OTR Interviews

Trump on Obama coming after retirement savings, plus potential Dennis Rodman and China diplomacy in potential North Korea crisis

Be careful with how much you save - new taxes under Obama's budget plan may eat away at your retirement nest. Donald Trump sounds off


This is a rush transcript from "On the Record," April 12, 2013. This copy may not be in its final form and may be updated.

GRETA VAN SUSTEREN, FOX NEWS HOST: Tonight, quick, hide your cash under the mattress! Because President Obama has an eye on your retirement accounts! The president's proposed budget has a cap on the size or contributions to retirement accounts.


DONALD TRUMP, TRUMP ORGANIZATION (Via Telephone): Well, I'm very surprised. It really discourages savings.

REP. PAUL RYAN,R-WIS.: More of the same, take more from families and spend more in Washington, ignore the deficit.

UNIDENTIFIED MALE: You can't just as a tourist, as an American, go down to Cuba.

UNIDENTIFIED MALE: We would have been there already!

UNIDENTIFIED MALE: Jay-Z, as it turns out, spilled the beans. He says that he got the OK from the administration, from the White House!

UNIDENTIFIED MALE: How did he get there? What's he doing?

JAY CARNEY, WHITE HOUSE PRESS SECRETARY: I am absolutely saying that the White House from the president on down had nothing to do with anybody's personal -- anybody's travel to Cuba.

UNIDENTIFIED MALE: To question the literal accuracy of Jay-Z's lyric is to overlook the fact that the Treasury really answers to the White House.

UNIDENTIFIED MALE: More than 14 percent of recent college grads are having trouble landing a job.

UNIDENTIFIED MALE: How long have you been looking for a job?


UNIDENTIFIED FEMALE: I'm having so much trouble finding a job.

UNIDENTIFIED MALE: I'm sending out resumes, you know, 30, 40 a day.

UNIDENTIFIED MALE: It feels like I just went to school for nothing.

CARNEY: I want to be clear that North Korea has not demonstrated the capabilities to deploy a nuclear-armed missile.

JOHN KERRY, SECRETARY OF STATE: It is inaccurate to suggest that the DPRK has fully tested, developed or demonstrated capabilities...

CARNEY: Obviously, the North Koreans have tested nuclear weapons.

Obviously, the North Koreans have tested nuclear weapons.

RUSH LIMBAUGH, RADIO TALK SHOW HOST: The regime has publicly announced that the Norks (SIC) have nukes and the regime is admitting they have been blindsided by this! Can you -- they're admitting that they were surprised that the North Koreans have nukes! I thought everybody knew or suspected at least strongly enough to act on the assumption that they did have nukes.


VAN SUSTEREN: The latest on the North Korean missile crisis and the Cuban celebrity crisis just minutes away.

But first, Donald Trump.


VAN SUSTEREN: Donald, nice to see you.


VAN SUSTEREN: All right, Donald, the president's proposed budget has a cap on the size or contributions to retirement accounts. You thought about a cap?

TRUMP: Well, I'm very surprised. It really discourages savings, and a lot of people that have worked all their lives and they wanted to save and they've been really productive people, and now they're going to spend some of that money, which, by the way, is great for the country and it's an investment -- but those are the people that get hurt very badly. So it's a very, very big a surprise to a lot of people. I think, frankly, a lot of Democrats are very surprised by it.

VAN SUSTEREN: Well, I think the amount that he has determined is -- I think what probably is, is rubbing a lot of people the wrong way, is that he has figured or recommended that the annuity that you get from the retirement fund be limited to something about $205,000 or $250,000. And I think what some people don't like is the idea is that he's determining what is a reasonable amount of money to have in retirement. I think that's what a lot of people don't like, as well.

TRUMP: Well, it's $205,000. And frankly, you know, it depends on what region. Now, $205,000 in certain area is a lot and in places like New York or California, it's not very much at all. And it really depends. I mean, you're looking at regions where it's so different. So it's very hard to set something like this.

I would think this would be sort of like ObamaCare, very, very hard to administer. You know, ObamaCare is having -- they're having a tremendously difficult -- nobody understands what it even means, and they're having a tremendous time administering it.

This is going to be another one of those deals, and by the way, not nearly as complex, but this is going to be very, very hard to administer and figure.

VAN SUSTEREN: I think to most Americans, $205,000 is an awful lot of money to have and they would have to have the amount of money. I think that it's the -- sort of the -- the issue is sort of the ideology of the government telling you what your annuity can be, whether or not $205,000 is a lot or not.

But let me ask you another question related to that, is that I suppose a lot of people might be concerned because there's a uncertainty about Social Security, and in terms of looking towards the future and being a good saver, if you think Social Security is not going to be there for you, you might be more interested in saving and putting into these accounts.

TRUMP: Well, it's almost a conflict. You can call it a conflict of interest. But this could be a redistribution play, and it's certainly a revenue grab, but it's a redistribution play. And I think a lot of people are going to be very upset by it. And I don't know what the response has been. This has just come up. But there are a lot of people. This is really affecting savers. And you know, ever since I can remember, people are saying save, save, save. This is really affecting savers.

VAN SUSTEREN: Well, especially the people instead of buying a -- maybe a little larger house or buying a new car, those people who set the money aside because they happen to be those savers, rather than using the money now, I think they're the ones that aren't going to like this particularly well.

But let me turn the corner to another issue, North Korea.

TRUMP: Right.

VAN SUSTEREN: The world is watching. Your thoughts about how we are approaching this potential crisis.

TRUMP: Well, we are no longer a rich country, and yet we're the policemen for the world. And I have partners from South Korea. They're very wealthy and South Korea is very wealthy. They signed an agreement with us, one of the greatest signed by any nation. They're making a fortune in trade with the United States. And why aren't they paying us for this protection?

You know, we send our battleships, we send our missiles, we send everything. To turn on one of these things costs you millions of dollars, and we just send it like it's nothing. Why aren't they paying for this protection? What are we doing?

They're competitors of ours. They compete with us. They compete very well with us. They really clean our clock for a lot of reasons, by the way, a lot of reasons that you don't even want to discuss right now.

But they he have agreements with us, trade agreements that are so one- sided, and yet we protect them for nothing. And I'm just saying -- I'm not saying don't protect them. I'm saying why wouldn't they pay -- they're a very wealthy nation. Why wouldn't they pay for this protection?

VAN SUSTEREN: What about the actual way we're handling it in terms of Secretary Kerry's been over in South Korea. We're sort of watching. We've got -- we've got these missile defense set up a little bit stronger. I mean, is -- and we've got Dennis Rodman who was over there about two weeks ago or three weeks ago as being the only one who has contact with Kim Jong Un. Do you have any sort of...

TRUMP: And by the way, he loved Dennis Rodman. He loved Dennis Rodman. He's hugging him and kissing him and he's saying, Could somebody call me? Now, I'm not even saying call him. Look, you know, you want to deal from strength and this guy is obviously a strange character. But you know, he's hugging and kissing Dennis Rodman.

And Dennis Rodman, as you know, was on "Celebrity Apprentice." I said, Dennis, how was he? And Dennis liked him! I mean, he's -- you know, I won't even tell you all he said. But he said, you know, He's waiting for a call.

Now, you don't want somebody to blackmail you into calling, and I understand that. But we have no diplomatic relations. We have nobody to talk. All we do is turn on the battleships and we start sending people over there and spend billions and billions of dollars. And what are we doing? We're protecting South Korea, which is wealthy as hell. Why aren't they paying for this? This is all I say.

Now, one other point. China could solve this problem with one phone call. I mean, one phone call. They can't survive -- North Korea doesn't survive without China. They supply everything to North Korea. One phone call.

So I think, personally, China is just taunting us. They could solve this problem so easily. They just don't have respect for our leaders.

VAN SUSTEREN: Donald, as always, thank you, sir.

TRUMP: Thank you.

VAN SUSTEREN: And congratulations on the new grandchild coming.

TRUMP: Well, that's very exciting. Thank you very much, Greta.