it. >> nothing will ends up. one thing, the unentity or business that will make, the insurance business, all the high premiums. >> charles payne, everyone is focused, 6 million. we are losing sight of the tens
of millions of american was are already seeing premium hikes, losing doctors, getting switched to something that was not what they were promised. so i always think this fixation on whether they get this number or that number. the last time i checked, we had 3 20rks 330 americans. i don't know, we were focused on five or six that might get this. not worrying about the 90% who were okay with what they had before. >> to refer back to the previous secment, it was a great, no. >> you did a good job last segment. re-visit that. >> it's an election gimmick. when we make major policys to when elections in the case of obama to defer to move away all the attention from a flaccid economic recovery by promising millions of americans they were going to get insurance, so far 400,000 people who didn't have insurance now have insurance. it's been an unmitigation. >> you hit a key point. i want to hit with you. when all is said and done with
edid awe did all of this with te best insured, when it's said and done, 30 million will not be insured. that's kind of weird. >> well, we, first of all, we don't foe the numbers of how many were not insured or will be. >> i know this. >> the numbers are not precise becae in many instances they're not asking. we need the make sure we do. >> 30 million still not insured, we upended our health care system for the people not getting insurance, this 10% upending it for the 90% who had the coverage and a lot of them don't want the coverage. what did we do this for? >> i would say number one, we're not done. this isn't over, it's not an ongoing living breathing thing. it's secly sometimes, you all hate it.
we are not finished. we are leaving out the medicaid rolls. to answer you wage, would universal health care, the single pair have been a better way to do the? it would have been a better what i to do it. we didn't have political consensus. >> she's insurance premiums keep hiking, we might get that. >> eventually what will come out is universal health care. it makes no sense. >> this health care system. obamacare makes no senks it doesn't pay for itself. >> you and i are agreeing on the healthcare portion of the conversation? >> they should have written a che check. >> that's broke. we will fix that. we will have universal health care for the rest of the country. have you for the fix medicare first.
secly, i want to point out the employees of companies seeing their health care go up. there was a howard watson survey. the cadillac tax kicks in. companies are going to high deductible plans because of that. their out of pocket expenses and premiums are going up 7% in the last year, why is obamacare working some magic and bringing prices down? it won't and it never will. >> i agree. >> nancy pelosi talks about this thing. democrats that love it. let's talk with her hands, telling you. you keep doing that, they're lying. >> that's for me. >> how about sticking to this, same thing, the ford gang sticking to it. they're all speaking russian, we can do this. find out how that can be. this is it. the son of the breach.
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you know i'm very glad you're not here during the break. to an irs mess, the tax agency just reporting a major security breach. somehow an employee was able to walk off with the private information of 20,000 current around former irs workers, addresses, social security numbers, you name it. this guy or gal lichfted it wita
simple thumb drive. think about that. if the tax man can't keep his own workers safe, how safe do you think you are? charles? >> none. here's what makes it more worrisome. we're making the irs -- the government is making the irs a super police agency. they're getting more and more power and that means it's at greater risk. it's a huge problem. >> i agree. i can't say i'm shocked by it. i'm just glad it was an irs employee and not taxpayers. but i just think that it shows the weakness of government and the potential for the harm that the government can do to the average person. >> yet another government agency though that has been a victim of this, sometimes from within. >> i think the whole thing with the snowden affair was like a clown like him actually had access to all that stuff that we essentially farm out and contract out valuable pieces of personal information to these outsiders and we don't do very good background checks on them.
our information, my social security number, is in the hands of knit wits throughout government. that's a real problem. >> adam? >> it's hugely concerning, but this is not specific to the irs or to the government. >> that's the problem. >> the social security number is in the hands of knit wits at your credit card company as well. >> just on the irs thing problem, adam, does that concern? you someone working there got this information from 20,000 colleagues -- >> of course it's concerning. >> it's very easy to do. who's to say that someone else who might just have a curious fixation with, i don't know, people who work at fox news to download that onto a thumb drive. >> of course it's concerning and of course we should be all over their case. they should be doing a good job on our behalf, but it's not unique. >> my credit card company has a monetary -- has a profit reason to protect my information. i don't think the government really does and that's the problem. >> i think that's very cynical of you because they have the
public interest. >> the irs has less incentive and mr. snowden has less incentive to keep stuff a secret. >> you think the economic incentive is the only incentive and i disagree with you. >> that's why banks have so many fire walls. >> i can tell that you major corporations worried about protecting this information make it impossible for employees to go in with a flash drive on a keychain and take that kind of information out the door. >> target just lets them shop there. guys, i want to thank you both very much. up next, work on these numbers. more than a third of workers have less than $1,000 put
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