Punishing successful investors to pay for childcare is going to backfire, Fox Business host Charles Payne says.
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
I buy them all the time they are great Ainsley, NICE Steve. They have them at my grocery store, Ainsley bring in Charles Payne host of making money on Fox Business good morning to you good morning. Ainsley lets talk about Joe Biden. He put together a plan, build economic plan. It focuses on care, giving and education going to cost seven hundred and seventy five dollars billion over ten years. He wants free, universal preschool, which is preschool available to all families, child care, tax credits for low and middle income, families, three million new care and education jobs and increases Medicare funding your thoughts on this Charles main problem. With all of these things that Biden has rolled out so far, they are sort of cookie cutter, plain, vanilla, democratic glance. The only thing thats changed are the taxes are changed. You know Heres. The thing
Joe Biden is talking about paying for this by taking away tax breaks for investors now the operative word. There is investors. Without investors, you dont have the businesses. Without the businesses you dont have the jobs without the jobs you dont need caregivers, you dont need a caregiver if the parent doesnt have a job to go to say so nonsensical. Right now, at the last twenty months, nineteen of the last twenty months, blue collar wages, have gone up faster than overall wages. This is an economic miracle that we havent seen in this country in well over a decade, and the reason to believe that happens is because of investments have gone up. A sense of entrepreneurship has gone up, the sense of opportunity has gone up and success has not been punished. If you want to stop investors from seeding the real success of this nation and leave it to the federal government to redistricts wealth, well, theyre going to run out of that wealth because, ideally we want to
generate more. We want to expand upon, not keep it where it is, make it smaller and split it up. Thats, not what put us in this position as the greatest country in the world in the first place. You know you hit on the idea sure child care is a serious issue, but the way he is talking about punishing successful investors to pay for it is going to backfire Charles there did you go making sense again. Let me play for you what Biden had to say about President Trump and his knowledge and understanding of the economy. Understanding of the economy here is what he said yesterday. We ingest that in building our economy back better than before. This is about dignity and respect for working people, and these precisely what this election is all about. This man simply doesnt understand he cant deal with our economic crisis without serving and saving and solving
the public health crisis. For all his bluster about his expertise on the economy, he is unable to explain how he will actually help working families hit the hardest. Griff Charles sounds, like Biden, doesnt. Think the president understands the economy. Well, you know: listen! The president, long before he became a politician was involved in the real economy, significantly more than Biden as a career politician im. If im in the Trump administration, I put up the chart of blue collar wages over the last ten years over the last twelve years, you start from January of two thousand and nine when Jondz was vice president and you show how it fell, precipitously, how it could not keep up with inflation, how it started to turn around part of bidens plan. Also, yesterday, Whichwhichi thought WA their part. They admitted this plan would increase the amount of people who would participate in the jobs force, increase, labor participation when Joe Biden and President
Obama came into office, the? U dot s. Labor participation was over sixty five percent when they left it was around sixty two percent, now its back until the coronavirus it had gotten back up close to sixty four percent. I agree. We want labor participation whenever the jobs report comes out thats. The first thing I look at I want Americans engaged. I want them hitting the bricks looking for jobs and believing they can get one thats a core element to economic success, its interesting that they admitted. That was a key part of it. Unfortunately, though, when you take away jobs by punishing businesses, no one is going to look for one so mixes up the so called economic plans and goes back to the more emotional stuff. I get it because his economic plan is truly not something thats going to grow this economy, Steve Charles one of the other things Joe Biden, said yesterday in Delaware. He said you know remember back in. I think it was two thousand and nine im the one who managed the
eight hundred dollars billion recovery ACT with the shovel ready jobs. But, as President Obama himself later said, you know the shovel ready jobs, werent, so shovel ready. I dont know if thats a good thing to be bragging about. You know that infamous scene now, with President Obama and Jeff Immelt, the former ceo of GE, who did not do a great job when he took over GE number one company in the world when he left it was barely hanging on bottom line. Is they kind of snicker and laughed it wasnt that there wasnt shovel ready jobs? It was too much bureaucracy. Every state is marveled with all this bureaucracy and government marveled with all this bureaucracy. Can you throw a trillion dollars on it? It wont get down to the problem. The money will be hijacked like this. Money was and used for different things and its unfortunate and thats part of the debate right now with this next stimulus plan. If we do help states, how do we know it will get to those who need it, because, certainly those
shovel ready jobs were still shovel ready and waiting, even after almost a trillion dollar check was written, the Moneyner never made it where it was supposed to go Steve there you go.
Transcript generated on 2020-07-29.