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Cuts of this -- made this quickly.
Can lose jobs slow the growth of -- economy sequestration which is already kicked in is gonna get worse there's only one way to truly fix this quest.
By replacing it before cause us further damage.
-- so much for the further down exactly so much ready -- toggle on glad that have Neil -- -- box on top of the economy apparently laughing.
In the face of all that sequestration devastation.
Those 85 billion dollars an automatic spending cuts not cutting into the job market delays are by a long shot -- doesn't.
Jobs -- added in April and get this.
But the two prior months were revised to show -- hundred.
-- that more Americans working that originally reported so.
Want to make of that sequestration once again especially since we didn't see yeah Obama they -- at all.
To Ben -- Charles Payne Dana McDowell -- -- -- Charles Payne when it.
-- they'll -- and it's about time really first before you start someone Washington needs to start reminding Americans how great this country is you know every time I see these it's like -- -- eighty pound weakling where an amazing country.
The last thing that's gonna hurt us is the government having some fiscal restraint.
You want to talk about was hurt us.
Taxes have heard it's higher taxes on -- retired taxes -- regular people.
No one out there want to hear about 2% how onerous this is when -- when the American public that household that is now one point three trillion dollars the hard way so you know it's about time -- how great we are.
You know it is -- you have march and April to two months for which these sequestration affects -- end.
Not much pain.
Lol no not -- not at all and for February march the jobs numbers were revised higher ground.
I combined a 1141000.
There were 332000.
Jobs created in the month of February.
So it shows that Democrats.
And Republicans politicians will say in neat thing even if they know it's not true.
To get what they won't even when they don't they're still gonna suck -- -- about it.
-- -- to point out in terms of all the policy uncertainty in the last couple years.
-- guard CEO wrote an op Ed this past week in the Wall Street Journal that said.
Billion -- -- Has been taken out of this economy because of uncertainty that is 800 dollars.
Per person says that it won't wake people up and get Washington to do something long run and permanent I don't know what -- Ben Stein there are a lot of things affecting investors' mood apparently these.
Cuts in the scheme of things -- that are -- the least of them -- -- and well I agree it investors are an extremely buoyant upbeat mood there's no doubt about it we love it when that happens but we don't know -- the jobs picture Letterman like.
Without the sequestration that is maybe there would have been even more jobs and thousands and restoration and the thing that worries me -- is not so much.
The jobs pictures of defense major.
I heard senator McCain's -- all of the heads of the -- -- our views as and they cannot defend the country with the sequestration.
If that's true it's extremely serious.
And emotions to.
Well like that is one old Floyd should applaud -- -- optimism I've got optimism I've been trying to get you to be more optimistic for months now Charles so huge pat on.
Yeah -- -- -- it -- -- the -- rose colored glasses -- but I do point out when things are bad as well when you do it let's not and different.
-- -- -- -- -- -- -- -- -- Big Ben's stole some of -- -- both some -- my thunder because we know we we have to be statistically fair hair the sequestration hadn't happened maybe there would have been.
Even greater job creation but the point is.
The economy is doing fairly well who -- for our for our economy the sequestration has been terrible policy and remember.
Many of the effects have been on furloughs not job eliminations of those wouldn't get counted as job losses which may partly explain these -- Adopted the point Adam the really the real point.
Is that we didn't crash and burn because that's what we were promised.
You were brilliant idea that there have been gets out there how -- it could have been in the back -- it wasn't that other unmitigated disaster that's all -- of time.
To say and I I think -- -- to that point it was in the way he's sequestration cuts were greeted and and I don't.
Deny the impact that -- -- out on the defense industry.
I will point out that in the scheme of things 85 billion dollars which is really half that and most of it over ten years.
If it Wear it to the point where that gets to be so -- us an onerous.
In a three point eight trillion dollar budget.
And a nearly seventeen trillion dollar debt.
We will never get serious about anything so my only issue with -- even raising it and and the markets apparently he's sort of Blase reaction do it is.
-- -- We shouldn't be afraid to cut.
Right and we will experience some pain but if it's done well and right it doesn't have to -- -- not to be all right Leo yeah that's our deal they were added to put it.
-- -- -- for Mitt Romney in elegant at bats but they were something that was better than nothing you know what's going to be -- Even more painful than this this is -- -- bad policy just because the cuts were Willy Nilly.
But what would be more painful is one day you wake up and interest rates have skyrocketed and you're having trouble just making -- payments.
Under that -- the payments on your debt and and people act like that would never happen I had an AK and edit it very might well.
-- -- Could I don't know what -- really great way to a lot of only good -- out of.
I will jump over to the other side of this argument which is to say that there is something constructive here I mean none of us that we all agree we don't like the way.
That this happen but the fact -- originally the sequestration.
You know steam.
Was bipartisan I mean both both the whole congress agreed to it if we can't get a budget by this time -- -- about -- and so.
And it ended ended ended up so is there we are having a constructive debate about cutting the budget -- in in a way that we have to cut it.
I applaud that I think that's worth doing it just.
He can't -- -- -- I did today it's sort of like a constructed Biden resolution -- yeah dominant you know.
-- you stop that well as our acting like not just no way but Ben Stein.
I I I'm puzzled by well my heart throb dig in this sad about what connection.
-- this -- with a higher interest rates for consumers I would love if you explain that.
What the sequestration.
My point is if people don't like the way that these cuts went into place -- That the government will be forced to really seriously and deeply cut.
If we -- if we don't deal with this debt sooner rather than later.
That it will be -- that we could be hit with a sudden spike in interest rates they could force.
-- let it -- all -- cut but that the dollar would be impacted interest rates would be skyrocketing if we didn't do that cost of debt.
The cost of debt is a fixed price fixed by the Federal -- so.
It has only knew -- -- Federal Reserve and I think there are I think about what it what to what extent do you all of a sudden switched it around and and it was so glad we don't result -- spending resolve.
And then then all of a sudden -- did you know that the that it is -- and and that it -- right skyrocket right.
But the Federal Reserve can fix prices and interest so that that's -- provided a lot of it we are getting oil and are the only area and are confident that we're letting big slip away and that -- and -- -- game is over.
It's that it's been like a waiting for -- moment I -- -- but by the -- we're gonna -- we're out of but it is a fixed price and when stopped being a fixed rice and defense will -- a lot.
Whether there's sequestration.
-- and I don't wanna get too arcane on this -- or academic elites if they are tonight.
But I do send -- your right in this respect -- and I want to follow up to would you Charles.
That if we.
Find out that cuts like this aren't that -- And we and we feel and have the gumption to did you substantial cuts -- on the road.
Then I think that's all for the good but today -- -- -- if we don't.
I think faith in our in our system.
Will will will with a -- and I think interest rates will rise.
And I'm practicing because -- talk about the stock market is something of a proxy on this thing and the most difficult period for the stock market in the last three years was the debt ceiling debate.
And it was resolved but the -- fact of the matter is the world saw us as not being able to fix something that legitimate fixable so again today at this point.
If we don't have -- we don't have the the ability to -- 2% now and ultimately it's gonna have to be 10% imagine what our debt rating would be and that's where world will be.
Did do -- it would be pretty I don't think.
I don't have as much faith and and as Ben does in the -- -- -- I worry very very much.
That they could turn on Saddam and interest rates could skyrocket and very quickly what happened -- you and and -- -- that this was a love gone.
-- not at all not at all not at all not at all -- general marks which is back right.
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