tv Cavuto on Business FOX News September 16, 2017 7:30am-8:00am PDT
bigger and there will be no credit or credit card or personal information it's cash and cash transfers, bartering cigarettes and gasoline good for western union up 15 from per in the year. >> dagen: that is it, neil is now. >> neil: tax cuts that pay for themselves, hive everyone welcome i'm neil cavuto and president trump has a message for those urging he go slow on tax cuts. quit worrying so much about paying for them and embrace the boom you are going to get from them. well so much of the boom the president insists that washington won't know what to do with all of that revenue. it will be huge. charles says the president is right and history proves him right. also here with charles is charlie. gary willis, ben stein and welcome so charles your point is you do get a bang for the buck the president's right? >> absolutely and i'm wondering what happened to the republicans and their belief and supply-side
economics. now we no one of the problems is pr wise and rhetorical have boxed themselves into the corner after complaining about debt and deficits for eight years but think about the reagan years what he inherited and was able to do with supply side economics average gdp was 3.5% and 1884, 7.3% and income is up 8% adjusted for inflation not adjusted for inflation up 50% and you look at 16.5 million net new jobs. i mean that's the proof right there, so the debt went up there's no doubt about that. some of that was to build up the break down of the soviet union's military back but i think net- net people would say those are great economic years. >> neil: what's great is how you brought a bar chart to show that and i want to thank you. >> it's everywhere i go. >> neil: gerri, what do you make of that? >> gerri: i agree with him but we don't know what's in the tax package so we don't know how far it's going to go and secondly, will they be able to get it done at all? i think if they get it done in the first quarter of next year
we're super lucky. >> i'll just waiting for ben to clear his throat again because when i'm going to agree with you guys, but here is the thing. i believe in supply side economics and ben will say there's no empirical evidence at work so we'll get that for a few minutes but here is the one-- >> neil: even say empirical. >> it's zero, but here is the thing. i'm not sure the president agrees with this. he's busy holding hands with nancy and chuck now and he's looking to cut deals. >> neil: pelosi and charles schumer. >> but he calls them nancy and chuck. >> neil: doesn't mean you should >> [laughter] >> i call him neil, charles and that's how close. >> gerri: i'm gerri. hello. >> i'm sorry but he calls them nancy and chuck for a reason because he's finding common ground. >> neil: so you're real concerned on that and what could be telegraphed? >> donald trump has never a supply cider. he's always a democrat until steve bannon came around and turned him in. >> neil: but this could be part of the deal. >> it could be the art of the
deal but i'll believe it when i see it. by the way the art of the deal glossed overall his bankruptcies , just remember that >> neil: someone is a hater. all right, um, ben stein now, i know you're a legendary for going back in time and saying well the hoopla about tax cuts the president's wrong on this that they're not going to produce the revenue that you'll dig deeper into the red is what you're saying right? >> brian: well the gist is what i'm saying is if one of the greatest economists of all-time said anything that happens to the economy is a direct result of so many different factors that you cannot pin it on any one factor. yes it is true the economy booms fantastically in the reagan years. was it because we were coming out of one of the worst recessions ever? was it because we had reagan raised taxes every single year after 1981 and raised them very dramatically in 1986? we don't know the causes of the boom in the reagan years.
>> neil: ben i mean, they were a lot lower when he left office than when he came in. a lot lower. they were significantly lower. >> brian: i know but they're also many other factors at work we were coming off cyclical recession and a cyclical boom. >> what happens to the recession this time? >> neil: well let's go back here and we can debate. >> brian: we are having a cyclical boom. >> neil: adam here is what i'm raising because i know there's a limit to even republicans are saying how far they can cut taxes that's why they're debating how far to go on the corporate rate 15% looks unrealistic. maybe it's in low 20s as a starting point leave the rich out of it. so what does it mean in the end it doesn't sound much like tax reform as much as just a tax cut and not even across-the-board so i don't know what we're worried about. >> well i agree with that sentiment. >> neil: really? i clearly made that up on the spot but that's good. >> i agree with you frequently, neil that i think you can make
an analogy to the hated obamacare legislation when it first passed. if you remember the way the democrats talked about that they said well we know this was a hairy ugly process but we got a health bill here so what's wrong with it and i think the president's thinking and right- minded republicans will be thinking let's get a tax bill to get some tax cuts is better than all of the tax cuts we had hoped and dreamed for. that probably is best for the country as well to get something rather than nothing which is what they got on healthcare by the way. >> neil: what does that say about where we've settled now? >> well it says that the president trump had no help with respect to the gop leadership and adam is right. they probably are desperate to get a check on the board and sometimes it doesn't matter if you won by one point or 20 points, but having said that i wonder what happened to the idea that the republicans are going to cut spending. they were going to get rid of the department of education and hut. all that stuff but ben these were promises-- >> brian: never happened. >> but the president came out and said i don't know if he will zero out the whole department
which he never did and i can't remember the last republican president said they get rid of the department of education might have been reagan who said it but let's be clear. >> neil: even under ronald reagan? >> and bill bennett became a very effective education secretary, but trump promised all these, all the sort of cuts to waste and abuse none of it's going on but i'll say this. healthcare reform on obama was a pretty big thing. this wasn't some sort of measure the republicans look like here when you look at the sort of nitty gritty details about what they're talking about, they're willing to settle for a win. >> neil: but gerri, here is the distinction say what you will to president obama's healthcare plan. it was suspending programs. >> gerri: yes. >> neil: it didn't really help the economy in my opinion. i could be wrong. >> it wasn't designed to. >> you're right. >> neil: tax cuts generally are meant to put more money in people's pockets and do help the economy so i think that's a significant difference.
>> gerri: well absolutely, and let's put the blame where it belongs to be, which is on the shoulders of the republican leadership in congress who can't , you know get anything done. they should be putting these tax cuts forward. they should have a plan. they get nothing done. >> ronald reagan gave a bunch, i don't know how many but he gave many oval office speeches before they got their big tax cut plan. what has donald trump done? he's not even tweeting about it. >> neil: rather than casting blames but i just ask you this and ben stein maybe help me with it. in the end if we're left with a tax cut that won't be across-the-board, it won't be let's say revolutionary to the point that let's say ronald reagan was whatever you think of that, it would be in stark contrast to sweeping tax cuts. we've seen that did draw bipartisan support whether reagan even george w. bushes or back to jfk, so does that by definition mean it will pale by comparison? >> brian: it's going to pale by
comparison what was promised, what was implied or done by reagan but i maybe yet another c assandra here and say we need more government spending. we need a dramatic increase in defense spending. not just a little bit. >> gerri: oh, come on. >> brian: and that is more important than cutting taxes. that may get decided for us. >> neil: adam say that again? >> well, i mean we're talking about the economy but in a horrible scenario with north korea that increased defense spending might get decided for us i certainly hope that's not the case. >> neil: well that's right. with everything going on in the u.n. in town next week but i think you touched on it as well i think charlie you did this notion that we always talk a good game on getting spending under control but we don't. and so the government will continue to grow and grow and i don't know if that's a good longer term for the economy. >> well to ben's point listen we have a dell and it dated
military. >> neil: it's posting at $600 billion a year. we spend a lot. >> neil: not enough, neil. >> it's horrific. >> neil: we're misusing our funds. >> adam brings up north korea and the reason it's so realistic what could we do to them honestly when you think about it we barely have enough ships out there to patrol the waters of the world but having said that though, you still and i think ge rri is right leadership had seven or eight years to have all of this prepared. we knew the american public wanted, they voted overwhelming ly. >> neil: i think there's enough blame to go around. >> not overwhelmingly but-- >> you want to start paying down the debt. you was in to start paying for stuff get the economy growing at 3%. there's only one way to do that. >> neil: it's very hard to do. >> guess what ben you'll clear your throat a lot on this. only way to do that is through pro growth economic policies and deal spending because obama would have been growing at 3%. >> adam i want to make one quick
important point. charles said the american people voted for it overwhelmingly. they did not. the president didn't win the popular vote and the reason that's relevant is compromise here. i'm just saying it makes sense. >> neil: and it is getting compromised. >> democrats tell themselves every night the president didn't overwhelmingly win. he did. >> neil: bottom line nothing to worry because nothing big is in the offering so we'll see in the meantime lending a hand, when hollywood helps out but not before a few stars pop off. next time, keep the lecture and just send the cash. oooooohhh! you stopped! you're gonna leave me back here at year 9? how did this happen? it turned out, a lot of people fell short, of even the average length of retirement. we have to think about not when we expect to live to, but when we could live to. let's plan for income that lasts all our years in retirement.
>> i'm in washington and this is a fox news alert good saturday morning armed officers now searching a home in london in london suburb and evacuating some neighborhoods investigating yesterday's subway blast. at least 29 people were hurt after a bomb partially exploded inside a subway train. this morning police arresting a suspect in the attack. the 18-year-old is now being held for questioning but has not
been charged or identified. and north korea's leader kim jong-un saying today his country could be nearing its goal of equilibrium in military force with the u.s.. the comments coming a day after the north fired its latest missile over japan and less than two weeks after the country conducted a massive nuclear test kim also saying more missile tests will be coming even as the united nations has stepped up sanctions against north korea. i'm elizabeth pran, now back to cavuto on business. >> neil: now celebrities raising more than $44 million for the victims of hurricanes harvey and irma but some of them just couldn't leave it at that. stevie wonder and beyonce using the occasion to lecture about everything from climate change to racism and now they were the exception truth be told ben stein you say they should follow the example of most other celebrities at least in this telethon event and make out just
helping out folks who really need it. right? >> brian: well what we need, what we need is money to help people whose homes and lives are ruined by the hurricane. most of the people did that they did raise $44 million and a lot of money and it's really great stuff but we don't need beyonce lecturing us on climate change or beyonce lecturing us on racism. this country in terms of racism is so much better off than its ever been. there's it can't get worse. she doesn't know her behind from her elbow. this country used to be a really good and mr. trump is the least racist president there's ever been and it just makes me sick to see people calling this a racist country and calling mr. trump a racist. >> neil: well especially in the venue here. whatever your thoughts on that matter charles payne it just stood out. it did say, you know i was going back and forth and there was heartwarming stories and there is a time when you kind of leave that stuff alone.
this is about american suffering , human suffering, and i was watching stevie wonder. i'd tell you how much i love stevie wonder i named my oldest kid after one of his songs. >> neil: really? >> yeah, i love his music the inspirational message. >> neil: which song? sharia moore. >> neil: very nice. does stevie wonder know that? >> i'm not sure but i was kind of disappointed he called me a climate change kept ic blind. >> neil: and stupid. >> and by the way, we saw gerri certainly in texas and again in florida, that there were a lot of people just helping out other people there, the kajun never it and they weren't asking political affiliation or where you came from what your thoughts were they were just there to help so i think it insulted them. >> gerri: right absolutely. look so when you're asking people to give you their pennys and their dollars and their 20s -- >> neil: don't lecture. >> gerri: and you make a ton of
dollars, don't insult them and tell them how they're supposed to think. i thought it was way out there and silly and embarrassing. >> neil: what do you think? >> maybe i'm just so used to the celebrities spouting off their political views. >> neil: by the way they didn't all do that. >> it just doesn't bother me as much that beyonce would say something like this. >> neil: but we're doing a segment on it. >> gerri: [laughter] >> but i would make a point. >> neil: [laughter] [applause] >> oh, boy. before, you know-- >> neil: it was unusual. >> my problem is that with hollywood and these celebrities they're among the least educated people out there number one but number two is the mccarthy that exists out in hollywood like i don't mind beyonce saying whatever she wants but what i do have a problem is if you were a conservative and you said something right of center that you're blackballed from your movies that does happen and that i think is the real problem here hollywood and the entertainment industry is mccarthyism of the
left. >> neil: adam? >> you bet. >> i'll just make an observation we have a celebrity president who makes undignified comments all the time and so it doesn't-- >> yeah, we criticize him for that. >> so fine, so i'm saying that it's the times we live in. i know, like i try to behave in a dignified way. i absolutely agree. >> [laughter] >> neil: all right [laughter]. >> guys anyway-- >> brian: it's a good cause. i think you're all right. it's a very very good cause but to get in the right and left of this thing sort of makes it kind of nice. meanwhile, think of that, apple 's betting you they will happily pay up so why are retailers feeling so down? maybe because for them, x doesn't mark the spot. >> today on forbes on fox forget about congress off a complicated tax plan someone here says there's already a simple plan on
the table it could be passed right now, but first it was harvey now irma's exposing problems with federal flood insurance. is this more proof we need to privatize the federal program? we'll see you at the top of the hour. i'm val. the orange money retirement squirrel from voya. i represent the money you save for the future. who's he? he's the green money you can spend now. what's up? gonna pay some bills, maybe buy a new tennis racket. he's got a killer backhand. when it's time to get organized for retirement, it's time to get voya. if you could book a flight, then add a hotel, or car, or activity in one place and save, where would you go? ♪ expedia.
but can also loweresterol, your body's natural coq10. qunol helps restore this heart-healthy nutrient with 3x better absorption. qunol has the #1 cardiologist recommended form of coq10 qunol, the better coq10. >> neil: coming up the thousand dollar iphone that could hurt more than just your wallet, plus , if you don't want to spend a grand on a phone, how about our pro stock picks that could ring up far bigger returns.
>> perfect time for the iphone 6 , [laughter] >> i don't really think it's going to be too out of the ordinary from what they usually release. i definitely am going to buy one as soon as i pay this phone off, i have the 7 plus right now. >> my daughter's telling me i need a phone that can do everything.
>> neil: i don't know about that but would you pay a grand for a 10 as in the apple iphone 10? that's how much it will cost you and think of that why so many retailers are frantic this holiday season it's going to cost them. they fear once folks work over that kind of for the phone they won't have much other money left over to fork over on anything else. charles payne, our retailers right to be skiddish? >> they are right people are going to buy the phone i'm telling you. we are in such a materialistic period and apple has such a following. the last couple of quarters they set records for average selling price for the old phone. people were paying the most ever for the old versions, wait until these new phones come out. i'm telling you right now it's going to be a blockbuster for apple and other stores and retailers will suffer. >> neil: what if it's only apple benefiting this holiday season? >> that wouldn't be so bad the stock will go up. i know about as much of this as we were talking about burmese belts. >> neil: [laughter] >> but i will say this people, you know, people buy like
there's a cult's following to apple. donald trump was able to create like kind of a pseudo university with his name on it, trump university because there's a cult around him and same thing here so people will buy this thing. >> gerri: but don't you think the apple cult is massive compared to the trump cult? he's president. >> gerri: for my goodness i think look, you can not say this is going to be unsuccess physical because i think it's going to go gangbusters. does it steal from other retailers because that's your big question? i don't think it does that much and why because we've seen a lot of consumer prices go down over the last couple decades apparel and other categories. this is a category people are willing to have. >> neil: i respect that but i'm telling you, adam people are putting down that kind of cash that's in part to all of the tech gadgets i don't know about a lot of other gadgets and stuff period. what do you think? >> well, i think that first of all it's just going to be people are going to be frustrated so many people want this not everybody will be able to have it because apple isn't going to be able to make enough quickly. i just, i think it will be very
successful. i do not think it will affect, i mean it will affect our direct competition but if you're saying people aren't going to go-- >> neil: apologies for apple and when it comes to apple you have a blind eye. >> [laughter] >> neil: and i say this as an apple shareholder but ben stein what do you make of this and what is previewing for the economy? benghazi. >> what a make is a total amount spent of apple phones so we don't need to worry about it but i don't have an apple i sure but would buy an apple if it had a s tylus. i have to have a stylus, my poor fingers are frail and pathetic and old i must have a stylus. if they would make it i'd be 10. >> two things you want a stylus, and the other is i'm so relieved i didn't start with you. >> [laughter] >> by the way what's a stylist? >> gerri: i thought he said that too. they're not going to be a thousand dollars. it's going to be 700 because the
carriers are offering $300 off. >> neil: well they get a little weird about that i want to thank all of you certainly want to thank gerri and charlie because they have to go and gerri is saying not a moment to soon. if you can't afford the phone our guys say they've got the stocks that will high pressure you buy whatever you want whenever you want after this. si. and hey, unmanaged depression, don't get too comfortable. we're talking to you, cost inefficiencies, and data without insights. and fragmented care, stop getting in the way of patient recovery and pay attention. every single one of you is on our list. at optum, we're partnering across the health system to tackle its biggest challenges.
>> all right. stocks that won't set you back a thousand bucks, charles. >> royal caribbean, buy it now, take a cruise from now and maybe buy that phone if you want to. >> adam, what about you? >> vanguard emerging markets. there's a lot of growth there, including people who are going to buy iphones. neil: okay. someone is going to get them. ben. >> as always buy the market and the spdr's, in the long run you'll be a happy camper. neil: you don't like individual stocks? >> i do like individual stocks, but berkshire hathaway is off
the table because of the price. neil: even for you. all right, all right. >> just kidding, just kidding, just kidding. neil: of course, look at the time. time for david asman. [laughte [laughter] >> your principles for tax reform, they will be fair. cut taxes substantially, it will be the largest tax decrease in the history of our country for the middle class. encourage companies to hire and grow in america, and by doing that, we're going to have to reduce the taxes for companies, and bring back trillions of dollars, we have trillions of dollars overseas that we'll bring back and we'll bring them back quickly. david: there it is, president trump making a new push for his tax plan. it's a plan that's been out since april. he says it's simple. slash individual tax brackets. slash corporate taxes and end tax looph