• With: Gary B. Smith, Tobin Smith, Eric Bolling, Jonas Max Ferris, Malia Lazu

    DISCLAIMER: THE FOLLOWING "Cost of Freedom Recap" CONTAINS STRONG OPINIONS WHICH ARE NOT A REFLECTION OF THE OPINIONS OF FOX NEWS AND SHOULD NOT BE RELIED UPON AS INVESTMENT ADVICE WHEN MAKING PERSONAL INVESTMENT DECISIONS. IT IS FOX NEWS' POLICY THAT CONTRIBUTORS DISCLOSE POSITIONS THEY HOLD IN STOCKS THEY DISCUSS, THOUGH POSITIONS MAY CHANGE. READERS OF "Cost of Freedom Recap" MUST TAKE RESPONSIBILITY FOR THEIR OWN INVESTMENT DECISIONS.

     

    ECONOMY BRACING FOR HIT AS GAS PRICES SOAR & TAX THREAT LOOMS

    Eric Bolling: Bottom line, a gas tax hike would suck money right out of consumer spending, right out of the economy. It's a terrible idea - we're already paying 18.4 cents a gallon federally and around 40 cents for state gas taxes. This money goes straight to the Federal Government. And why is it always when they have a budget deficit to fill, they go right to the gasoline tax? Terrible idea.

    Malia Lazu: It's critical that Americans take responsibility for wanting to pay for things like roads and bridges, and this is a tax that will help create jobs. I don't know why we're again not looking at root problems and getting into the core of what would actually help the American people. We're simply asking Americans to reinvest in the infrastructure of America and to create jobs while doing it. I don't have a problem with that.

    Gary B. Smith: Well, it would definitely hurt the economy. Here's the problem with the national gas tax: the money goes to the Federal Government and it subsidizes the states for their highways and bridge construction. But like all Federal Government, it does it inefficiently.

    Tobin Smith: Well, it's going to slow down discretionary spending. But to the economy, today, this is not going to put us off the edge. When people want to change what their gas mileage is, the easy way to do it is to buy a more fuel-efficient car. So this is not just bad because it's a tax. I'm getting tired of "everything's bad about tax, there's nothing in between."

    Jonas Max Ferris: I'd rather see a gas tax than a corporate income tax go up or an income tax increase because that's what's going to happen if we don't raise the money somewhere else. And what's going to be the least drag on the economy - I would say a tax on fuel, and I'll tell you why: it slows the consumption of gasoline, which means less money going abroad so it's actually good for the balance of trade and again, it doesn't stop you from hiring people.

    TAXPAYERS TICKED NEW BUDGET KEEPS EXPANDING "NANNY STATE"

    Gary B. Smith: Here's the problem, the food stamp program just two years ago used to be $40 billion program, it's now a $72 billion program. Why? Because we keep force-feeding it and make it so easy for people who don't even need food stamps to get on it. It's basically free money and as what we've seen with unemployment benefits, when you give more free stuff to people it causes them to remain on unemployment longer. If you withdraw some of this, put it to charities, give it to the state and local governments, and you'd find that a lot of these food stamp needs would go down and so would our deficit.

    Malia Lazu: I don't think there's anything wrong with helping people get through the bureaucracy of getting food stamps or getting housing. We don't realize how hard it is to actually get these services. I think all Americans should be able to eat.

    Eric Bolling: It's a very touchy subject. Yes, you help people in need. But there's 50 million Americans on food stamps, a $72 billion program. The question here is, are the economic policies that Obama has instituted working? All it's doing is buying more and more time for people to stay on entitlement programs. So that's the part you need to fix further.

    Jonas Max Ferris: The government also employs people right now who talk to you about how to get on Social Security and maximize your benefits. That costs more than a thousand times what this thing costs and that's a welfare program, so why aren't we mad about that? Why don't they cut those people? Bottom line, we have government programs and you have to educate people about how they work.

    Tobin Smith: It's a vicious cycle. From 1993 to the end of 2000 we reduced those the dole because we created an environment that helped people get off it. Now we're doing the complete opposite!

    OIL-RICH NATIONS ASK USA TO HELP PAY FOR "NATION BUILDING" IN LIBYA

    Tobin Smith: Let them pay! We don't do nation building well. Let the nations that have billions and upwards of trillions of dollars in cash flow rebuild Libya.

    Malia Lazu: After one helps liberate a country, shouldn't they help build schools there? We need to look at the bigger picture of how we support Libya, how we support democracy in this region. The U.S. wanting to make sure that we're helping in the building of democracy I think is critical.

    Gary B. Smith: Let these oil rich OPEC nations pay for "nation building" in Libya, leave us out of it!

    Eric Bolling: Number one, we shouldn't even be there. Second of all, let them pay for it- they're wealthy. If anything they should be paying us to help them.

    Jonas Max Ferris: The oil-rich nations are not going to get us to pay to unseat dictators of other oil-rich nations; they're also run by kingdom dictators. Who will pay for it, I'll tell you, is the oil-needy countries that are not as broke as us, which include China, Japan, Europe...let them pay for it.

    PREDICTIONS

    Tobin Smith: "PG" Proves American Companies Do Great Things In Times Of Need

    Gary B. Smith: Don't Rent, Buy! "TM" Revs Up 50% In 1 Year

    Jonas Max Ferris: Silver Bubble Is About To Pop! "ZSL" Mines 50% Gains In 6 Months

    Eric Bolling: Avoid Falling Asleep On The Job! "PEET" Gets A 20% Jolt In 1 Year