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Well how much retirement money is enough.
President Obama seems to know.
The budget that he's proposing calls for a three million dollar cap on IRAs and 401 case you can't save any more tax free money.
-- may not affect many people now.
If you're -- young person just starting out and you're making the maximum contributions.
Three million dollar nest egg is possible over forty years.
Joining me now from south in Indiana congresswoman Jackie -- -- she's on the Budget Committee.
And that congresswoman it's really a pleasure to have you here thanks for joining.
It's good to see you as well governor thank you so much.
This this idea of capping retirement.
And it just seems like you're you're now encouraging people not to -- for retirement.
And that the government has a better idea how much we really ought to set aside than we do.
Shocking isn't it.
And I think that you know this is nothing more governor as you and I both know this is just another back door tax increase.
And that's it's a shame because I can say that.
You know hoosiers in the state of Indiana hardworking folks person around the tables every day trying to figure out how to how to balance their budgets -- home.
You know having to pay tax bills tomorrow and having to do all the things that they expect -- federal government to do.
And as we try to incentivized people and teach people to save money save for retirement don't be depend -- the government.
You know this is a this is a shotgun blast this is really tough -- for families.
To be able to hear now.
That we now only have a president who is insisting on more tax increases in addition to the tax increases and obamacare in addition to the tax increases from last year carried over.
This president is insisting.
On having his way in making sure that one way or the other they extract more money from the working Americans and I just think that.
You know folks -- homer worried about this governor -- worried about in the state of Indiana.
I know you have an exchange with the president you actually asked him whether I got he thought we ought to.
Put a focus on balancing the budget and I I thought the answer that he gave you was interest -- tell me about the exchange and and how did he respond to your request to say -- we -- -- balance the budget the federal level like we do his family's.
Well he did he -- our conference we had chance to ask questions then it was an honor to meet him as a president I states and I there has had chance to say -- if the federal government.
You know if our people -- Indiana Americans have to balance their budget we have to pay the interest on our mortgages.
Should the same thing -- expect that the federal level.
And you look at -- -- you know quickly just -- -- America's not.
Family and if -- if we balance the budget too quickly.
We will lose revenue.
And I just think that's very telling governor of -- this president is that all of these discussions in fact one most shocking things to me about his budget.
Is -- -- he took the time to come to the congress he took the time to come to the Republican conference.
And I'm I was as shocked as everybody else that down but they're very clear about the fact that -- that -- budget will in fact never balance and is not intended to.
But I think that's what's so shocking about -- to hear from him man from his -- and in his own words.
That that if we downs too quickly it will lose revenue this is a revenue generating administration a revenue generating president.
And at the same time you know we put our balance we put a balanced budget out there governor is you know a few weeks ago we pass a balanced budget.
They'll balance in ten years and that will create jobs and and I just want to let you now because you're very familiar with the great state of Indiana but I come from.
But all we talk about this issue of balancing the budget.
You know I think it's important for folks to realize that we're not just talking about balancing for the sake of balancing we tried this and Indiana and tested the theory.
We balanced our budget.
And within a few years we were the top state in the nation in job creation the foundational test is if you balance your budget.
-- have -- creation opportunity to create jobs in your state or your country that you cannot have otherwise that's why the pursuit of a balanced budget is so important.
You know we had a records tax revenue last year highest ever -- -- the United States.
Cecily -- it sounds like that if we give more money in more tax increases we're not gonna cut spending we're just gonna spend more money.
And that'll never balance out if we continue to do that.
See that's the thing it you know why should have a spending problem the spending is out of control we're looking at seventeen trillion dollars now spending.
And then ended the thing that's so disingenuous about this is and we have to talk about it.
This is going to be balanced on the backs of kids.
That are literally BM born this year toddlers kindergartners first and second graders young people that are coming out of college with a record dead.
You know they're -- to be looking at sixty and 70000 dollars of additional national -- the -- and have to pay for.
And -- I I was in a story yesterday governor and a senior citizen came up to mean she grabbed my arm and she just said to me she said you know my husband and I are worried sick.
About what's happening with the out of control spending and so people are talking about it you know who -- -- grocery store and shop.
And folks are worried about the price of milk and eggs in the price of gasoline and how to put their kids through college it's because of this debt.
And again we you know we're just not saying let's balance for the sake of balance the only way we're gonna produce jobs and our nation and set free the kids and our country.
To be able to have a -- -- that we didn't even better.
Is to get this spending under control.
Congresswoman great to talk to you thanks for joining us tonight -- Thank you so much governor thank you very much thank you.
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