tv WSJ at Large With Gerry Baker FOX Business March 11, 2023 11:00am-11:30am EST
pointing to studies that show the change could have a number of positive effects on the economy in crime and our health including a reduction in car accidents, heart attacks and depression. the senate unanimously passed the bill last year but nancy pelosi never brought the legislation up for vote in the house, maybe this year we will be springing forward or good. we will watch that, don't forget to set your clocks forward. i will see you at 10:00 a.m. sunday morning on the fox news channel for friday morning features exclusive interviews with house speaker kevin mccarthy and has oversight james, south dakota governor kristi noem and i'll be speaking with the florida governor ron desantis. we will get into a live sunday 10:00 a.m. eastern. that will do it for us for now, thank you so much fo i will see you again next time have a great rest of the weekend.
gerry: hello and welcome to the "wall street journal at large", joe biden launches a new bid trillions of dollars more in tax and spending. thanks to the republican-controlled house of representatives the reckless binge has been no chance of becoming law, it's an abort reminder of the stakes for the u.s. budget entity for the u.s. economy as a whole and the months in the years to come. new jobs numbers showing a strong labor market and february in the federal reserve more interest rate pain to come obligate this week at the state of the economy and will be talking about the things to with my guest. first if you thought two years of massive spending increases, surging inflation and exploding debt were the worst of the democrats could do for the country's economy think again and build a budget plan that would raise taxes with $5 trillion over the next ten years to finance more of the grandiose spending plans that
demagogues love the numbers are breathtaking the president would increase federal spending from the hefty 6.4 training dollars to 6.9 trillion in the process raising the deficit to $1.8 trillion next year from 1.4 trillion last year biden then says he will reduce deficits over the following years thanks in large part to big tech increases on those that he claims or wealthy americans. many of those hikes will also fall corporations and the bill will ultimately be paid by all of us. biden also says liability of medicare to raising taxes and payroll taxes on many americans. interestingly the proposals include closing a loophole to designate the income as profits and not subject to payroll taxes. yes who use the loophole of tax and a hundred of thousands on speeches and other performances in recent years, that's right
joe biden and first lady doctor jill biden in the years before he became president. >> the president was out on philadelphia on thursday claiming all the tax and spending would somehow do great work for the u.s. economy. >> the things i propose not only lift the burden for america but economic growth. >> is going to save money for the taxpayers. it really does, save money for the taxpayers. >> generate growth, that's what the economy grows. gerry: saving money for the taxpayers, he could not have described it better, biden's budget has no chance of becoming law since the gop controlled the house of representatives and will block these extravagant tax-and-spend plans. nonetheless biden's budget is significant, for a couple reasons in a few months he u.s. is going to run a creative educated ways to pay its bills without going over the federal debt limit democrats are making it clear we can add to the debt indefinitely within the spending. >> increase, suspend or preferably do away with the debt
limit. >> raise the debt ceiling. >> a house republican frame spending cuts as a matter of courage. >> funding would be devastating. >> we expect a lot but we needed that in part to get out of the recession. >> we need to raise the debt ceiling without any strings on it. >> the debt limit fight will be crucial battleground in determining some fiscal sanity is able somehow to return to washington. course biden's budget looks like the start of his reelection pitch after years we've seen a huge increase in the size of the federal government the democrats plan to go further now. the republicans do need to start showing urgently in the next few weeks they are prepared to call a halt to the out-of-control spending and tax increases to the ultimate cost of the patented taxpayer and the car becomes unbearable. and begin to talk about it with my guest editor and fox news contributor katie published in commonsense magazine executive
editor christopher benson. >> the whole democratic approaches seems to be that we can just keep expanded the role of the size of the federal government keep increasing we can save medicare and social security by taxing more and more a tiny tiny sliver of americans supposedly at the top of the income range ultimately the numbers don't add up today? >> nodded all they add up to more than the american people can afford, this is clearly a political document given what you said about republicans being in charge of the house and if you look at the argument tried to get the democratic party back into a position of being the working class, the poor class and not for the rich which in recent years racine democrats as the party of the wealthy and the
student loan bailout for those that not just have 1 degree but in a number of instances multiple degrees. when it comes to the budget the president claims executive raise taxes on people making under $400,000 per year but the unrealized gains tax would in fact everybody has a retirement account in the stock market in a very unfair way in and unrealized gain on regular people who are trying to save for their future. in the long-term picture here according to senator ron johnson this budget would blow the national debt to $50 trillion in just ten years. that is unsustainable. it comes to how republicans can manage this we've heard from them to they do want to deal with social security, entitlements. so in terms of what's happening in washington it doesn't seemed like the hard decisions are going to be made about how to get the spending under control. gerry: this continues to be a major political question for all
of us, particularly republicans because we do have to do something about reining in the debt and these programs and doing it away that looks both fair and fiscally putin, how do you think republicans are good and respond to them. >> i think this is a budget that could put republicans on their back feet in an offensive position if it wasn't for the schizophrenic nature of the biden administration policies. if you want to have a fight on entitlements is one of the democrats are generally going to win with the american people. if you want have a fight on corporate tax rates or capital gains tax rates that something to go but the republicans in the uncomfortable position in a populist moment in american politics right now. what's crazy about this the weird nature the schizophrenic nature of the budget like you see within the administration where the money is going, billions going to ukraine not billions going to east palestinian other places that are suffering produce more money for processing illegal immigrants in the money for trying to secure our border. $66 million for environmental justice and billions of more dollars towards a green slush funds. no one in washington is remotely
serious about tackling the actual issues of the debt and very few people in washington are serious about trying to restore american manufacturing or help the people suffering or stop that no. this budget is more of that republicans are good to be a difficult place to try to attack some of the stuff but the biden administration agenda is all wrong. >> we gotta talk about some of those later in the program, very briefly with you we are coming up in the next few months we're going to hit the debt limit where the u.s. is no longer able to pay its bills. republicans continue to insist that they will not agree to an increase of the debt limit without some measures to deal with the deficit. democrats say no seems republicans have come off worse in the fight in the past because ultimately the u.s. government isn't going to default on its debt the markets force a response how do you see this playing out? >> president biden in the democrats said they don't want to have a conversation about this and they're not getting negotiate we see not break with the new speaker kevin mccarthy. ultimately i think they will
raise the debt ceiling without significant spending cuts because again the new speaker has said social security and entitlement reform is complete the off the table. if you going to deal with real spending and what's driving the debt you have to deal with those things, democrats and republicans politically don't want to deal with them. gerry: more spending as far as the eye can see and we have republican-controlled house of representatives that doesn't seem to do anything about it moving on the fabric jobs report came in better than expected again, what that means for the fight against inflation. we will talk about that next. submit the economic data have come in stronger-than-expected which suggests the ultimate level of interest rates is dad, we got this. we got this. we got this. we got this. we got this. yay! we got this.
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3.6% of a stubborn inflation the strong numbers mean interest-rate hikes are sure to follow elizabeth warren this week had a go at fed chair jerome powell saying the fed is gambling with people's lives. >> we are taken only measures that we have two bring inflation down. >> at 22 million people out of work is just part of the cost, they just have to bear it. >> we actually don't think that we need to see a sharp or enormous increase in unemployment to get inflation under control. >> i'm looking at your projections do you call enough to begin people this year not a sharp increase? we need a fed that will fight for families. if you knock you lead the charge we need someone at the fed that will. gerry: let's see what our panel makes of all of this, christopher bedford obviously good news when the economy is growing and jobs are being created we all want that but we know suggesting the economy hot inflation pushing up wage
pressures the fed has said this week it looks very likely it's good to continue the interest-rate increases in public celebrate them and go to a higher level doesn't elizabeth warren have a point away, is this the price that we have to pay to get inflation down that we're going to put millions of american workers out of their jobs? >> the disgusting thing about the change between senator warren and chairman powell they are both right the fed is basically the only group in washington, d.c. that is politically isolated enough to make hard and painful decisions necessary to rain and inflation interviewed around great inflation by the way that it's been caused by the fact that washington, d.c. played santa claus handing out cash left and right flooding the market, you need to stop that this jobs report is an example of very sad thing to say of good news being bad news more money in our economy, more people employed means the fed only people willing to do this has to raise rates to change inflation. you have all the money coming in and interpreting to see people
pensioners who are struggling to make ends meet but the going to struggle even harder when inflation continues to go up and up and up. unfortunately powell seems to be one of the only people willing to do that, all he has to do is very blunt and painful instrument. >> the does look like the fed is preparing to crash the economy in order to get place and under control with all been worried about recession for the past year the economy is growing strongly but the paradox the more stronger the economy grows right now the more pressure it puts to raise rates in the more painful it will be when it comes. the fed has to fix the problem that they created she has voted for all the spending that has spiked inflation which is forcing the fed to make decisions about whether to raise interest rates on americans. it's making money, borrowing money more expensive, slowing down the housing market and although there are more jobs available the wage growth is not keeping up with that inflation.
when it comes to the types of jobs that the administration is talking about, please see the percentage of jobs of leisure jobs going up and hospitality of people coming out of the covid crisis getting back out there and businesses still reopening after the government shut them down. this is a government induced problem and for democrats to kinda say it's on the fed now and the decisions that they make as a result of the policies of the past and the runaway spending, they want to continue in the future. they are responsible for this as well. gerry: mexican cartel had been killing americans with fentanyl for years we know that, this week we've just seen how tragically killing them across the border with guns too, how should the united states respond, some say military force. we will have the next. in i wanted to raise them, i want to create a model where they can't sleep at night.
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corrupt. >> obviously this tragic episode we saw this week with these americans murdered by mexican cartels but as we said it's been going on all the time with the drugs that are being brought across the border, what is your solution. >> former green beret congressman and navy seal dan crenshaw and troops into mexico but allowing for the use of drones in cyber capabilities to really take on the cartels in a military way. they call them paramilitary organizations that are destabilizing not just mexico but north america and they are right about that. i think the response from the mexican president is quite telling, the mexican government is bad much of the time with the cartels is very corrupt and the fact that he does not want to allow the united states to come in and take care of this problem when the mexican government is not capable given how fully
armed and how many resources the cartels have shows this isn't necessarily just about the cartels but about the corrupt mexican government enabling this kind of behavior and allowing these cartels to operate on the southern border with the united states with little consequence while hundreds of thousand plus americans are dying every year from fentanyl net mexico allows to be import from china. gerry: chris bedford we see in america and see the use of military force by the united states and the middle east would drones and boots on the ground to save lives there and take out the criminals the people who are killing americans around the world. is it time to stop doing the same in mexico? >> may be in for only willing to face the hard realities one to herself is a failed state that is extremely corrupt and the border is controlled by international terrorist cartels. another reality we can do this if we have the will. what makes anyone think that the american people have the will to
see female soldiers hanging for bridges or making soldiers families targeting the estates that the violence that you invite if you try to squeeze these cartels and make them suffer and send them to put them out of business in the 24 hour news cycle the harsh tactics to fight people's horses this may be more than the american people want to stomach the sad reality we don't see it on the news we don't see the 100,000 people that are dying in the family's ring and fentanyl by the 24 hour news cycle but you will see the violence, the american people have the will is something that they should do is enter interest but it's hard to see that being the case. gerry: is no love for novak djokovic in his vaccination status. with ron desantis causing a bracket dare we say to the superstar players see the miami open? we'll talk about that next. >> the way that they wrote the order it may be a loophole so we can bring the men from the hamas. >> if he is willing to get on
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but so is your sound engineer. you need to hire. i need indeed. indeed you do. indeed instant match instantly delivers quality candidates matching your job description. visit indeed.com/hire gerry: the world's top tennis player novak djokovic has been denied under his for the miami open. for the governor ron desantis urged joe biden to let him play same put pandemic politics aside and give them a people what they want, let's talk about that with our panel christopher bedford we seen you with three years after the arrival of covid we've seen with the authorities have said
in order to shutdown the economy be disproved pretty well on everything on lockdowns and social distancing a mass grain and vaccine mandates and yet still there trying to impose this authoritarian control with someone who is obviously doesn't need to be vaccinated, what is the larger lesson from this? >> is hyper embarrassing and hyper- partisan. i just got back from traveling from england and europe where you don't see any of the stuff right now you don't see masks until you get back to the united states, you don't see the back vaccine mandates until you get back to the united states this is a country where all of this because of donald trump took on a hyper- partisan style were wearing a mask is assigned a virtue putting a sign in your yard say what you believe in the house and the sign say you believe in science the vaccine science has been borne out, i think this is a political fight for desantis to have if he can get the athletes team on board
because more governors, republican governors need to be stated up to the federal government with the states rights in causing the competent coming to a head the way the democratic governors have done a republican federal government, those fights are worthy or good for this republican health of this republic. >> is as a political opportunity for ron desantis. >> abrasive more attention in a different venue now or talk about sports unfortunately because the white house has tried to debate ron desantis from the podium and the press briefing and they repeatedly gone after his policies unfortunately for novak djokov djokovic, i think they will double down on not allowing him into the country. but ron desantis made a lot of good points in the letter he wrote to the president about this and said if we bring him over in about would you allow him to come allowing williams of illegals into the country with no vaccination status. it's outrageous it's embarrassing as chris said. it is antiscience quite frankly
they are meddling with the sport in the competition, novak djokovic 20 over in one recent tournament, he is scheduled to come to the united states for the u.s. open for the covid rule supposed to expire in may there keeping them out of the store and tainted the competition when it comes to winning these titles. gerry: they can't let go, this is a problem hundreds of thousands of people coming across the border and vaccinated that seems to be fine but can't let go of the control and they need to have over one tennis player that clearly represents a threat to nobody other than his opponents on the court. that is it important for this week my great thanks to katie pavlich and christopher bedford will be back nex >> "barron's roundtable" sponsored by global x etfs