tv Bulls Bears FOX News November 18, 2017 7:00am-7:30am PST
up? >> ed: we'll have another song at fox & friends.com for the after the show show. rachel thanks for coming in. she's back tomorrow. >> ed: the boys will be back with rachel tomorrow. >> pete: have a great saturday folks. >> ed: log on to fox & friends .com. >> dagen: the fight for your money is on, after republicans take two big steps toward tax cuts for america. democrats slamming it, as a big scam. they say that it will explode our national debt and deficits, but someone here says history shows tax cuts pay for themselves hi everybody i'm dagen mcdowell this is bulls & bears. the bulls & bears this week, gary b. smith, joan as max ferris, john layfield along with lee carter and chuck rocha. welcome to everybody. john, all of a sudden our debt is an issue when it comes to giving americans more of their own money back. >> john: yeah it is and look, four times we've had significant tax cuts in the past 100 years
and the numbers alltel the exact same story yet coolidge in 1924, kennedy tax cuts carried out in 1964, reagan 86 and bush in 2001 in the case of president kennedy 's tax cuts, gdp went to 6% for two straight years after the tax cuts. reagan went from 3.5 to 4.2% a year after the tax cuts, president bush inherited a 1% gdp and went to 3.8% and in every case, treasury revenue increased. i'm not sure how else to explain it except simple math and historical precedent which tells the exact same story if you do tax cuts right the economy gets better and treasury revenue increases. >> dagen: gary b., we will never claw our way out of these deficits unless we get this economy growing faster than it has been for literally the last decade. we do that through tax cuts. >> gary: exactly, and the reason that works and john made excellent points and did
wonderful research, the reason that works is you're taking money from an in efficient spend er of it, the government, and giving it back to people who spend it more efficiently and more effectively. look, this argument that the left is making that somehow the tax cuts have to be self-funding is ludacris. it makes a straw man of saying the government somehow deserves some pile of money. it doesn't. it's the people out there who earn the money. if the government then doesn't have enough money, shrink the size of the government. as john pointed out though, the more money you put in people's pockets that go to starbucks or take a trip or do whatever is a lot more efficient than government spending like the tsa we're going to talk about and the defense, the budget is blown , it's a lot more efficient
let the people have the money they earn. >> dagen: well lee and the fact that democrats are now worried about the debt and deficits, i don't know what church they're going to, but [laughter] please explain that. >> i think that it's hard to tell whose a democrat and whose a republican if you just put out the talking points out there, you probably would have no idea because we've got democrats talking about the budget, you've got republicans saying no, we are going to raise taxes on the wealthy in some cases, and it's like a total flip flop of what is usual. now, i think what we have here is a lot of people are playing to the polls and what it is people want to hear. they're playing to people's basic fears and when people's basic fears are that our country is running out of debt our debt is running out of control well that's a great talking point for the democrats to use. if on the other hand the republicans know that the middle class workers the limit needs to benefit that's where they talk to and right now they can't compromise and i don't remember a time where democrats and republicans couldn't coming to on this. >> dagen: well jonas, let me point this out that the debt
doubled under president obama. he raised taxes and even created some new ones on americans and the economy never even grew at a 3% rate during his tenure. >> jonas: the tax increases brought in money but they spend it almost as fast. it's very hard historically to look back and see what he has and there's a lot of moving parts. i will say the numbers don't look great because the only time we've run a surplus was after-tax increases since the depression. that said, these economic booms that the other guys are talking about are real. there was economic growth. we don't know what the growth would have been had we not got the tax cuts and we also don't know if the boost you get from going over 90% tax bracket lower or 39.6 a little bit lower it's hard to say what kind of boost. i will say we don't have to get that much growth to pay for trillion and a half or so tax over 10 years and talking about 1% more gdp growth a year roughly taking the economy to 3 or so trillion bigger over ten years is that possible yes there's a lot of improvements in this proposal corporate tax cut
if it keeps the company here then yes, you could see those numbers. some of the stuff thrown out there might hurt the growth, removing mortgage deductions temporarily could. state tax stuff is that really lead to more economic growth? not as much as the corporate tax cut would so again i think the potential is there, very hard to say from the past what actually will raise will pay for itself so to say but we can find out. >> dagen: if you give chuck more of his money back you'll go out and spend it. that will juice the economy and guess what? tax revenues are going to go up and that's going to reduce the deficit. there is your math, chuck. >> chuck: i think the important thing here and you hit it on the head dagen is whose going to get this and we've had growth in the economy. we've seen amazing growth in the stock market. you can learn a lot by watching bulls & bears and these smart folks talk about how you put your money in there and watch it grow. the problem is theres a lot of people in the middle who haven't seen these grow. sure there are 401 (k) if they
had them they've grown and live learned from listening to gary b., and john, these corporations have more cash on their books than in the history of corporations and republicans running around saying if we give tax breaks to corporations they will share it with everybody and it trickles down and everybody will grow so they've got this carbon their books why aren't they already doing that? the simple math to me is if you give a poor old boy like me $100 i'll invest it and get whiskey and go to invested banks. >> a poor boy like chuck isn't going to move to ireland and earn money because he didn't get a tax cut and that's what corporations do so we have to play out a global tax deal and that's the way its got to be or chuck because you aren't going to move let's be honest. >> businesses like me are really going to get the help that the big boys is getting that's my argument. >> tax cut if you're not a service like a lawyer you'll get a a huge top bracket like what you were paying. >> dagen: yes chuck you're getting a tax break.
you're getting a tax break in the house plan and a tax break in the senate plan. if you're-- >> he might not get that break. i think he will hire people but those are the details. >> dagen: well in terms of the class warfare democrats are of course saying this tax plan is going to help the rich and that's something that really got under the skin of oren hatch the senator from utah take a look. >> i really recent anybody saying that i'm just doing this for the rich. give me a break. i think you guys overplay that all the time and it gets old. and frankly, you ought to quit it. >> mr. chairman, the public-- >> i'm not through. i get kind of sick and tired of it. true it's a nice political play. >> well mr. chairman--with all due respect i get sick and tired of the--regular order mr. chairman. >> we do a tax break-- >> regular order. >> middle class. >> and over and over again. how many times do we do this?
>> dagen: john i would have taken that gavel and done something else with it. >> i like the part of america, i'm sick and tired of everybody in congress right now. these guys are like little children, they get absolutely nothing and they could possibly go down as the most incompetent group in our country's history. what we want to do is what chuck and my pal was talking about is we want to give money to small businesses not necessarily the big corporations what you got in big tax breaks. the deficit is a complete different issue. we had $2.1 trillion in federal revenue coming in president obama inherited the recession. it was 3.2 trillion when he left and we're still running a $700 billion deficit because of these children in d.c. cannot balance a checkbook. the deficits complete different problem that we have regardless of tax income because gdp right now tax is 19% which is about as much as this economy can take. >> he talks about these tax cuts
benefiting the rich. of course they're going to benefit the rich. they benefit anyone whose actually paying taxes. what are the top 5% of the country in earnings pay? they probably pay 80% of the taxes. of course it's going to benefit them. second of all, you know, jonas alluded to an argument that bucks the heck out of me. it's somehow well we can let the people have the money they earn because somehow it won't grow the economy. it's not the government's mandate to grow the economy, it's not their job. they should be building highways , defending our country and that's it. >> dagen: i love you gary b., but we got to move on, and just over an hour from now melissa fran since what do you have coming up? >> hi dagen president trump bringing $300 billion worth of big trade deals back from asia so why hasn't the mainstream media making a big deal about it and how about this new tax reform plan, if you don't have kids in public schools then you
don't have to pay public school taxes? see you at 11:30 eastern. >> dagen: we'll be watching but up here first with a record number of folks planning to travel this holiday a new undercover operation shows the tsa is failing, big time. it's finding weapons, now one of our world travelers has a solution, next.
>> from america's news headquarters good saturday morning to you i'm leland vittert. there is a massive manhunt underway near pittsburgh now for the killer of a rookie police officer. officer brian shaw was gunned down last night in new kensington when a traffic stop turned into a foot chase. they've now brought in swat teems and police dogs to search for the cop killer and officer shaw had been on the force for less than a year. a rocket carrying a weather satellite launching from vanderb
erg air force base, the delta 2 rocket blasting off earlier this morning, and the satellite was in orbit will help with forecasting as well as tracking hurricanes when that season starts next year. i'm leland vittert in new york, more news as it happens now back to bulls & bears. >> dagen: planes, trains and automobiles. triple a predicting a record 50.9 million americans will be traveling for turkey day, but here is some troubling news for folks flying to their destinations. a recent undercover operation reportedly showing the tsa failed to detect weapons in most security tests with some failure rates said to be as high as 80%. gary b., you say this is why it's time to privatize the tsa? >> gary: absolutely, dagen. is anyone shocked by these
numbers? my gosh, an in efficient government organization. i mean, this is, it would be like if you left the package on the porch for fedex and eight times out of 10 it never got there, [laughter]. would people keep using fedex? no so why do we keep the tsa? use the canadian model, canada and most of europe by the way has private airport security. they spend 40% less per capita on aviation safety. that's the way to go. >> dagen: john, privatize or not >> john: absolutely. gary b. has been on this, they've gone to 80% failure rate can you imagine any company surviving that when you fail it that often? yes you need to privatize it. i was in india when they had the terrorists bombings and privat ized security there and uniform and very strict but seamless as you go through it. the inconsistencies of tsa are absolutely appalling. i'm against a very broken system
that needs to be taken out of government's hands. >> dagen: lee the tsa is implementing the ct scanners in some airports i think testing them in two so they are try to improve the bomb detection and weapon detection. >> lee: but they are but why shouldn't three do something more innovative or creative and that won't happen with just government so maybe they should consider doing partnership, if you look at disaster recovery there's partnerships with companies like toyota to make it more efficient and cut the recovery time in half. why doesn't the tsa look at alternatives and say let's make this more efficient and get this thing done and done right. >> dagen: chuck we must point this out before september 11, 2001 airport security was private. that's how it was managed, president bush actually national ized it. >> chuck: i do travel a lot and i can't believe these words come out of my mouth but i do believe this is i don't think we should give our security in our airports to the lowest bidder. i think we should give it to a government agency and they do a lot of hiring of our returning
vets which is a crucial part. are they as efficient as they should be? heck no. has anyone been through the things we've been through? this is one of the few areas where it should be privatized because i don't want to give it to the lowest bidder. >> dagen: jonas, will it make it better if we privatize it? >> look, it was bad before and it's bad after and you can't just keep swinging back like a clock thinking it's going to get better. apple and amazon aren't going to run it because you privatize it. at the end of the day, the airlines run it they have a system where it's a really long line and you get a brand new credit card you go through the fast line and they try to make money out of it and not in a way it's actually better or safer for anybody because there's no profit in it. they have to share it. it's a screwed up model. they aren't going to hire more people to cut into their profits so it's going to take more of a comprehensive thing with laws and rules. why can't refingerprint them? how many years since 9/11 they don't know who you are when you get to the airport.
why do they want to scan my hands when i've been through the pre check system? it's such a waste of time and so not working but it's going to require high-tech solutions not just giving it to the airlines to miss manage again. >> dagen: and here is one more nugget before we go. that ticket fee you pay for security, 1.3 billion of that in recent years has gone for deficit reduction. not the tsa. thanks, guys and gals, cavuto on business about 10 minutes from now, neil what do you got? >> neil: hi dagen speaker paul ryan is talking up those corporate tax cuts but our big business guys like mark cuban saying so what and you might want to stick to the stuffing and table the politics, or else this would be the scene at your table next week. we'll see you soon. >> dagen: thanks, neil. we can't wait but up here first, a new meaning to money problems, social media slamming the treasury boss and his wife over this photo op, is it deserved? is it all the bashing
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when you see something like this in some ways it's a self- inflicted wound with all of her twitter and everything she's done before a lot of people saying look at her grabbing the money but it's a distraction. let's stop talking about this she shouldn't have even been thereafter having the whole twitter storm we had around her hash tag why would anyone allow her into that photo op right now >> dagen: chuck? as my daddy might say, do you in have somewhere to be? >> chuck: no kidding. i can hear my dad talking to me now so that's the reason i give donald trump credit because he tapped into something stay with me here, about a frustration with people who want to drain the swamp and this picture represents everything that's there. and i don't mean none of them are bad but you've got this super wealthy guy working in the government now and guess what he has a beautiful, smart woman with him whose his wife at the treasury handling our money like its got every representation of exactly why donald trump won
this election and politicians and political consultants like me absolutely crazy. >> dagen: jonas? >> when you guys are on your third wife whose almost half your age and they're putting your signature on all of the money if you think you're not bringing that wife who you just married a few months ago to that signing, you all crazy. >> dagen: [laughter] >> he's investment banking more power to him and i will say watch the photo op for trying to get a tax cut passed and this is the kind of stuff that looks like people gets them angry calling their congressman. >> dagen: gary b.? >> gary: well i think you sum med it up when you said your father would say don't you have somewhere to be? this is for the 99.9% of the population out there this is number 5278 on their list of things to worry about. i don't care if she's there. i don't care if there was 10 women there, i don't care if
there was mnuchin and all his extended family who cares maybe it was silly maybe it wasn't. people aren't worried about that let the government get done and do some business rather than worrying about this. >> dagen: john this is already after on instagram, a photo she posted of her getting off a government jet with her husband, and then trolled some woman out in oregon who called her out on it, the final word? >> john: this was horribly ill- advised but haters are going to hate. i use social media for the right reason to find out how the uber wealthy like gary b. live their lives, so quit being a troll. i don't understand it. >> dagen: [laughter] thank you all and thanks to lee and chuck for joining us. turns out, man's best friend can extend your life and maybe even expand your wallet. my experience with usaa has been excellent. they always refer to me as master sergeant.
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>> dagen: predictions, gary b., go. >> dagen tesla is coming out with a new electric semi. i think it's going to be a flop. stick with gm up 20% in a year. >> dagen: jonas? >> here is the reason my last car was a 64 cadillac. >> dagen: john your prediction? >> don't give up on tesla. elan musk is changing the world and because of that i bought a lithium etf, because of the batteries in the cars is up 20% in the year. >> dagen: gary b., do you like it? >> no, i don't. >> dagen: [laughter] short and sweet baby jonas? your prediction? >> it's official news this week having a dog will make you live longer so that's why i got two to live twice as long for the people in study good for the pharmaceutical business. spider pharmaceuticals etf up 20 % in a year. >> dagen: john help me, [laughter] >> i can't figure out which one is jonas. dagen you married him, can you
tell me? >> dagen: the dogs are a lot cuter [laughter] >> i would agree. >> dagen: thank you so much everybody. the number one business block cost of freedom continues neil cavuto is now. >> neil: lawmakers very hopeful that a cut for some could mean a boost for all hello welcome i'm neil cavuto. the grand old party seems very confident that bringing the corporate tax rate down will pry business investments up but billionaire ceo mark cuban says not so fast. >> competition drives what i do in my business is a whole lot more than tax rates. worrying about what amazon, it will impact a whole lot more, companies and futures as will microsoft and facebook and google and other big companies a lot more than the marginal tax rate, so they're shuffling a lot of respects shuffling deck chair s on the titanic. >>