Winner in the Alabama special election the Federal Reserve is expected to announce an interest rate increase this afternoon it would be the 3rd increase this year pushing up what you'll pay on credit card balances and adjustable rate loans insurance companies are heading toward a record year of losses the Wall Street Journal says raging Southern California wildfires are costly after hurricanes Harvey and Maria and 2 Mexican earthquakes and Google is out with the list of top trending searches of the year topped by hurricane Irma That was followed by Matt Lauer Tom Petty the Super Bowl in the Las Vegas shooting Jessica adding. That Johnson's don't have that inflatable musical snowman switched on tonight yeah I. Have accidently on purpose cut the wires I love you Alexa play holiday music. For. Tens of millions. That. Music Unlimited automatically any time. Perched over your bed at 3 am. So you settled for their home. If you booked a hotel room Priceline you could have saved up to 60 percent that's up to $120.00 books plus you'd be comfortable kept free room save up to 60 percent of your book in Priceline and get the deal anywhere else expressed a different. Like the news this hour hold on I'm a Thomas. How this hasn't happened since way back in 1902 Alabama electing a Democrat to the Us Senate prosecutor Doug Jones celebrating a razor thin win over former Alabama chief justice Roy Moore We have just around the state of Alabama we have shown the country the way we should be more not conceding telling supporters he'll wait for the certified results and they want to thank you for coming to NY and realize when the vote is this close that it's not over Alabama state law calling for a recount if the margin of victory is less than one half of a percentage point with all the precincts reporting Jones leads by one and a half point Satele Hill correspondent while the Heinz Aki had to low due in court later this morning the 27 year old native of Bangladesh charged in this week's pipe bomb explosion in the New York City subway President Trump planning to deliver a closing argument today on the Republican tax package lawmakers and aides have been working to blend the separate tax bills passed recently by the House and Senate the Republican goal is to deliver to President Trump the 1st major rewrite of the u.s. Tax system and more than 3 decades lawmakers are hoping to finalize it no later than Friday vote next week and deliver it to the president before Christmas Spondon Charlie Smith secretary of state chillers and softening his stance on talks with North Korea now says the u.s. Willing to participate in direct talks with Yang without any preconditions the Palestinians say the United States is unfit to be involved in the Middle East peace process this after President from recognized Jerusalem as the capital of Israel Wall Street Dow futures are up 7 points Nasdaq futures 3 points higher more on these stories at townhall dot com. Thinking about life insurance what if you could make one free phone call and learn your best price from nearly a dozen highly rated price competitive companies or that's exactly what happens when you call a select quote life for example George is 40 he was getting sky high quotes from other companies because he takes meds to control his blood pressure but when I shopped around I found him a 10 year 500000 dollar policy for under $25.00 a month I'm select what Agent dance of vino and believe me if select quote isn't shopping for your life insurance you're probably pain too much for your free quote call 871-4880 that's 871-488-8714 extension 880 or go to select suits 985 we shop you save. It full details on the example policy it's like what dot com slash commercials the price could vary depending on your health issue in company the fact not available in all states Larry Elder prepares Republicans for what's to come in the room. Pressured into resigning because they want to argue this allegation against him and. We're getting rid of our miscreants yours you got Jimmy. And Katie and Denver's money $16.00 i.t.m. . Taking care of business another day another dollar Good morning and welcome to business for breakfast time Jimmy sang at Burger here on this Wednesday December 13th edition of the program thanks for joining us it's a pleasure and a privilege to be with you as it is every Monday through Friday from 6 to 9 here on k t m t 1690 am so thank you for joining us of being a part of the program if you want to join into the festivities give us a call 303-632-4160 is the telephone number to do just that I feel brand new I got a brand new computer here revved up ready to go for a new day on the radio so pushy you being a part of this edition of the show. So at the bottom of this hour are the tax rate cuts then they tax changes I doubt are contained in the legislation being debated in Congress going to pay for themselves that is a heated topic of debate the Treasury Department just came out with a report this week a one page report if you believe that that says yes they will they will raise $1.00 trillion dollars So more than pay for itself. Well the Congressional Budget Office and the Joint Committee on Taxation to just otherwise will one passed guest on this program professor at the University of Georgia I believe Jeffrey Dorfman. Is going to join us yes he is professor of economics at the University of Georgia Jeffrey Dorfman has written about this in Forbes and he says if we wait long enough the pack tax cuts will pay for themselves and that's a very heated point of contention of course but an interesting point that this professor of economics has put forward saying just give it a little bit of time and it'll work it'll be just fine we'll be successful at achieving revenue neutrality at the very least maybe and then so the tax cuts will pay for themselves. So we'll talk with Professor Dorfman about that than our markets ours going to be a good one. We will talk with Krista Hough chief analyst at Cabot undervalued stocks advisor and get her take on what's going on in the world of the markets and some particular stocks that are making some moves and so forth so that'll be a good conversation there is a lot that we can touch on with Krista here on this edition of the program we will also talk just a little bit about perhaps a little bit about the impact of trade on what's going on in the stock market so we'll look at that this morning here on the program. Also be joined to talk about the markets by Peter Cardin chief market economist at 1st standard financial he's going to join us to break down what's going on in the world of the markets as we hit this midweek point this hump day if you will. And see what happens moving forward with the course of the week so that should be a good conversation as always he's got some interesting insights to share here on business for breakfast now we've been spending a lot of time talking about Bitcoin and cryptocurrency s this week on the program I will tell you that bitcoin is now at $17610.94 according to Google nearing the 800000 dollar mark now South Korea may go all forward with taxing capital gains from print dot currency trading see n.b.c. Reporting on that South Korea will consider taxing capital gains from trading a virtual coins a government statement of Tain by Reuters ahead of an official release showed the government will also ban minors from opening accounts on virtual coin exchanges and propose a bill to allow only eligible exchanges to operate the statement said to be eligible exchanges will need to uphold investor protection rules and disclose all big and offer quotes in South Korea the National Assembly needs to approve government bills on taxes the statement follows an emergency policy meeting held to discuss cryptocurrency as an emergency policy meeting that's very interesting with the side in focus and attention. That is being brought to bear on bid going to such a significant level such a focus being brought to bear on Bitcoin and cryptocurrency is more broadly speaking suddenly South Korea saying we need to have an emergency meeting check that off our list and we need to propose a possible tax check that I'll fall list and protect potential series of regulations checked out are far less an emergency meeting taxation regulation isn't that the nature of government to go there were some sort of a crisis afoot. So this is the kind of thing interesting Lee the crypto currencies were created to avoid these government interference and now government interference is trying to come back to bite it trying to say you can't get away from us and then I think is a fascinating component to this is in moving forward is going to be the issue of where we had in regards to this coalescence of freedom versus regulation in an untainted marketplace financial marketplace known as these crypto currency exchanges that's the key question more than anything else. Is what does the future hold for the fight between regulatory agencies and those looking to maintain their freedom their absolute freedom. When it comes to these crypto currency exchanges how they operate in everything. I really don't know and maybe it's because I don't know enough about it. But I really don't know exactly how. Any government can truly regulate fully the cryptocurrency space it doesn't seem. Like it's something all that rational to me to think about how you could actually successfully accomplish that objective mean how can you be sure who is in your country in order to tax it and that they're not avoiding your taxation and how can you be sure that certain exchanges are operating within your premises in the in the country and also in the ways in which you are requiring these are challenges I think that maybe become more difficult for countries like South Korea and the United States quite frankly. To figure out how to deal with and it's not going to be easy by any stretch of the imagination to determine how to strike that balance but how to practically accomplish that objective and then to some extent you can't regulate stupidity and there are some folks that don't know much about bitcoin that are already as we reported yesterday taking out mortgages in order to purchase bitcoins or bits of Bitcoin taking l. Mortgages for that it's astounding to really think about the notion that somebody is actually doing that but they are. So it's a brave new world that we're seeing out there some things perhaps they'll be able to figure out how to regulate and tax other things I think governments will find themselves more challenge to it also kind of defeats the purpose of a digital currency if you overregulate it and overtax it and that's the point. Of a digital currency is to avoid those things so be interesting to see how the cryptocurrency space responds as well that's can be the fascinating discussion. Let's take a look at the markets set out things wrapped up yesterday at the close we were up 119 points on the Dow yesterday that's certainly very interesting to see just a high amount of positivity in the market yesterday for the Dow but the Nasdaq wasn't all giggles yesterday it was down 13 points however the s. And p. $500.00 also broke records up 4 points of the Dow in the s. And p. Both breaking records and the Vix the volatility index the so-called fear gauge currently stands at $10.00 and it was at $9.00 yesterday at the close. As for the stocks that we are following Let's take a look today at how they performed yesterday alphabet the parent company of Google Amazon and Apple we call them the AAA stocks all 3 of them were in the red territory as were Facebook Invidia Netflix Sears snap and Twitter but Disney Tesla Microsoft Chipotle way and blue apron were all in the green. Yesterday at the close and General Electric Well it was up yesterday in green territory about one been a half percent as well as take a look at the pre markets and what the futures hold at this very moment for the markets the Dow is up 7 points the Nasdaq 5 and a half in green territory and the s. And p. 500 shaving off one lonely point at this very moment. I'm saying this is business. When you take a quick break when we come back a Colorado company will be opening. The Grand Canyon after a court ruling now be interesting we'll get some details on that and more when we come back with our 1st business. With keep it right here just getting started. Money Talk. Path to financial independence stop worrying about working losing your job. To provide for our families and run our businesses. Invest in a piece of real estate. It's time to get this life changing information register today. Making excuses for my passive income. Street School of Kaleri arts today by American general life insurance company Houston Texas not available in all states. 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Good morning I have headphones on when they start that whole process well. So far this morning a federal appeals court has upheld a lower court ruling clearing the way for Colorado company to open their Grand Canyon in northern Arizona Lakewood based energy fuels incorporated wants to open the canyon on several miles south of Grand Canyon. 64 when I mean approaches to defame the National Park it is outside the park's boundaries however a Circuit Court of Appeals in San Francisco has decided that the project can move forward after a court challenge at Leeds West group has announced that it entered into an agreement to acquire I well might it's automatic service franchise that will nearly double its current market share l w g a Greenwood Village based Capital Group owns and manages 55 Big Name Auto Services like Bigelow tires speedy oil change out of service and minus a 90 from states employee owned auto systems experts which is headquartered in Davenport Iowa operates 2 operates $42.00 my dislocations this will bring l.w. G.'s ownership and management into $97.00 locations in 15 states with more than $850.00 employees Kroger the largest u.s. Supermarket chain is going to begin offering j.p. Morgan Chase and Company's chase pay mobile wallet in certain markets beginning next year the new company said yesterday in a statement the partnership will be Kroger's 1st venture into mobile payment as a retailer seeks to bring more shopping experience into the digital age now mobile payments have been kind of slow to take off in the us basically point 5 percent of customer transactions are on pieces wallets of those type of mobile payments devices the reason Kroger chose Chase was because it uses a familiar barcode like system in the supermarket argument ploys that system and so basically it's not going to be a lot of capital investment in order to make the change in business payment system a $100000000.00 honoring the legacy campaign to raise money for the $4.00 major segments of the Denver noon at Denver's new National Western Stock Show complex kicked off yesterday with a $10000000.00 gift from Ron Williams and his wife a long time Denver oil and gas executive It's the 1st gift of the campaign is going to be dedicated to stockyards William said he wants to dedicate the gift to the stockyards because he was he'd raise cattle for years so his wife's family and he started sending cattle to the talk show back in the 1930 s. And a lot of companies said that that applied for a New Jersey casino license and put a 100000 dollars a nonrefundable application fee to purchase in Atlantic City casino However the owner of the casino Revelle said it's not up for sale so see what happened they call it a city and golf in are about is going to move to Westminster in January and the store is joining forces of Bicycle Village to become Colorado City and sports both stores are. Own by Broomfield based Dale resorts in there saying the new location that 9170 was worth Parkway puts the 2 brands under one roof and will be able to handle fluctuating inventory demand throughout the season so that you always find something you want when you walk to the doors Dow Jones yesterday up Big 118 points closing at 240-0504 the Nasdaq though fell 12 points the nation at 6062 Standard and Poor's 5 points up 2064 I weigh the forecast for today colder today 54 degrees is going to be our high partly cloudy skies overnight lows of 32 but much colder tomorrow with a high of only 39 it's 50 degrees right now as we continue with business for breakfast with me singing better on Denver's money talk radio and t.v. Am 6090 so before the big news of the day of course is that Republicans have lost their 51st vote in the United States Senate in some Republicans are relieved Yeah they are and they should be that this was not going to go well in midterms I think that while it is a short term defeat I think in politics this is a long term victory for Republicans because I definitely think it sets them up better in the midterms because otherwise you knew that half of those ads were already written that so you know this so and so Senator shares the Senate with Roy Moore that that was all going to happen so it is much easier and also they don't get bogged down in the question of whether or not they were even going to seat him running through an ethics committee anything like that they don't have to worry about that none of that's going to be in the press it's all gone and that is a really positive thing for the g.o.p. And to providing our frank and sticks to his resignation pledge and then there are yeah you know that certainly makes for interesting that mimics but the facts are here that with 100 percent of precincts reporting Doug Jones the Democrat had 49.9 percent 2 more hours more of Moore's 48.4 percent that's a one of the half percent margin of victory percentage point margin of victory and what's interesting too about that is that Roy Moore last night refused to concede. Yes once again he didn't listen to the word No no it was arguments that because God was in control Yeah exactly yes yes yes so but President Trump did tweet out last night that and 9 o 8 pm Mountain time he said congratulations to Doug Jones on a hard fought victory the write in votes played a very big factor but a win is a win the people of Alabama are great and the Republicans will have another shot at this seat in a very short period of time it never ends and these right the Republicans will likely take this seat back in 2020 providing they don't have another Roy Moore fiasco that's probably going to be the current If there were any other candidate the numbers show more not withstanding then they Doug Jones would have lost but this is the candidate of. Roy Moore more than anything yeah and I think that and we and I talk a little bit about it before the show that it is very very difficult to extrapolate anything from this one insular victory or defeat because it is so unique and so different and you're right I think that Luther Strange would have won a cakewalk a minimum of $25.00 points. 28 percent in the 26000 election in this in this vote so for those of my friends who say that this was an establishment loss that this was because I mean establishment victory in a sense but it was a loss because of the establishment because of Mitch McConnell I say poppy cock. It is nonsensical to think that you could have a $2829.00 and a half percent swing from. Donald Trump to a loss to a Democrat simply because of Mitch McConnell and Jeff Sessions took that same 2014 with 90 percent of the vote so they get to look at their self selection too because they chose more over strange strange was the better candidate in this race but the rank and file g.o.p. Chose the other guy. So it's certainly sets things up for changes the tax reform bill will still be able to go through before January the seating does not take place and. I'm Jessica Ettinger see n.b.c. Ahead of an expected interest rate increase by the Fed this afternoon with a little more uncertainty over corporate tax cuts because of the Alabama Senate race going to a Democrat stock futures slightly now they're mixed the Dow is coming off a record high by the way Republicans are hoping to get corporate tax cuts passed as soon as possible if they're $52.00 seats Senate majority drops to $51.00 after the Alabama election that's predicted to go to Doug Jones the Democrat and the f.b.i. Is investigating whether corruption played a part in Brazil getting last year's Summer Olympics according to The Wall Street Journal the game's bring big money to countries that host them one state Maryland is already set to announce an extension for Affordable Care Act enroll meant even though more people have signed up already this year than last year nationwide Taco Bell is testing dollar ground a burrito starting next week but only in one market Birmingham Jessica Edinger c n.b.c. Let's face it we love Alexa and we'd love to let her find your favorite radio station this one of course but she could find us easier if we taught her a simple trick to get started simply say. 60. After she confirms you can then say Alexa 16. That's all you have to do and it looks it will learn how to find us you can listen to us or your Amazon echo echo show echo done an Amazon top devices Alexa What's your favorite radio station that's easy money talks. If you're drowning in i.r.s. 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Colorado. Limited is the place to go for natural great gifts if you're thinking about new windows for your home there are 3 things you should look for 1st a good quality window 2nd in affordable price and finally a company that's going to stand behind those products and. That's Windows America Hi I'm Clyde with Windows America help us celebrate our 18th year. Windows 8 dot com and into a house valued at up to 10000 dollars and oh yeah every part of our window is made in America windows am dot com Thank you for trusting us with your business. 60. 635. The program thanks for joining us appreciate. 632-4160 Our telephone number a quick look at the markets we were up 119 points on the Dow yesterday at the close but down 13 in red territory the s. And p. 500 was up 4 at the close Meanwhile the Vix the volatility index the so-called fear gauge wrapped up at 9.92 it's currently at 9.96 back in the 9 point territory as for the pre markets and what the futures hold Well we are looking pretty good overall here the Dow up 12 points the Nasdaq 78 points in green territory and the s. And p. 500 is essentially flat at this moment of just about a quarter of a point so right now we've got the tax bill very much the focus in Washington d.c. Today it's expected that the conferees the members of the House and Senate conference committee will formally meet in this session today sometime today to hash out some of their differences in the legislation although of course there's been behind the scenes negotiations that have been going on for the last several days now if they are able to get this through Congress before January according to the secretary of state of Alabama Republican should be fine in getting this legislation through the United States Senate before Democrat Doug Jones is seated as the next senator from Alabama so this should not impact the tax reform vote so we'll see what happens in the interim but if they're able to get this done it should not impact Now if they don't get it done before the end of the year. Which there are pessimists who have said this it can't happen before so now it's a little it's a little difficult to say oh it can't happen before the end of the year now president that happened before the end of the year then you find yourself in a more tenuous position for Republicans where you can only lose one vote as opposed to in the Senate and you've already got one lost in the form of Bob Corker but just this week the Treasury Department headed by Secretary of the Treasury Steve Minucci and came out with their estimate an analysis of growth and revenue based on the u.s. Senate Committee on Finance tax reform plan and they found that more or less the tax bill would pay for itself but is this really the case or does it really matter about the amount of time that you give the legislation in order for it to come to fruition that is to say in order for the legislation the tax cuts to pay for themselves do you need to wait long enough Also what will it take to include in the legislation in order to achieve necessary growth for the tax cuts if so to pay for themselves for answers let's bring back on to the program for Fessor of economics at the University of Georgia Jeffrey Dorfman He's also the author of a popular press book in e-book form ending the era of the free lunch Professor Dorfman joins us once again here on business for breakfast sir welcome back good morning. More demeanor glad to be with you it's great to have you here so let's 1st kind of talk about just these estimates and they get into me what's necessary in order to achieve them you've written a piece in Florida specifically about the idea that the tax cuts will pay for themselves if we wait long enough that's an important Calvey out but what are your initial overarching thoughts here. So why overarching thoughts on tax reform and it's not nearly as good as it could have been but it's better than what we have now so hopefully it will pass I think the tax reform does make things simpler it makes things. And it should increase g.d.p. Growth a little bit which means more jobs and more money in everybody's pockets and so when you look at the whole notion here of tax reform or tax rate changes and some of the other changes that they're looking at other than just the tax rates what stands out as being particularly positive certain economists are like a tax system that changes people at the center and at little it's profitable so if we get rid of loopholes if we get rid of special incentives if we get rid of credit then just let people live their lives and send the government some money in a neutral way if possible comments are in favor that Mitt still helps it doesn't go as far as it should but it does get rid of a bunch of different special treatment and makes things. And more equitable across different types of families different types of people. Where you live how you act just a lot of way that the government probably shouldn't be trying to direct our behavior with subsidies or extra taxes. And you really think that the legislation for the Republicans is sufficiently qualifies as tax reform. I don't know what else to call it I don't tax reform we get rid of exemptions we get rid of a number of docs and. They're trying to broaden the base there are big changes in the way they tax corporate income earned and I don't country. I think it's more of just attack that there is x. a Form to it there's probably more tax cutting than tax reform and I wish there were the opposite but but again it's still it's better than what we've got right now and to what extent though does the permanency aspect of least on the individual side matter Professor Dorfman because when we look at for example the individual rate changes in the elimination of deductions and so forth on the individual side the personal side under the bill will put forward in the United States Senate those all expire in 2025 at the end of that year definitely do and that's a budget gimmick because under the rules Republicans need to pass that in the Senate so that they can pass it with only 50 votes instead of 60 but they cannot increase the deficit outside of the 10 year window that we thought it would start w. Bush's tax cuts in 2001 the tax cuts are fired and odd a middle class tax cuts got extended under President Obama only the tax cuts on the rich went away so if I were a richer person than I am I would be worried about the tax cuts expiring. Middle class person like I actually am. Then it's going to be fine because there's no way Congress is going to let those rates back out when they expire in 2025 they were extend them just like they did a lot how about the deductions that they get rid of what about the prospect that some of the tax code cleanup could all be restored and we'll have another complicated mess on our hands. I don't know what the ducks went on in a comeback but he had a pretty safe bet that every time we sent by something Congress that will settle before we bring back one complication for the same old complication of having a campaign contributions it's very smart from their point of view like everything clean make people pay fodder special tax rates back then you can just do that again every couple of decades so yeah you don't get more complicated to get Yeah I just think that when it comes to some of the complications here we're looking at. The notion that he could be become 2026 or 2025 rather even more complicated where you have this coalescence of new deductions and credits that have been added in the interim and then suddenly you run up against a change tax code that is supposed to be restored and then how do you reconcile the new tax credits a new tax deductions with the old that are supposed to to be restored or something like that I mean it's just but then again that's that's why you have tax legislating writing committees to deal with all the complicated gobbledygook that legislators love to to you know twist our heads into a pretzel sometimes so much chair and well that could happen I'm not particularly worried about it I mean the reality is Congress can pass any Rather they want and claim. A long period of time but 6 weeks 6 months 6 years any time after that at any legislation can change nothing they do with that were prominent So let's talk for a moment here with Professor Jeffrey Dorfman our guest he is a professor of economics at the University of Georgia about this piece you've written in the Forbes where you talk about the tax cuts being able to pay for themselves if we wait long enough so so kind of give us the central premise here what what did you look at in order to make this clue Jand and what was your conclusion. Church people need to understand it the way Congress is rooms where when they're happening. Is that I have to provide but collets which is basically how much will this cost taxpayers over the next 10 years and the 10 years is defined in a Congress that they have to tell us how much it will cost us in revenue new revenues new spending reduce spending over 10 years they don't go beyond that so in 10 years their tax cut taxes form will not pay for itself we will have bigger deficits because they're letting people keep their own money and they've done nothing to cut spending but because tax reform and tax cuts will increase economic credit we get a little of that revenue back every year and if you wait long enough could slip by compound interest growth compound if we get an extra couple $1050.00 here and a couple more tents next year and a couple more counts the next year and then shal you add that to an economy to get bigger by and not to pay any taxes on that new earning we are out and a paper package that we're for ground by the tax cuts so doesn't then that question of does success at actually making up some for some of that revenue that you're talking about depend upon the question that you sort of alluded to a moment ago which is Congress not really messing with it in the interim now sure so your fate. Depends how you look at it I mean definitely it's true but before we get to a point where the fact that could help or the Congress could act a new law if you think of the new route as relative to this law then you're still sort of you know even if they range in the future they're radiant from the lower spot so we're better off than if we hadn't cut them 1st they still might have rates that So even. It's not a game to decide whether you want to think of it as lasting forever and no changes at the top that new bank line or any you want to think of it going back to where we were before. And so when we talk about the idea from some folks who are particularly strong opponents of this legislation let's say folks on the left who are saying that this is going to pay for itself because tax cuts are trickle down economics that will never work they have never worked they will never work they will never pay for themselves the Bush tax cuts didn't pay for themselves the Reagan tax cuts didn't pay for themselves how do you respond to critics like that who sail Professor Dorfman is he's been here and now visiting us in Colorado a little too long. On tax cuts again though don't pay for them in the short run you have to be patient and wait a long time for that acts are going to add up over time the Reagan tax cuts certainly paid for themselves with time to burst tax cuts pay for themselves but it's not a 5 year to 10 year it's not instead you're not going to cut more money the 1st year after this after his if you'd left it at the crime rate but eventually when growth is good if we want to ever reduce our deficit or pulled out a bet the only way we're going to be able to do it is making the economy better. Talking once again with Professor Jeffrey Dorfman of the University of Georgia or a professor of economics there you can check out his piece in Forbes This week the tax cuts will pay for themselves if we wait long enough and that's the key caviar here I guess is your is your fundamental point is you've got to have patience but the problem here is sir that we're Americans and we like instant gratification and everything immediate and if you don't see the immediacy of the national debt being impacted by this legislation if instead you see it being be you know the whole of the debt and deficit getting deeper in the short run as opposed to be improving in the short run then that provides opponents the opportunity to say See we told you so which can then add the some would argue say to the American people you know maybe this is something that that suggests a bad idea for tax cuts they just don't don't really work because the American people are impatient and therefore there's political consequences to this that can add long running policy detriments What do you think about that I bet many wounded at the American people are not Tencent. Remagen people or people in Congress want to worry about the deficit or the debt tax reform or tackle not a way to go they need to reduce spending yes that's that's that's where Speaker Ryan said he's going to go and that I don't know why they didn't do it in this year's budget I don't know why I didn't do it if that's a form of a good but the real solution to the problems we're talking about are cut government spending. Yeah that that is gonna be the next thing and it should have been the thing this year to be sure built into the tax reform legislation to say look we're going to offset some of your concerns over revenue particularly in the short run with the spending cuts but I think they were looking at it as a political calculus which is saying already what Bernie Sanders and others are saying which is Oak this tax bill is going to cut Medicare it's going to cut Medicaid and we're going to we're going to see grandma get pushed off the cliff as a result of all these tax cuts that are going to benefit the rich. Well I mean the reality is the federal government spends an awful lot of money they spend more on an awful lot of things that if you want to cut spending by meaningful now you're probably going to have to cut entitlements and you're probably going to at the cut Medicare or Medicaid or Social Security or something like that because otherwise you just can't find enough money if we wanted to balance the budget federal budget here and we can't touch entitlements we need to cut all the rest of the spending by about 50 percent we're not going to do that so if you want to get somewhere closer to balance or all the way to a balanced budget you have to cut entitle. Them very least you need to do some sort of reforms of entitlement povo that's much more of the long run. Though the long run game I mean you're looking at young people and so forth just down really needing to see some changes are going to see any benefit from these programs in the 1st place but when you say cuts to those programs what do you mean by that do you just mean reforms or do you mean actual cuts in benefits or what I know this is a long conversation in of itself but I mean it could be even I mean you could raise the retirement age and so security if we were so scary for time and age to 70. Use ironic. If you could raise the Medicare age a couple years you can do a lot of things to reform the way government spends money on health care for people to say to save billions I mean there are things we can do but there are definitely going to be things that mean somebody thought they were going to get some money or some benefits and now they're not. They're interesting well Professor Dorfman we are out of time but it's been very interesting talking with you I appreciate you returning to the program with us. Once again Professor Jeffrey Dorfman of the University of Georgia here on business for breakfast I'm just saying a burger we're going to take a quick break when we return we'll check in with both or for another business for breakfast up to Denver ranks as one of the most expensive 1000 markets in North America we'll get details on that and more coming up after this. This is. The Senate version of tax reform has a problem which needs to be addressed it would greatly increase the tax burden on companies which. When a company expands operations by say building a factory but usually borrowed the money to do it the tax code is always allow businesses to take the cost of that borrowing into account when they calculate the profit for the sensible reason that it is a cost of doing business tax reform is cutting back and the Senate version is cutting it back severely especially for companies that own a lot of heavy equipment such as miners and manufacturers exactly the type of companies that we're trying to revive as part of the Trump growth agenda if we get this wrong during the next downturn we may well see an epidemic of high growth and heavy equipment companies driven into bankruptcy by their inability to pay their. Taxes on it at the same time. This is Scott man who with wild birds and. 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Those areas with an affordability rating of similar to Denver Dallas the Bronx of New York and Portland Oregon the undisputed leader when it came to lack of affordable it was Vancouver with a ratio of $17.00 u.s. Representative Mike Coffman has become the 1st Republican to urge regulators to delay a vote on net neutrality which would repeal open Internet rules adopted 2 years ago in a letter to the Federal Communications Commission chairman he has proposed the rollback often said that altering the rules may well have significant unexpected and on to an anticipated negative consequences he asked pi to let Congress hold hearings on the issue and passed their own open Internet laws United Airlines won the battle of Denver International Airports Big 3 airlines for bringing flights on time in October though Southwest Airlines had the lowest number of consumer complaints by a wide margin Frontier Airlines meanwhile finished behind both of the main competitors in both categories and Denver the geeks are not coming to town after all science tech and innovation News Service geek wire is chosen Pittsburgh over Denver and 2 other finalist as its destination for the new temporary h.q. Till last month the Seattle based publication announced Denver along with Pittsburgh Cincinnati and Raleigh North Carolina as the finalists El Paso County likely will contribute $15000000.00 to the widening of Interstate $25.00 from monument to Castle Rock fulfilling the project's $35000000.00 local fund raising goal the $20000.00 county budget which commissioners approved unanimously yesterday include 7 and a half $1000000.00 for the whitening and accounting also resolved to provide another 7 and a half $1000000.00 for the project in the future and yellowbelly chicken began as a simple unconventional idea healthier cheaper chicken in a fast casual setting in the Vale Valley but 5 years into its growth yellow belly chicken is now expanding well be on the bale Valley will have a 5 Location concept of it's raised nearly $800000.00 in funding and has it set side on more significant growth they opened a final 2 locations in West Vale in Boulder and now they're going to be opening a permanent new location Friday in restaurant heavy area southeast Arvada and are going to debut today inside the Whole Foods location in Bellmawr are down numbers from yesterday up 119 points big trading day finishing 240-0504 Nasdaq though fell for 12 points finishing at 6000. 62 standard is up for 2064 at the end our weather forecast for today partly cloudy skies highs of 54 overnight lows of 32 very cloudy and much colder tomorrow with a high of only 3950 degrees right now as we continue a business for breakfast which in the same burger on Denver's Money Talk Radio am 690. And that is it for this 1st hour of business for breakfast here arcade b.m.t. Denver's money talks $1690.00 am when we come back though it is our markets hour we will be joined by none other than Crystal chief analyst at Cabot undervalued stocks advisor followed by Peter Cardillo chief market economist at 1st standard financial to discuss some of the key market issues going on in the world today. And where things are at as well so be sure to keep.