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Diving Off The Fiscal Cliff

Dec 7, 2012|

House Speaker John Boehner said today that going to the “edge of the fiscal cliff” is President Obama’s “deliberate strategy”. Howie wondered if the republicans should allow the President to go over the cliff and asked who thinks the economy is getting better.

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

The F fiscal cliff is going nowhere it's be there it's -- as Boehner this house speaker said today this is not progress report because I have no progress to report. But does the -- unemployment numbers came out today and of course the beat the the the throne sniffer is of the Obama administration. Who who -- -- in the satchel. For a for a Obama as the jocks -- around here are for a Bill Belichick back. They they were still there make it an -- like -- it's peaches and cream everything is wonderful. These days time here again. -- the -- -- and being a solid total G and once we only -- -- -- 350000. More people. And off the rolls welcome for work 350 to 101000 people a day according to a government on stats were closer to 121000 day. The left the workplace every day gave up. But that's good news you -- because the unemployment rate is now -- -- seven point 7% if we could. If we can continue with this -- we can get the unemployment rate down to 04 if everybody stops looking for work. Then there will be an unemployment rate every one -- wants -- have a job and everybody else will be on 99 weeks of unemployment terror wouldn't or SSI here. SS DI. Workers' comp or some such thing. We have the there where everything from CNN when this is again Rick Santelli the the he he is the by -- -- -- of us CNBC looking for. He's looking for an honest man but he can't seem to find one he's the only one he's the only one there and that's because he's in Chicago. They won't even -- can they. -- -- -- those government job to get those below 8% now to take him back is that what happens. You know well I don't. No I didn't know and I'll tell you what he was -- program. -- Jobs and ask him go ahead and its second street 12 all right. We lost 350000. People in the labor force ordered time in our history where it's all about jobs and tax revenues. The only people bring tax revenue to the party are people who work. And the discussion is mainly about the people are working their way at the top -- urge everybody to read. He's -- read by everybody leadership today because I did so many discussions about you know in the fifties these things I. I don't know I was kind of fun because I had Baghdad then again I have no idea what we -- in this country in -- -- like this and talking. Gee how much momentum we have in the job market 350000. People. Yeah mean no another planet and 1954. Studebaker a -- Has more momentum in this economy that's on the job -- that Peterson did it and it it will not be 1% they don't have nominate. There -- a figure who paid not anyone particular. I'm 46 -- 88 o'clock AM that -- that. -- now that 81 you're not 99 victory with the they don't ever put 230. On the contrary on both sides of the aisle they love to get elected and they also love to -- above the statistics in. Anyway they can once again I think -- common -- these phases shame on all of them. To waive immunity they they big. Called him into the conversation Rick Santelli in the and they begin to talk over me finally at that to whistle to get their attention. -- never seen that before that's in the one. But he's right I got to ship thought peace in front of me. But up first I want than just region this phony cheer and unemployment numbers despite Thomas slips in the American banker. Obama partisans are hailing the surprising. Fall in unemployment as a sign that -- recovery showing strength. But the official metric for unemployment -- three only counts people actively looking for jobs and that is the figure which is declined to seven point 7%. -- -- in the Washington Post explains. The jobless rate dropped in large part because the labor force fell by 350000. People suggesting that people gave up looking for work. The number of people saying they had a job actually fell. By a 122000. In the Labor Department revised downward its estimates of job creation in September and October by a combined 49000. When they were by and they have a revised the number up ports have they ever missed counted. That they're from miss. Miss under estimated as George Bush would say. On the negative side and had two and had to war. Revise -- the estimates now I don't think so. Source 200 -- the -- -- 122000. People more became unemployed we celebrated decline in unemployment. Welcome to the fantasy world of Obama statistics. It gets even worse guess who has been hiring Terry Jeffrey knows. The unemployment rate for government workers plunged to four point 2% in October from three point 8% in November according to the Bureau of Labor Statistics. As government added 35002. It's taxpayer funded payrolls during the month. In October federal state and local governments in the United States employ 200005254000. People. In November this number climbed to 20559000. As recently as July the unemployment rate for government workers was as high as five point 7%. Five point 7% it's now it's down to three point 8%. And yet Obama says that by the government the -- the public sectors that is so what's hurting as country. And here's the thing about that that we're Santelli was talking about this was in the Wall Street Journal today Peter Schiff. He's a he's from mom. -- he's from Forbes -- know he's not he's seriously radio talk show host computer ship Shoney's and author. And he talks about how the liberals always like to like to say that in 1950s. When America's economic might was -- -- -- the rich -- tax rates as high as 91%. But that's that's you know that's really not true I mean technically -- -- for him for people. Lower and middle income workers now -- significantly lighter burden than in the past IE in the 1950s. And confiscate -- top marginal rates of the 1950s were essentially symbolic very few were actually paid them. In reality the vast majority of pop corner space lower effective rates than they do today. In 1958. And 81% marginal tax rate applied above in two incomes above one point 08 million dollars. In the 91% rate kicked in at three point 08 million. These figures are an unadjusted 1958 dollars and correspond today in normal income levels there at least ten times higher. That year according to IRS records just 236. Of the nation's. 45 point six million tax filers had in any income was -- that 81%. Or higher. So when they tell you that you know we used to have a tax rate of 91% you can -- yacht and 236. People -- it. The published IRS data do not reveal how many of these were subject 981%. Rate. Which would which was to you had to have three times as much income so I'm gonna guess it was probably about fifty people. In 1958 approximately 28. 1600. Filers. 61 hundredths of 1%. 61 hundredths of 1% of all taxpayers. Burn the 983000. Or more needed to face marginal tax rates as high as 30%. So the tax rates were basically low enough in the 1950s. The tax code of the 1950s also allowed upper income Americans to take exemptions and deductions and Europe that are unheard of today. Tax shelters were widespread. In not just for the super rich the working wealthy including doctors lawyers business owners and executives were well versed in the art of creating losses to lower their tax exposure. For instance a doctor drew won't 50000 through his medical practice again 50000 of them would be 500000. That I. Could reduce -- taxable income to zero with 50000 dollars in paper losses are depreciation of property on to a real estate investment partnership. Huge numbers of professional signed up for all kinds of money losing schemes. Today a corresponding doctor earning 5500000. Dollars can deduct maximum a maximum. Of 3000 dollars from his taxable income no matter how large loss. Yes if you if you lose what -- do was if you lose like 30000 dollars on -- house. Which a lot of people thought. You can take off 3000 a year until you've until you've used up the 30000 but the most you can take off per year is story is -- 3000. 18774694322. What is is the economy getting any better as they say on CNBC or is that -- were sent -- right that it's not getting any better I don't see that it's. I don't see that it's improving. The diet that's just I just throw that question now. Deep do you think anything is -- is getting better. 1877469432218774694322. You know. I think one of the problems in the in the election there so I mean there's so many that have been so many theories about the why Romney Austin why the Republicans did do better in this in this so brutally. -- wretched economic. Circumstance we find ourselves and I think one reason is that so many of the people. To vote. Are are not in the economy they just they're just not there they are on on the ball. There anecdotes as ice as Deval Patrick calls for their barrel on welfare. Mean if -- -- welfare it doesn't really no matter what the economy is right I mean they're you know what's like in the in these here in these neighborhoods were nobody works. There's no you know that big they have radio call -- drive there's a morning drive radio and those in in those communities were nobody's work and -- afternoon afternoon drive again. Right about now on the morning drive in the in the inner city areas were nowhere there's no war or where this and unemployment rate of 50%. 187746943221. It's it's all propaganda this country is so sick right now. But -- I have to I have to think it is you know there are. The other thing is that the welfare if there's nothing that's really screwed up personal historians in the war in the Wall Street Journal today. About Fort Wayne, Indiana and Fort Wayne, Indiana as a very very industrialized. City. He historically and its its total industry. And they've got their unemployment rate is under the national -- it's it's six point 7%. But they via businesses. Are having problems hiring people now because. They can get more people can get more money on welfare I mean this is this is adjusted for wind obviously this -- -- But people can get more and welfare than they can get at the starter jobs in the in the don't want to get on the they wanna get on the starter jobs they beat via. Some of these some of the industries some of the manufacturing plants and apparently offs. They -- there were offered people like eleven box twelve bucks an hour to get started and there's a chance you know to move up. But these these but the the parents of the people getting out of high school or -- getting an associate degree associates degree colleges and they were these -- the people who would normally be taking the the big the jobs are on the assembly line -- of them -- as a skilled as skilled worker in the main factory plant. The tone don't go to work there's too many there's too many layoffs. And then the other the other thing is that that that if your if you are laid off. You're doing better on welfare than you are. By going back to work. You know. 1877469432218. -- so so here's so here's Fort Wayne, Indiana now and then and so many other places. They would -- its parts of the economy are coming back but they can't get any workers because everybody is he has become so used to not not working. 18774694322. 978 -- -- that this this is usually the busiest time of the year for us this is the slowest December art scene in twenty years. 857 like cousin -- they're waiting for management positions. To a seven I'm a white Republican male and I have a family and I'm a Mormon and I didn't vote for Mitt Romney the reason he lost his people didn't trust him nor did people like him. If that's if if what you Brittany is true you're you you you don't you cut you off your nose off to spite your face. So the reason Romney lost his people didn't trust him nor did people like him so what -- saying to me is you did like. Barack Obama and you. You trusted him you're white Republican male and you think Barack Obama has your best interest at heart I don't I think Cuba made a serious error in judgment if if you were what you say you war. How -- I worked for midsize pharmaceutical based in Marlboro we have let 600 people go in the last twelve months the economy sucks. I work is a certified teacher in preschool required by the state of Massachusetts have a bachelor's degree and make eleven dollars an hour maybe I should go on no welfare. How we I've got one credit card have a balance of 01 -- left to pay off from school and I'm going to lay low. 18774694322. Ferris your next with how we cargo ahead Ferris. -- looked at the -- It trickier question. He kind of be getting better as they say it is of course this is covered from a guy. Who gave the committee election year and it being. It reminded view of biweekly about it right up until what time in the and actor best agree with Pat Buchanan that was all the election fraud. And there's so it is not the reason Romney was -- -- new law. Is chronicled in any number of bestselling books for example who was out. We have had him well I that we had John fund on the year during the election fraud. -- it looks pretty good for his books pretty good. A lot of good books you know I would it would as the good book but that's the truth about vote fraud respondents in the book called subversion incorporated. And it and it's and I hate to say vote frog because. Both -- just a small portion. Of election fraud election fraud just made up 37 different. I know believe there's -- there was a story yesterday. Mitt Romney. Carried the state of Iowa on Election Day. But he lost the electoral votes why did you lose the electoral votes because Obama had it gotten now a 137. Thousand lay -- to vote for him before the polls even open. You know I mean it's hard to get these these people that are about you know never worked -- -- on drugs and better you know just you know. Just total parasites and -- it's hard to get them. To go somewhere on on one specific day but if you make it easy for me and you send buses around that are public housing projects. Or you send or you send a vote canvassers from. A quote from them whenever they colony -- these days are SCI UN to their mental institutions -- -- Like -- Horwitz forward David Horwitz the conservative but. Has a brother who's been an older brother in law I forget which is he's been in a mental institution most of his adult life. They come around and they vote form he boasted they they vote they vote his his democratic his Democrat ballot every time -- is at a at a mental hospital. Thanks thanks for the call -- Paris. Here's a guy just just left the just left the last lumber yard in Brunswick. It's it's no business they're dying every one is buying. How we are on a security company embossed and I have employees putting all the time to want to go to war go on welfare. 18774694. How we see if you could find the article about the Pennsylvania department of welfare stating a single mother of two needed to get a job making 69000. A year did -- equal being on the -- -- privacy -- to find that -- that's a Pennsylvania. If you're on welfare you -- if you're you need a job pay in 69002. As a single mother to equal what your -- what you make in on welfare. 18774694322. Had private funding to start a business but it all fell apart when Turbo one backers have no faith and his policies. Nor should day. Do you blame -- How we we got to cut welfare this is the second year my kids won't be having a Christmas -- my drug you neighbors and their kids always get loaded with gaps. 1877469432. To -- our. And I and the I. -- 18774694322. So 144000. Works as -- seven and 8320000. Filed for unemployment and 350000. Dropped out. And the unemployment rate drops. WT. 43 435 says 50% of the country enjoys representation without taxation while the other 50% in jurist taxation without representation. 339 how we help in the jail jury takes so long I don't get I don't get a -- -- the -- first afternoon. I don't understand. I'm a fat cat fund manager and hated Wall Street says 917 our firm's revenues were down 7%. And we suspend its forty week match for 24 employees some recovery. About Citibank that laid off element that they -- -- gonna lay off 111000 people yesterday 111000 people. You know what -- you know upload them to the Wall Street Journal saying. Well it's a good first start for the new watched for the new CEO but next time he's got to really make a dent in -- in the real problems this is Tuesday. That that this is just the the appetizer. All right here's the thing from from -- the yeah. Pennsylvania. Secretary of public welfare food stamp nation has made it -- made it possible for minimum wage earner to have seen more disposable income and someone earning 63 in the year. In an entitlement America the head of a house sold of the head of household of four making minimum wage has more disposable income family making 60000 a year that's because of all the welfare that's wrong man. And it we merely explain what has become the painful reality in America for increasingly more it is now more lucrative in the form of actual disposable income. To sit do nothing and collect various entitled welfare entitlements than to work. This is up from human events. This is graphically and very painfully confirmed in the below chart from Gary Alexander secretary of public welfare commonwealth of Pennsylvania. A state best known for its broke capital Harrisburg. As quantified and explained by Alexander. The single mom is better off earning gross income of 29000. Dollars. Which will -- her. Benefits that with the her income will add up to 57327. Dollars. If you make 69000. Dollars. You won't get any of those Denny's and you will end up with 57045. Dollars. So we're stories so making 29000. Dollars we'll set chew up for a better payday than making 69000. Dollars. So why work right. 1877469432218774694322. Oh boy all right. Paul you're next with how we cargo that ball. They're ball. -- -- -- Mark you're next with how we cargo ahead mark. -- rarity or artwork beat -- that work but it's big it's harder every day it's flat. You know just not seeing growth. It's just saying -- -- Another gonna suck more money out of the out of the unproductive class. You know the -- Eighty year what was it two years ago Barack Obama so we can't we can't do increased taxes on the most productive but class because it'll just deepen the recession. Now he says I won't agree to any kind of deal unless unless we -- in a raise the taxes on the out the top 2%. What changed in two years. I I have no idea but I mean you know we talked about it campaign Libya mean I put up -- -- that it where's my street felt about -- its program got. Mean it is ridiculous. And and you just aren't you know it's been so flat it's ridiculous that you keep that in Wales. They can get our bookmark that's -- -- good job got -- It's a thing. Which gives you all the people look by Bob they were gonna get 3000 dollars -- the people don't pay any taxes to begin. You know the well the bottom 50% of the population. Provides I think seven counts of 1% of the federal income tax revenues. How how -- gonna how the hell are they gonna get any. Where they gonna get any you know more money from the so I mean unless it's just. You know straight income transfer. Thanks for the call mark by the wept and if you've been if you haven't gotten on the chump and you wanna get on the trumpet yet sometimes have problems today's a good day for some reason the jump -- a slow. And off some drunk called him and left 800 messages like sometimes happens to fill up the term appointment. There's we we don't have -- many people that are usable on the chump like today so get on board now 187746. Mine. The 34. 69. It's 187746. Mind. No no no 1617. -- Six 779346916177793469. Sorry about that. 18774694322. I have a relative works just enough to be able to get thousands and earned income tax credit refund at tax return I can't stand. What -- a witness at the what what are we gonna start calling the earned income tax credit the by its rightful claim the unearned income tax tax credit. 603 he knows it's gonna collapse what he's saying is better the emergency now than later what's the saying better the emergency now and later -- so. 917 what's changed in two years a couple of million people disappeared from the workforce. 18774694322. This is Raj from reduced from Hudson now I was listening to the first Reagan Carter debate last night they were worried sick about a sixty billion dollar budget deficit. Oh boy those were the good old days weren't they they seem like the battle days of the time but now they seem like the -- days. Never feel like -- a few years these b.s are gonna seem like the good old days. Bill your next with how we cargo ahead bill. It'll probably it Allen -- made. Just go home and work harder now than I have ever in my life. And I have less less pocket money so it's it's it's ridiculous so there. I blame the Republicans they do such a poor job explaining economics. They don't this so they have to import job there. Voters have a responsibility -- wanted to educate themselves I don't I don't necessarily disagree -- get the Republicans do dual -- -- explaining the situation. The voters should educate themselves over here we have a a school system -- does not teach critical thinking skills anymore. And that's -- that's a big problem and I mean. In the October issue last year -- -- magazine there was an article about a guy you build just mansion down optical domain. Millions of dollars. In -- 870 contractors for three years story. All of those people that -- it -- people that was generating jobs. That's good for the economy. But they know you take debt tax money -- from it and he happening generate jobs that's what they need to explain. Right in his mansion his mansion is is assessed that a higher arrive at a higher rate on the island that he built that on and so the they -- city or town and the state are getting borrow more money and tax revenues because the guy but I had money to spend out of his own pocket. That it it benefits everybody certainly contractors big repayment taxes they were buying the benefits of all community is dead bolt into the gulf. Government pockets it just goes into a black hole -- doesn't that would impact. Thanks for the call bill 1877469432218774694322. Holy how -- you have -- strokes say the troubling number one more time sorry about that. 6177793469. And call and say I'm having a stroke 617779346. Mine. 9917. How -- my wife's ex has a master's from pops and under undergrad from MIT. He chooses not to work and focus on his -- belongs no kidding federally funded. They do it I mean. How can you how could you wanna be in the prime your life that -- and choose not to work -- I don't get that I mean I you know they're played I don't you know I don't -- work here. But I wanna have a job I wanna be on -- I wanna be in a good radio station but I I don't I don't not want to work -- -- next with how we cargo ahead Carl. I -- just wondered. Talk about the Pennsylvania welfare system supports that if you are making minimum wage which they're always crying about. Upping the minimum wage what would be the temperature ought to -- making -- -- popularity. Grew up with you would make. There are certainly dollar and now it's equal I would order all welfare who's making minimum wage. And benefits. And we are at a crossroads in this sad thing hits. I talk a lot of people they understand this. They're not there also is concerned -- that so that you mentioned in the something about. You know we've got to do something about Social Security. Medicare all the oh my gut would you know pin and and the thing is. Ought to do it on billing artwork for 65 years and still work okay. The last year I said to myself I am so sick it is about private contractor. -- like a lot of money under table. Because some say the -- are always like. Everything was by the book that they. Hundreds and thousands of dollars over the last ten years in their -- twenty years in any income tax and state tax and everything else. And a heck I'll bust my ass. Eric Dyson air you -- -- at all. Smoking pot actually. -- -- -- while we got -- legalize pot so that she felt we legalized pot so big -- you know would make elaborate but there. If they want to be so bad. If -- it would look like caught in the federal government let those idiots fall off the cliff. And you know we didn't take care and that you know what will happen they'll be -- now all we know we ship -- attract. So -- all caught. I know it in the you know the thing and you know would be -- you -- the list of blood of maladies for which you can get a prescription error or recommendation in Massachusetts for pot. Well gore phobia people are afraid to go outside. What is what is OK what all are. Welcome and if you smallpox. You're not gonna wanna go lots hated it induces paranoia so I mean earlier you're getting you're getting the treatment. -- you're you're getting a treatment for first. Edit the treatment this is what Kerry is what causes the ailment. I mean that's just wonder there are all -- not -- all these muddy the alleged diseases that the that you can now get popped for it's just it's insane. We will have more people sitting on the couch just like we need more people. On one on the couch space for the call and -- 187746943. Two to -- our car. Oh -- I do -- -- simple one now and only income for the better as SSI and assess the -- but he was able to get alone on a brand new forty K car. How we -- license examiner and main test and I Iraqi lady today who told me she cleans houses for a living she then went on to tell me that in addition to -- wages. She gets 2500. Dollars tax free per month and benefits from the government. Got a lot of think she's gonna vote against Santa -- Jerry Euronext which he becomes a citizen go ahead Gerri quickly. Hey are we -- They I would just call it in regards to Lakewood entitlement nation it was stuck with -- Obama the only -- we can do. Is to basically -- these guys to death by document policy views forcefully just spoke about about the heat are about quickly she doesn't think it's about how -- how does she think it's a -- I mean she's she's under she's not making enough he's under the poverty line it's the federal the feds say he's still the money. She's not gonna she's not ashamed I'm Howie --