Fiscal cliff negotiations kick off at the White House
Ben Stein sizes up the fiscal cliff negotiations
- Duration 6:50
- Date Nov 16, 2012
Ben Stein sizes up the fiscal cliff negotiations
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The -- factor follow up segment tonight -- -- -- negotiations officially kicked off today at the White House I hate the phrase fiscal cliff anyway with the president laying out a clear agenda.
I think we're all aware that -- -- have.
Some urgent business to do.
We've got to make sure that.
Taxes don't go -- middle class families.
Our economy remains strong.
And that's -- that Democrats and Republicans and independents.
People across the country share.
As you may know automatic federal spending cuts and tax increases will hit the US -- January 1 unless President Obama and congress agree to an alternative way to reduce the budget deficit.
So will they strike a deal joining us now from LA -- study author of the book how do really ruin your financial life in portfolio that's an upbeat title.
Ben first up if we go up the fiscal cliff what happens we'll I have to sell all my unicorn Hamels I -- -- to sell.
Anything Greg and I don't think you'll be the end of the world we're talking about and at most I would think a couple of months probably more like a couple of weeks.
Who -- they read some kind of compromise.
But the fact his taxes will go up.
-- -- -- on rich people analogue I don't really really rich people are really really La yeah and then we did we need -- -- actually need more revenue we cannot keep running these deficits forever.
All right -- I knew -- I disagree with everything you said but -- both an actor in an economist I can't understand why you wanna raise taxes.
It's about getting invited to more cocktail parties tonight -- captors yelling at you.
Not at all I don't get invited in Chicago partisan I don't drink getting right but I but.
Look the whole idea.
Probably Republican is fiscal sensibility right and -- those -- abilities as we cannot run.
Sixteen trillion dollar debt.
We got -- -- -- to any drug and we cannot leave our our children -- -- and defaulted bankrupt America so where do we get the money.
We can cut government's -- -- much Bradley must.
But we -- we have a lot of rich people in this country they have an awful lot of money they're not taxed enough.
-- -- I disagree the sense that the more that you feed the beast the peace will never go on a diet to peaceful keep eating that was looked listened YouTube dot earlier today.
Are now on.
Kelly show and your argument for raising taxes is it's not gonna hurt us that much.
Is that really a good argument for raising taxes I mean.
I don't -- I don't think it's gonna hurt us at all compared with continuing to run these huge deficits obvious -- I thought it was better to keep.
Running these huge deficits I'd -- do that but we -- year after year in the bush administration and an -- -- administration.
-- if you said taxes.
I don't have to go off by deficits don't matter -- turns out they do matter that turned out there we go banker who's gonna matter a lot.
Where to get the money from well I'd like -- I'd like -- every citizen in America pay at least some taxes even it's a hundred dollars.
But they are very very many very rich people as convicts the idea of their -- the lowest they've ever been.
Since -- over to just doesn't make any -- wives and their taxes will be that low.
When we have -- -- -- There's got to me is not an argument we've got plenty of revenue coming in it's about spending so yeah that.
But you can't -- this it's -- why do you raise taxes when you know that spending is the problem isn't the problem it's part.
The problem and -- brother rob we are spending way more -- the -- and and his incredible way yeah about our government we need some kind of a really serious commissioner Steve Bennett to get that waste out of the government but we've also cut taxes over and over again during the bush administration's we got that -- -- -- yeah averse to Obama administration.
We need more revenue as mr.
Obama's I I'm not a fan of Obama to get when I was you know does that.
But instead it's not calculus is a resident we need more money we can't get it -- -- cuts we need.
And raised that are at what what do you care if they raise taxes on some rich person.
By Sandra because I'm not a class warfare as I want I think -- rich it's it's you are already written the problem I do my soul.
-- you are rich on the other what does it matter in the -- is making a 5102030.
Million a year.
Pays another few 100000 actually what does it matter to him do you -- behind.
-- -- The united you totally exaggerate my stature Fox News I live in a basement.
I wanna tell you -- I thought I -- I don't whenever you raise taxes it never goes against any need just goes for more spending.
An example about.
And so when he met President Reagan read everyone says -- Reagan got taxes and and revenue went up.
He cut taxes in his first year.
Every year after that he raised taxes and his son here's they raise them quite dramatically so let's go back again brands that.
He realized then I got it guys with a good idea yeah -- on to more than they raised I look I hate doing that is due.
Any -- person does not want to pay more taxes and has -- but.
We need the revenue I don't want to be Cuisinart on the back -- -- -- I -- your Communist I wanna talk now about hostess.
The makers of twinkies -- -- something called Wonder Bread don't know what that is they're going out of business after striking workers failed to -- a Thursday deadline to return to work.
So I here's the the amazing thing that I've learned -- the lesson here.
Is that we thought that the twinkies could outlast everything except unions.
Are you devastated.
I'm not devastated their planet rather delicious sugary snacks.
But I do think it's an example.
A -- unions really misunderstand their duty in life I mean union man Screen Actors Guild and any other Hollywood unions.
But a union that cause its workers their jobs isn't much of a union I mean I understand.
How they can go home and hide and say there employees.
Look by the way we just -- your job if you took a firm standing instinct.
Manage the -- is what good does that do any yet.
Exactly and you know what you don't just lose the twinkies Gosselin is the snowballs in the -- -- got a huge travesty by the way -- -- let's say move to China.
And the 181500.
Jobs went -- I don't think anybody back and look the left to go crazy but because the union to killing those jobs.
Not much of a -- Well innocently enough I -- there will be some foreign manufacture.
Of twinkies or something like why not and yeah.
Why should that happen differently good thing that happened all the would be much better to keep good jobs in America yet that that's what you -- you don't know if you wanna get a twinkies made overseas.
Because they've had problems making toys.
You know I haven't that we all drive a lot of -- -- cars made overseas yet it look like twinkies bad.
Awesome talking to you gotta go.
Did you what can we come back.