tv Cashin In FOX News February 25, 2012 8:30am-9:00am PST
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>> not overvalued as bonds. >> so keep it in stock. that's it for forbes on stock. keep it right here. number one business block conditions with cheryl and cashin' in. >> desperate for more government? just as lawmakers lower the limit on unemployment benefits. maybe people are claiming to be disabled to keep the checks coming in. and social security claims hitting record 200 billion a year in january. and unlike unemployment they never run out. and hi, everyone. welcome to carbin in. >> our carbin' in crew. wayners and johnathon. and we have the president of penn financial group and president of mercer associate david mercer . welcome to all of you. matt, start with you. don't blame the people but
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constant government hand outs. >> we are created an entitlement nation. people and americans, if the government hand itself out. they are going to take it. that is how human beings are. i see the government handing it out and not finding out if they are disable at the same time americans are gaining a system that are taking advantage of this. you know, unemployment can end. disability checks do not end and you can be on that the rest of your life and the taxpayers are paying for this. and wayne, they keep taking the checks that doesn't show up on the monthly jobless data and they are not shown in the system. >> not only that. if you have a shrinking labor force, obviously and a unemployment rate. the rate itself is going to show a drop because you are shrinking the labor force even though you have steady
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employment. if they go to the disability side. that means less there and unemployment rate is dropping and statistics are liing to you. you have to be careful. the government is going to say that and look, the unemployment rate is dropping. yeah, you have people who are systemically unemployed . that is the problem with the society right now. j.p. morgan did a great survey on this. they found the disability fund is going to be exhausted by 2018 because of the huge jump we have seen in the last three years of those who are claiming disability, mental illness s. not just physical, but a mentally unyou stable. >> yeah, i think that is why we have to raise revenues to insure that those who need the safety net that is a promise of america are actually on that safety net. >> you need tax increases to save it. >> i mean tax increases and we
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are only receiving 14 percent of the revenues which traditionally is 18 percent. we need catch up there. it is ironic that we have the whole debate of entitlement, ironically with conservative politicians from red states and constitients that are most on the go and we are debating the entitlements. it is a promise of america to have a safety net. >> first of the all. >> david, we are not talking about a safety net. we are talking about abuse of the system. >> there is no. that is not the promise of america. a of dole to be on. is not a product of the founding fathers it is a product of the 1930s and 60s . david forget the politics and not focus on the red or blue. well, let's talk about the actual economy. it is bankrupt. entitlement that is you
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cherish whether it is a disability fund that is bankrupt in 6 years is a problem. and add to that medicare special social security. it is machine who lost their job and have terrible malady but why does government have a role in that at all. >> david hold on, i want to get lori in the discussion. you are our numbers ladyy. january 25 million checks were distributed. >> people are acting out of desperation. the economy showing a slight improve unemployment slight improvement but i support thed why of means testing if you actually need this stuff and not married to someone who makes a significant income. >> what does that mean. >> you never heard of mean testing. >> if my husband is a millionaire i don't qualify for the entitlements.
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>> and why don't we mean test when it comes out to give tax cuts. if we are barving rupt why are we handing out tax cut to the millionaires and borrowing from the chinese. that doesn't make sense. >> let me take it. matt, the discussion is fraud and waste with disunder the unemployment act and what about investigation find out who is mentally ill and who is hanging out on the park and having a latte. >> they should. the amount of money they are spending they could go out and investigate like you just said and find out who is gaming the system. merrence are addicts to the entitlement system and the government is the drug pusher. they push it to the americans, you are addicted to the entitlement. >> social security, no
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politician want to touch it >> numbers show us from the cvo and down we will have a social security system that is bankrupt and so is unemployment. we can't afford it. >> the congress are all thieves and they are on the take and bribe. there are people that you know, they don't bow to the same rules that the rest of the united states has to. and so they are going to give away the money it is your money, the taxpayer and they are going to take your mon yegive it to people and buy votes. that's what they do and there's no way to stop that until you change the system. it is bank rup. and you use the word entitlement and the word need, the word entitlement, why is anybody entitled and where does that word come from. and we need this. and that justifyies tharks is crazy. >> david bacon, and they can
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claim stress. maybe that is a fair point. i am stressed out and i need to be on the benefit for a long time? >> the lengthh link was not made between unemployment and disabilit and two separate issues and until someone comes to me and present evidence that there is massive fraud, you know, we can't lay claim that there is fraud or disparage those who are receiving these benefits that they also paid into through social security. >> one point. you don't have to use the word fraud. look at the bureau of labor statistics. people are moved off un. over in the disability set and that throws the numbers out of whack and makes unemployment look like it is going down. don't you understand that. >> and john. the last word. >> sure, it is estimated upwards of 20 percent fraud in
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the existing medicare . if you want to make the case that this particular entitlement program is fraud-free. i have a number. >> i can't say that you can make the case that there is major fraud to disparage a program that so many rely on >> exactly. relie on? >> in a free economy. cheryl. people help those they want to and it is not government's role to decide who is need yewho is not. >> thank you very much. great discussion. >> coming up. want immediate relief at the pump? put the brakes on the federal gas cap. a new plan in the works but will it work? >> and a new ad, and bite it yeah, baby it is about time . . but why energy? we've got over 100 years worth. is it safe to get it? but what, so we should go broke with imports? look, i'm just saying. well, energy creates jobs. [announcer:] at conocophillips,
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what plans do the congressman wiping out the federal gas tax and take it from 18 cents a gallon to three cents a gal yon he said our road and bridges will be funded. lore, you think it is going to work? >> absolutely. if gas prices are volatile why is the gas tax fixed. higher gas taxes and lower taxings. >> johnathon, guess where the money goes, the 18 cents highway trust fund to pay for road and bridges. according to the cvo insolvent by the year 2013. where the money is going is another story. >> it wasn't supposed to go to infrastructure when it was originally passed. it was supposed to balance the budget. when you add state taxes we are talking about 40 cents per gallon of gas for the consumer. you can't blame evilll oil
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companies for that. change the tax and get rid television. if you privatize the roads and bridges all of the expense of maintaining them goes to the private sector where it belongs. >> david, there was a huge report on the tax. one of the things they found. a lott of money supposed to go to blidges and roads gets allocated by congress to other places. get rid of the tax and hospital economy. >> congressman gray who proposed it had his chance to provide a tax cut to 160 million with a pay roll tax cut and he voted against it. if he was interested in that he would have voted for it with regard to your question on point. tax cut and taking that revenue away when you mentioned it is likely to go insolvent with the highway
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transportation fund. we need that money going in there so it doesn't become insolient and that can be put to bridges and road and highway infrastructure that is in need of repair. >> what he said congressman gray. he was on your world this week. half of the money is not going to road and bridges and that is why not help the american family out this way. >> make sure they do go to road and bridges. that is congress. wayne, he said to put the money back in the system. >> there is the ugly word need. they don't need it. they wasted it. the fact of the matter you are right. even 50 percent of that does not go to the repair of roads and bridges but administration and other stuff that has nothing to do with repairing roads and bridges and it is just dumb. the congress is duping the
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american people and they have overspent. they spent 52.7 billion on something that was 39 billion. all they have to do is cut it and we'll be fine. they will not do that because everybody is bribed. they are bribing the voters. and one of the things congressman gray said, this would off set the higher gas prices that we are pay on the business side. >> you think they are high now. wait until something over access. we could see $4.50 or 5 dollars a gallon. is it 18 or three cents. no, it doesn't. the real issue is the reason gas prices is higher, we have a terrible energy policy . how about drill here and stop relying on the middle east for the oil. >> it is not a terrible one.
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we don't have one. >> and we have a oil rigs out there drilling for oil and more rigs than anyone in the world so let's get rid of the drill baby drill fantasy to the prices. >> i would like to have a key stone debate but i will not. and economic activity in this country, in the end of the day, does the idea of getting rid, pointing out it is temporary and get rid of the gas leann tax help the economy and help us all? >> taxes are the obvious drain on the economy. i think we need to put all tax revenue to green sustainable solutions that don't work and getting all of the subsidies. but the fact of the matter we are addicted to oil like oxygen. it benefits and powers the economy forward and makes the process more expensive is the drain on the economy that we
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want to see prosper. stimulus was supposed to add money. and green energy initiative and knock out the federal gas tax. it is redundant. >> i thought you loved taxes. >> thank you very much. coming up. don't like the government telling you what you can and cannot eat? did the nanny state meet its match?
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two americans were killed in afghanistan. both were shot inside of the ministry of the interior in kabul. nato is recalling all of the staff from afghan in light of the shooting. there is a protest for the burning of a muslumholy book. it is vowing to fight al-qaida and apparent suicide bomber setting off a car loaded with explosives. 25 people were killed. the bombing outside of the presidential compound and back at home. rick santorum and mitt romney are fighting. and they are hitting the campaign trail in michigan today . head of michigan's primary. ron paul will campaign there as well. we'll have much more on these coming up in the top of the hour.
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>> meanwhile, taco bell is shelling out plans to turn the taco shell in a big dorito. >> johnathon finally machine is telling the nanny state to bite it. >> well, i don't think it is going to help at all. sheril. so, listen what you put in your mouth is your business and not the government. whether it is burgers or tofu and wheat germ. and it has no impact at all. >> did you say we? >> help me out here. >> wayne, do you think that honestly, look for taco bell for instance. they have 35 million customers a week. people like fast food. and we bother them to have it? >> johnathon, my friend
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johnathon is right. do you want functionary in the government telling you how to live your life and what to eat and how to exercise and where to walk and all of itself. they are going to get into this. and johnathon. johnathon is -- johnathon would make a better hen than that girl the way he's eating. >> lori. >> i think you would. >> and chomping on carrots if that is what our society wanted to eat. everything in moderation. i don't have a problem with that once a week. i have to eat a burger's steak i need the iron fix. >> i am worried johnathon will throw up. and at they end of the day johnathon wants his burger and should we butt out with our meal plans? >> i say to johnathon eat your heart out. and same time i would like to know from the government if my
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burger had e-coli or rats running in the kitchen as taco bell is trying to come back from. it is a balance here and i think a public, private partnership with and government to know what you are eating is what you think you are eating. >> there is a listeria in cantaloupe here, too. >> that is coming up with the point. real quick. going to matt. he is patient. >> i am still hungry. and listen. it is okay. but it is not for me. >> i don't think the government should tell you what to eat. educate you. and you can put it everywhere you want. it doesn't matter. you will get a taco wrapped in torritos. >> here's the thing. >> no one is make illegal. but here's the thing. lori, let's be honest. she probably does eat celery. >> everything in moderation it
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is all balance. have a burger and most of the time e right and exercise it is not just diet. >> i will say they are going for what they call for the junior abs. they are going for the 14 year old kids. >> i am going for it. >> and that is a burger. and this is not about food. it is freedom. you have the freedom to choose what you want to eat. you do that and it is not the government's business. >> johnathon. that is the danger and road we travel down. we talk about the national cost of the obesity. if i keep eating the burgers there is a personality cost and no national cost of the obesity under obama care and socialized medicine there is. >> you will need a tums after that. smile bites. thank you. david thank you for joining us. >> pleasure. coming up how you can do a
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carbing in. hey, did you ever finish last month's invoices? sadly, no. oh. but i did pick up your dry cleaning and had your shoes shined. well, i made you a reservation at the sushi place around the corner. well, in that case, i better get bk to these invoices... whh i'll do right after making your favorite pancakes. you know what? i'm going to tidy up your side of the office. i can't hear you because i'm also making you a smoothie. [ male announcer ] marriott hotels & resorts knows it's better for xerox to automate their global invoice process so they can focus on serving their customers. with xerox, you're ready for real business.
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take advantage of that. >> wayne rogers? >> talking about jeffreys and it is worth another look and i own it and i like it very much. >> lori. a consumer confidence read on tuesday and gas prices go in reverse and people are not going to be spending money. >> chris: johnathon. speaking with shipping. cspan and underowned sector. we own it in my fund. >> neal cavuto will have live coverage. michigan and arizo
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