paid bounceback. bed again with the severity of the recession. a private sector is overregulated. people don t see that as a reward for taking that individual risk of responsibility to start their own company. john: they could be in trouble for breaking able they did not know about it. it is astonishing in the 1950 s with an economic boom in this country tax rates were higher. john: but there were not all of these regulations. we had a very aggressive government. i don t argue i think government tends to get bigger and bigger not always for better but it isn t the case that we have government as day presence.
automatic cuts. we will have until next election to fix this thing. the time we don t have is the country tax rates expire at the end of next year giving us the highest tax increase in history and that is what some of the republicans were trying to avoid with a reform of our tax code and they were willing to put more on the table than i was but the democrats want even more than that, so i m frustrated by the process and clearly our markets can not take another dose of bad news. neil: we are told to we are at that point two weeks from now, and a debt deal isn t reached, sequestration kicks in, and we have the $1.3 trillion in cuts over 10 years that automatically kick in, including half a trillion in defense over that period, something i know is anathema to you, but if it comes to that moody s hinted it could follow s&p and downgrade u.s. debt from aaa to not triple a.
compromise including smaller government, fewer taxes and rand paul of kentucky has said they will create a tea party caucus to challenge both parties. and now, congressman elect offensive lineman for the philadelphia eagles and the local tea party backed him in the new jersey third district race. congressman, how does that stand? guest: difficult to wrap your arms around. shepard: you want to cut spending, and cut taxes, where ? what do you cut? guest: i think ultimately what we are seeing happen right now, what are we going to do with the country tax rates which is not in my hands but with the 111th congress so we will see what they do. so, in this economy, raising taxes on anyone is not exoang to help us.
bed again with the severity of the recession. a private sector is overregulated. people don t see that as a reward for taking that individual risk of responsibility to start their own company. john: they could be in trouble for breaking able they did not know about it. it is astonishing in the 1950 s with an economic boom in this country tax rates were higher. john: but there were not all of these regulations. we had a very aggressive government. i don t argue i think government tends to get bigger and bigger not always for better but it isn t the case that we have government as day presence.