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Payroll Tax Cut or Mounting Debt?

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    Which should be Washington's focus?

  • Duration 7:53
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T minus 21 days and counting the White House now posting this countdown clock on its web site.

Showing the exact time those payroll tax cuts go -- by.

The president warning middle class families we'll get -- act of congress doesn't act of extend them.

But is this the clock.

They should be showing our mounting national debt someone here are saying that's what DC needs to deal -- to really help the middle class and all Americans.

Everybody -- -- -- welcome -- passionate.

I cashed in accrued as -- we've -- Wayne Rogers Jonathan Hoenig Tracy Byrnes and John Layfield also joining us -- big political commentator Sally comes up.

Welcome to all of you Tracy wanna start with you today you would think it's gonna hurt the middle class war here -- debts or letting the payroll tax cuts expire.

-- -- yeah I mean did got look at what's gone on in Europe right now this payroll tax cut is it joke it is short term it just pull her still security.

It's really doesn't create jobs and -- not it is not helping our deficit at all.

Move on from the short term fix is that all your doing -- trying to garner votes come election time.

Be done -- already look long term the debt is going to kill us -- -- -- other thing here though Jonathan if you look at the extension of apparel tax cuts if it they're not extended the deadline is -- Many middle class families couples for instance making 70000 dollars -- gonna lose about 2000 dollars.

It.

You know it an out of their pocket second -- the economy that's another negative.

There.

It is a negative sure although -- vendors have at payroll tax cut isn't actually really got cut it is in other redistribution.

From the rich and it comes from it.

That economic fix -- fallacy that central planning grows wealth and -- the government's responsibility to redistribute as they see fit as crazy point out.

It's ineffective its short life it does that work in openly it's destructive because it perpetuates these bankrupt entitlements like Social Security the president and our leadership Billy and -- caught them not extend them and and -- -- even more than they -- -- But Sally if you look at the dead issue in this country in the fifteen trillion dollars in debt that we're sitting on right now that is what -- Europe.

Back and hurt us a look a lot of things -- Europe and one of the things I heard Europe.

Was -- struggling economy looked long term of course -- medium term we have to get our debt under control what we know and businesses know in the short term.

That they need consumer demand they need spending they -- middle class people have money in their pockets.

And what I don't understand is why we think it's okay to raise the debt to give more tax cuts to millionaires and billionaires but we somehow can't justify giving tax breaks.

I'm working class people but Wayne you know the question here I mean there's two things the DC could really focus on -- -- honestly Paula should pick one.

As should be payroll tax cuts an extension of that or should we deal with the debt what do you think is more important right now.

-- US economy.

I I don't.

Think you have to have an -- or I I don't get this you know this fight about why you don't have tax cuts as -- -- as it did it it's it's it -- it's more interesting bit.

That the congress has got to cut -- ultimately on cutting.

You know you know that so that's -- -- I mean otherwise we're gonna end up like Greece we know that we've got to do that.

Though this this is significant thing that you have to do here.

Is that why are you doing one -- debating what you've got to do the other you can't take the put your -- your eye off club itself.

I think they're -- has a point if you do it now that's fine it's an immediate that's something that happens immediately but in the long term if you don't cut your -- Have a -- -- -- we really haven't yet seen.

A true reaction to this payroll tax extension debate happening in Washington by the markets by many investors but that could change at the deadline gets too close.

I think it could yes but here you're not some -- job creation event there is no job creation a bit on the horizon anywhere in this country because we have no long term plans the long term tax plan.

The deficit plan the commission did not work we have no long term energy plan the only country developed -- the world without -- it without an energy plan.

So you you have this debt that we've started a good.

Just redistribute just like -- said since the 1960s.

-- taken social security and say okay wolf on that later our unfunded liabilities are much greater than fifteen trillion dollars we have right now that is our actual debt.

This is going to kill lots -- at some point we have to have a day of reckoning.

And you know what you want you wanna help this economy not stop the Reagan regulation -- the uncertainty -- the political BS.

Ever so sick of this nonsense it is -- inertia in this economy that's the problem.

Not not a little payroll tax cut look like anybody to be without money could it's gonna affect me too.

But at the end of the day all is doing is hurting our seniors because wells security -- -- And it is not going to create jobs and it's not gonna get you out and shot anymore yeah I hope I'm that capped a bogey and you know what bag and -- half an hour and a salad is.

Making my point about the consumer -- the negative -- on the consumer with regards the payroll tax -- -- that is already -- it -- but it's very obvious and small business owners have been -- the regulations they have said themselves the regulations are not what's hurting their business what is hurting their business is the lack of consumer demand.

Plain and simple we know the corporations are sitting.

On two trillion dollars in unspent cap will.

They're not creating jobs because the consumers aren't there taking money out of the hands of their likelihood that they'll let -- economy -- -- did not even regulatory debate that I don't wanna get into but at the same time -- take the same markets question again the -- -- -- -- we have not seen a true investor market reaction to this fight that's going on in Washington but that may change that's also gonna hurt the economy.

Well we we haven't seen that we've seen a very erratic market -- in my estimation it's hit a market that looks like it's government governed not by a Wall Street -- economic decisions but unfortunately by political decisions in this question about of -- payroll tax cut is just step.

Selling his economic -- of you that consumer demand creates wealth.

Has been proven wrong it enough blood to the -- -- -- been proven wrong in the last three years it is they bankrupt notion.

And essentially -- government once again at the heart of the economy hasn't worked it won't work moving -- out.

You know it's intimate if you're economic theory were correct and giving more handouts to the rich and tax breaks for the -- but not much -- then we -- have jobs and a working economy right now.

Funny I thought we had had to have a best selling we have we haven't had that we have we we we want we would ask her well still the early June that corporations and the wealthy are paying historically no part percent of the death -- a tax is -- with -- -- The American people aren't stupid they see it's not working kind of try something new put money in people's pockets and let them spend a -- I had.

-- when you -- hand out yellow -- at the end of the day it's a way to the end of the day both of bees whether it's apparel tax extension or the -- issue both of those are negatives on the economy.

The what do we need to focus on the bill the economy weighing what would.

You propose.

Well I think you talk about better I don't know that the economy is -- bad as everybody thinks it is the market may not be reflecting that but I see.

For example are barred distorted here in New York you know would -- felt gosh we are up in everywhere doing as good as we've ever done this year is his -- -- better than last year last year was better than a year before.

I -- consumer demand being there you talk about -- corporations sitting on cash yes this sitting on cash not because saved consumers who they are they sitting on cash because.

They they -- by.

-- is such that you don't want to invest that money you don't have a some clearer idea of where the future is in where -- going -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- And do very well and that's what's happened -- guys thanks to all of you on this one so.

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