gregg: apocalyptic pain. wall street journal columnist john fund joins us to talk about that. you know, chris wallace did his best to nail him down and he said, well, i think 15 to 18% unemployment, the middle class he called destroyed, and, if we don t engaging in the some austerity measures, is that hyperbole or reality. he was sketching that out over the next decade and it is conceivable. look at countries like ireland and greece, one foreign creditors lose confidence in your ability to have control over your fiscal policy they can withdraw, and, that continue lead to a complete collapse of confidence in the government. and, we need to address this quickly. we have some time but not a lot of time. gregg: in addition, we are losing jobs, in the marketplace. to india and china, aren t we. this is the biggest problem. we can complain about their trading practices or other things, but, there are certain
and makes people less willing to hire employees because they aren t sure what the health care policy will be or exactly how much their insurance will be for their employees. again, another thing we can do is reduce economic uncertainty, we have made a good down payment on that with though bipartisan agreement, to extend all of the tax cuts for two years an extending it longer would be better. gregg: u.s. corporate tax rate, depending on how you calculate it is roughly 39%, if you factor in accommodation of state average and federal rates, isn t that about 15 percentage points above the international average and makes us a whole lot competitive, john. absolutely. countries around the world have cut corporate tax rates in the last 15 to 20 years and have cut income tax rates. because they have gone to a flat tax system. there are 25 nations in the world, including many former communist countries that were able to start over with a completely blank slate after the fall of communism an
fill out your tax form on the back of a post card and it works and these sound like radical ideas but the kind of fiscal mess we re in and the stagnant unemployment situation we have, we have to think outside the box. gregg: john fund of the wall street journal, thank you so much and by the way you will be joining us in the next hour to talk about how the american taxpayer is getting strangled by the obligations of these public pensions, and we ll talk about that in the next hour, john, thanks. arthel: a powerful winter storm dumping inch after inch of snow up and down the east coast, cliffside park, new jersey, looks pretty but it is treacherous and it is coming down and will be a mess, for the morning commute. pretty much anywhere in the northeast, and continuing coverage of the blizzard of 2010, coming up. [ sneezes ] you re up next. yeah. aww.that oj needs alka-seltzer plus. fast powder packs are a taste-free fizz-free way