tv Forbes on Fox FOX Business October 22, 2017 7:00am-7:30am EDT
neil: i want to thank, continueg fox. >> what i tell people that are worried about the debt, cut spending, don't raise somebody else's taxes to balance your tax cut, cut taxes, grow the economy and if you dent like the debt, vote to cut spending. >> senator rand paul arguing that you can't tax your way out of the debt and steve forbes say it is senator is not only right but the forbes new 400 list proves he's right, hi, everybody, i'm david, welcome to "forbes on fox". rich forbes, elizabeth mcdonald, sabrina, john and bruce jackson, steve, the total net worth of everybody on your new list is $2.7 trillion. our debt is more than
20 trillion. even if you took every pen any of the rich folks', money, it would barely put a dent in our debt. >> absolutely, rand paul is absolutely right. 10 cents of the dollar if you confiscated the wealth, if you confiscated the wealth you would trash the economy because there would be no investment. the only way to get washington fiscal under order is growing economy. the only way you get growing economy with big massive tax cuts across the board, john kennedy did it, ronald reagan did it, i hope donald trump makes congress do the same thing. david: john, there's another way to lower the debt and it's to stop spending much. if you look at the chart 1960 and till now it's through the roof. >> yeah, there's no debt problem as evidence by low yields from treasuries, we have a massive spending problem and when you think about the forbes 400, we have to remember that every dollar is less money for innovators, the people on the
list did something remarkable that enhanced standard of living. think how much more they can do if the federal government were spending much less. david: it would be lovely. a lot of political problems. let's talk about tax cuts for a second. paul ryan on friday, the speaker of the house said that there is in the new tax bill, there's going to be another bracket that trump hasn't talked about. fourth income tax bracket for the very rich, does that make any sense? >> it doesn't. i feared this, this is the steve bannon populist influence. bannon was pushing for 44% tax rate. i sure hope that it doesn't happen. john makes such a great point that you want the wealthiest to make the investment decisions going forward because they have proven that they have done smart decisions and smarter decisions than the federal government as it ter pains to the growth of the economy.
david: bruce, i know you like the bash the supply side, but look at how much more money going into the government revenues between 1983 when the tax cuts kicked in, reagan cuts and 19889, we had huge increase in government revenue from taxes when you lowered the rates. >> well, here is the thing on that, the list that if anybody looks on the list, people are going to say they don't need tax cut except donald trump who was described as the most notable loser because he lost $6 million. clinton-era, tax cut ifs for middle class and deficit reduction. >> you are going to have class for the middle class because they are increasing deduction, first deduction, you only pay taxes according to every penny,
there is a middle-class break here. >> the president is expanding the size of zero bracket where nobody pays income taxes. they are all correct. even jfk saw too and saw revenues pouring in. back in that time, ted kennedy voted for reagan tax cuts, bill bradley worked on the reagan tax cuts, i'm not sure what happened to the democrat party that they don't get it that the little guy, the small business guy reports their income on federal government return, 90% of u.s. business is on the individual income tax. >> it's true that jfk was a big tax cutter, wasn't he? >> what happened to the republicans, the idea that we would be adding brackets is worrisome to me.
if we top 10%, people making over $114,000, we still couldn't tax our way out of our spending the problem. fact is that this is not just about restoring the budget but also about restoring government which proper role giving people more ownership and control over their lives. this is a massive failure on the republican party. >> by the way, i'm going make the point, david, the idea that clinton was doing income tax cuts for middle class, reduced the capital gains tax from 28% to 20% and that was purely good for investment. he understood id. david: there's another question here, in whose hands is that money going to do the most good, you might not like rich people but you would rather have all the money being in hands of government, all government bureaucrats that don't produce wealth, they just eat it up? >> the fourth bracket is mindless and the republicans need to grow up. the people who improve our lives get rich for doing so.
they are only able to improve our lives in so far as people who have massive amounts of money. keep it from government and direct it towards investments. why on earth would the republican party seek to penalize innovators and those that provide with capital. liz: here is what the government did with your money in obama era, they have programs, y2k program still out there, they just recently killed. so duplication, wasteful spending going on. i tell you something, when you raise taxes, people adapt, they change their behavior, look at all the rock and rollerrers who fled the uk, rolling stones. david: absolutely. it didn't work here either. we had huge spending program when he first came in, a lot of money was misspent on bridges to
no where, it didn't really do anything for the economy or for jobs, did they? >> you would argue that the health care along expanding medicaid, health care employment in the health care sector has been keeping money low -- [laughter] >> do i want to plug the list because the ladies who wrote this did a good job, said it was a record 169 billionaires were too poor to make the cut. my goodness. >> this is not about you liking the people, bruce. >> to john's point -- every time you take a dollar away from one of these people and you give it to government, we are assuming that government is going to do something more productive with it when, in fact, i can be certain they will not do something more perfect, they will probably do something detrimental, whether it's towards the labor market, towards energy, towards health care, they are going to totally mess it up. >> i've lived in chicago 30 years and i've never heard oprah winfrey say she needs a tax cut.
>> the point is that there was obamacare, we did have a new government program that was not only turned out terrible in the lung but right from the beginning, get-go, they tried to do elementary stuff in terms of registering people it didn't work. government doesn't do work as well as the private sector does, right? >> so the software -- >> the fact of the matter is, when you have below tax rates not only do people do better, everyone does better but you create -- and you have people moving up. >> let's step back and look at the big picture. longest stretch of crap of gdp growth during obama's administration, that's cost this economy $3 trillion, countless jobs, countless raises.
liz: if you had president bernie sanders, you would have no oprah winfrey and no steve jobs. david: all right, folks, thank you very much. you may have not heard in other news channels but there was a big win over isis this weekend, somebody in here said we need to keep beefing up military and spending more on it to defeat isis o ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ can i kick it? ♪ yes you can ♪ well i'm gone ♪ can i kick it? ♪ to all the people who can quest like a tribe does... ♪ essential for vinyl, but maybe not for people with rheumatoid arthritis. because there are options. like an "unjection™". xeljanz xr. a once daily pill for adults with moderate to severe ra for whom methotrexate did not work well. xeljanz xr can reduce pain, swelling and further joint damage, even without methotrexate. xeljanz xr can lower your ability to fight infections,
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on fax. for more news log onto foxnews.com. >> big win in syria, fighters e liberating the isis caliphate, trump has been demanding to defeat isis also letting generals managed to fighting as it all paid off. >> absolutely, david, when you stick to that strategy, you win, one of the big mistakes of barack obama prematurely withdrawing from iraq, his phoney red line in syria and weakness there led to isis in
syria. give them the resources and they'll get the job done. david: bruce, you look at a map and you see a map controlled by isis and terrific job of cutting at the heart of isis. you to give the guys credit, right? >> well, i mean, you know, it's a good thing but what is potentially more alarming than what could happen is that whoever is left could take to the cyber warfare and recruit and do a damage that's been done like orlando and manchester and let's do remember that this is sort of like guacamole when you deal with the middle east. they did get rid of a guy named osama bin laden from al-qaeda that we don't hear anymore. >> the failure to knock them down immediately in many
people's minds led to growth. when they are winning, that gives them a spiritual momentum that they don't have now. >> yeah, absolutely, david, do i think that we need to loosen up, continue to loosen up resources and allow for the freedom to engage in a way that the military and the people on the ground think it's most effective. that being said, i think that we do have to be cautiously optimistic because some reports are saying that isis is not dead, it is sort of morphing in shape and i think what we have seen with war on terror that can take many different shapes and it's not always an organize -- organization or institution that's committing some of the worst crimes. david david john, the fact that we got them out of raqqah that was their home base, decaptize. >> isis was never the threat that people filled it up to be in the first place.
i would add, i don't think we have a military spending problem in the first place, what we have a problem of is rather than performing national defense, our military defense much of the world and it's a shame. david: rich, you saw the military spending going down in terms of trend line and now going up in terms of trend line from what trump wants to do and it seems to be paying up, no? >> it needs to go up. congratulations for the military for triumph in raqqah but one war that we cannot afford to lose in generation is technology war with china and they are going pedal to the metal and that is why we have to increase military spending particularly around technology and r&d and not pull back. david: we did it against soviet union and worked there. isis is not just in iraq and syria and indications that it's
growing in places like philippines and africa as well. >> when you decapitate one gang, two more take place, the quagmire is going to take a lot more lives and another trillion dollars before you think it's over. david: i saw you shaking your head. >> that means we are going to lose the war. you keep fighting you will beat them but to say, they'll rise up elsewhere, we will whack them elsewhere. you keep them on the run. david: bruise -- bruce, you have to do that, mayben -- maybe unpleasant thing but what other alternative do we have? >> we need to make smarter decisions, we don't really know -- we found out this week why we have troops in the middle of africa and we don't know what's going on there. i don't think we know what's going on in a lot of places and we can't be everywhere at once.
david: we talked about the fact that president obama was micro manager of military whereas president trump seems to be willing to let the generals on the ground make the decision. that's management 101, you let the line managers decide what works best on the factory floor, right? >> i do think that you need to have executive level because it did seem deficient during obama administration. you have to have some idea of where we are and how we are going to succeed and i think that's what was felt absent for the last eight years. david: steve, what do you think? do we have the vision now over fight with terrorists? >> yes, i think general kelly last week made it clear why we are in places in niger to help soldiers there to get training and equipment to fight there so we don't send tens of thousands of people, preventive medicine, so to speak. david: praise and respect for
those military members fighting, it's a tough duty. lauren simonetti, what do you have? lauren: john kelly taking on the media for politicizing president trump's phone call to the family of a fallen u.s. soldier. was the media right or wrong? plus an elementary school under fire for canceling its halloween parade and now some parents say it's time to scare the pc police away. we will see you at 11:30. david: all right, lauren, we will be watching. netflix and benjing can cost more. some people say that we all depend on trucks. chevy, chevy, chevy trucks. we think it's because chevrolets are
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david: weekend binging is groining to cost you more this week. rich actually says that's good news. raise prices when the economy is doing better, rich. >> again, you know, 3% economy versus 2% economy, you get those kinds of effects. let me tell you, netflix has one to have best data-collection and analysis machines and they're seeing that the customers is more flushed today. david: netflix knows what it's doing? >> netflix debt, wow, it's about $20 billion, that share holder equity. it's on a treadmill. i don't think it's a sustainable business model right now. david: bill, the overall point, the fact that they can raise prices is kind of good news for the economy, shows consumers are
doing pretty well right now. >> after inflation, box office for movies are destined to go down as fast as renew goes up at netflix. david: the point is, bruce, netflix is spend august lot of money and maybe going in debt but they are spending money because that's what consumers want. >> i think it has to do with quality of programming. going to streaming service and quality are improving and people will pay for that, you see hbo investing in streaming, that's a good thing. david: john, this is a market at work? >> market prices usually fall. that's a function of investment. i think bruce is right in this case netflix is raising prices because its service is very good. steve, what do you think. >> supply and demand, but if you
have what people want, people pay up. >> for it. if we had massive tax cuts, a lot of people can be spending more. david: there's a lot of competition out there, rich, they have amazon, hul, which were -- we are a part of, it's not an easy environment to operate. >> no. i'm just shocked on the panel, this is the first time in memory that we bruised with bruce jackson. david: i think so. emac, what about the quality, it does seem that amazon and netflix and hulu are coming out with products that are in many cases better than what the networks are. liz: absolutely far none, they have great programming, it's expensive to create the content. that's why they will blow through pricing model for consumers. price hikes are going to go up or raise more debt or do another
offering. david: bill, you're a good number's guy, enough revenue to cover all of the expense? >> i don't know about netflix as stock. it's getting harder and not easier in the internet age to make copyrighted content. david: clearly we are all bingers here. we get together and bing. americans say they had some regrets in terms of how they are managing their money but [vo] the grille is distinctive. but it's usually seen from the rear. the 2018 audi q5 is here. betty called me at she thought it was a fire. it was worse. a sinkhole opened up under our museum. eight priceless corvettes had plunged into it.
>> research is follow the same business as broadcasters. >> cash on the balance sheet going down while debt is going up. david: have a great weekend, continue with lauren simonetti in cashin n. >> i was stunned when i came to work yesterday morning at what i saw or remember congress doing. remember -- a member of congress listened in to a phone call from the president of the united states to a young wife and in his way try today express that opinion, it's a brave man, a fallen hero, he knew what he was getting himself into because he enlisted, there's no reason to enlist. he was where he wanted to be, exactly where he wanted to be with exactly the people he wanted to be with when his life was taken. that was the message, that it was message that was transmitted. it stuns me that a member