various constituencies. some promises will be reduced or disavowed. which ones? why? only the president can pose these questions in a way that starts a national conversation over the choices to be made, but doing so requires the president to tell people things they don t want to hear. that s his job: to help americans face unavoidable, if unpleasant, realities. barack obama has refused to play this role. the obsession with rates is bad policy. higher rates may threaten risk-taking, work effort or hiring but qualifies as good politics: it signals obama is macho. he s tough on the rich who are implicitly blamed for the nation s budget and economic woes. can i say, this is an excellent piece. everybody should read it. one of the points he makes, we all talk about chain cpi. sam was talking about it earlier. he said in this column that chain cpi over the next decade would give us about $100 billion
apologize for the. he probably did. the ryan budget cuts are really good. they are the only way we ll get to it. you ve got to remember milton freidman s old phrase, government spend p-g is taxation. the government doesn t have a tooth fairy working on its staff. it doesn t create resources, it redistributes sources. if they sake and give resources to people based on some characteristic other than work effort they come from someone else. they ve got to stop that, that is what is causing the awful, awful economy and terrible deficits. it s not the lack of revenues. gregg: as an economists if the president is reelected what do you envision for the economy over the next four years? we ve got a real problem on january 1st 2013, which is very, very serious. you ve got the payroll tax cut expiring. you have the bush era tax cut. you have estate tax going up to 55%. payroll tax, income tax going
after you have been there for goodness knows how many years and even then you are terrified that the boss might notice. the one thing i ve noticed having been to france and italy and spain where people denigrate their work effort, but the fact is the productivity is very high. they just don t do work for work sake. so if they don t have to be in the office at 7:00 a.m. so it looks good to the boss and they go home at six because the work is finished and they don t feel obliged to make it seem as if they are just working every hour. how many of us around this table now has answered an e-mail between the hours of 11 :00 and midnight? yes, of course. what better time is there. you win. we are all taking a vacation offer the show is over. richard quest, stay right where you are, christine romans, we need an american on the panel so stay where you are as well. the company went public. why big financial institutions
so he is running counter to conventional wisdom in that people still blame president bush for the current state of the economy. so i don t think it s while it looks like a great number, republicans ought to be jumping in and saying, oh, wow, the president is really vulnerable. when you look inside the numbers, he is less vulnerable than that would imply. let s take a look at some of the notable republicans who have said no just for the month of may for running for the gop election. jeb bush, donald trump, mike huckab huckabee. indiana govern. both present clear contrast to president obama s view of how to fix this economy in the united states going forward. candy, do conservatives fear that they simply don t have a message that is going to resonate with voters on a national stage when it comes to the budget or particularly paul ryan s plan to overhaul medicare which does not seem to be gaining traction. i think conservatives are more worried they don t have the messenge
don t have to. guest: two things are important: you are right, if they have a tax increase that means no reform of the program. we have more than 30 countries around the world that have stabilized long run finances by moving to personal retirement accounts f he get as tax officer that is out the window. but a giant tax increase will not work. when you impose a big marginal tax rate increase on work effort you will get lower labor supply, you will get people using tax deductions, loop hes and shelters and the government on paper may think it will get this much money but in reality . neil: the bottom line, if you think this is just $250,000 and over crowd, and we are looking at that ceiling, at $107,000, we just have done the math for you, it has changed, a lot. guest: and it will be a