The First Look - Adam Shapiro, Fox Business
Feb 14, 2013|
The First Look - Adam Shapiro, Fox Business
Transcript - Not for consumer use. Robot overlords only. Will not be accurate.
Well we got a pleasant surprise from Wall Street this morning 830 Adam Shapiro joins us now. On the financial exchange Adam Larry -- But I try to get the image of view and Bermuda shorts and white vinyl shoes out -- -- could Wear knickers here. Absolutely I am typically the worst dressed guy and I think on the shirt yet I'm I'm I'm I'm what they called the ugly American except that I'm Canadian so. I didn't. I do even better you don't have a Fanny pack that you -- Christina. A tip on when that fits TC didn't -- and again I'm. Not screens American more than that in -- Pay unemployment came out this morning weekly claims as a good number was. Better Ben -- expense yet. It's an initial claims for unemployment benefits fell 27000 number was 341000. Expert to always get it wrong expected 360000. -- 41000 spoke and I've -- economy that allegedly recovering but that. You know the naysayers will say it's not a great number of the -- were on the right taxpayers will say look we're going in the right direction. But it's not a great number I mean we're still well over 300000. -- 141000. People who filed claims and we outside state that didn't report this number's gonna get revised higher. Would debt which should we be doing as a country here which should the government be doing an output in the out. Makes tank yes I high and caring and our gonna pick -- out of your your king of the economy. Will it help or will would should you be doing -- today -- -- well. A couple things first you've got to be realistic about what the affordable health care what people call obamacare. Is doing. To a lot of a small company instead of laying people off for hiring they're cutting the hours that people. Work because there's threshold that if they were too many hours. Then they have to bite certain intern so they're cutting hours and people and in some cases that letting people go that's one thing that's not a part of the that has to be rectified yet. Create this perverse incentive to let people. Decade there is a good argument to be made as to how government spending. Does put people one more question is where do you do that government that people would you do it in military in the -- do you do it infrastructure. Right the president yet and I was talking about a massive infrastructure project. I -- and infrastructure which you know the one greatest thing you could probably do to get people to work simplify our tax. If businesses which are sitting on tons of cash. Knew exactly what the -- was going to be obligations. And you remove the incentives sticky money oversee C. And they could repatriate that money that beat assessment of people work forget posterity forget government spending simplifying this tax code. With the people. -- a lot of people are of the opinion that the sequestration could bring us back into recession as a matter of fact I saw Robert Shapiro being interviewed on Fox News yesterday. And that's what he said he said you know they do the sequestration will probably unit either go into recession are gonna feel like a recession. Right and and -- -- of Robert apparently that not pointed out it is. Michael. Although it that economic and here's the deal. If you looking Europe Europe -- practiced on there and and to some degree you know you could look at I certainly there has been so. Positive effect split not nearly the kind of recovery you would expect it's not working it. That but they're back recession other numbers that appear Germany's frank spent trying so it's it is an argument be made that austerity and at times like this is not the right. Thing to do and that's what they'll let people worried about an austerity is cut. And I think what Robert was were talking about this -- the that the thesis that I've pushed forward but nobody seems to be listening is. You cut the future benefits of Social Security Medicare. Military right you say hey if you go to. The on ball defender if the -- Olympic yeah yeah yeah and I'm 53 -- I don't care I -- I asked my my comment is you're gonna take me to the -- and I'm not -- even get bitter note typically. That's right but is doesn't that really isn't that the logical way to approach this because the -- the markets corporate America would -- to tax burdens going to be going forward. June and David who are youngsters would know OK so I'm gonna have to work an extra six months or have to work in here. -- -- so what you're talking about has already been proposed -- and and and simple CD's and it is what's going to happen. You know June dated myself. We are going to you either have to delay our apartments and Brady's. The age of retirement or at least the age of eligibility currents which so obscurity. Going to raise the age of eligibility for Medicare Medicaid they're going to mean that. You know that there are certain people who make there have certain access to certain buttons that are going to get left. But that that's all of only app that they just they don't do it. Divide -- -- -- into the economies of all the problems. Seattle like I think he'd do it right that you say look it's not an effective June June's. June's 39 writes it's not gonna have hopes -- is it's not gonna affect her for for 25 years or so she's not gonna care David's in his twenties he doesn't care very -- If it it's it's not gonna have a negative drag on the economy today and and tune in they've got time to plan. Right that's added that's the way you do do you give people on the planet but the other reality equipment people at all in raged about -- the discussion of raising eligibility and need the agents. People forget that you regional Social Security age. Well -- that you got to benefit at the time people were dying. In the original I think was 64. People were dying at 65. You know -- we we we live a lot longer now and we haven't kept up with the actuary. Well we've solved the problems of the world that bank -- People mr. ethical and now you're dating yourself thanks Adam Baker. Adams appear from the Fox Business Network joining us today on the financial exchange our text number 68680. Junior have a new email address to put out there. Yeah well you know you've had yours for a while in. I was sort of -- teetering as to whether I even wanted to put it out there why. You get you back. I -- But you can handle a lot of the team emails better than I can I do united FaceBook being the Twitter -- -- -- that -- you talked -- into -- I'm like okay. So yeah you can get me at. -- -- At WRQ dot com in Jason wolf finally relented gave me an address yeah and I will be right back.