New questions over Obama administration's economic policy
US economy shrinks 2.9% in first quarter
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NEW QUESTIONS OVER DC POLICIES AS ECONOMY SHRINKS 2.9 percent IN FIRST QUARTER
John Tamny: The good news and the bad news is economic growth is truly easy. It's just a function of government getting out of the way. If you made me dictator, I would zero out capital gains tax. I would cut the corporate tax. I would free up trade. I would tie the dollar to gold. That's the path to prosperity.
Rick Ungar: We need to leave the politics out of this and say whatever we've been doing - it ain't working. We have to try something else. Now, I'm not sure what that something else should be. I'm not sure what that something else should be. I know the first thought is always tax cuts. From my research, it's never really worked before but that doesn't mean it won't work now. What I do like from John is with the corporate tax cuts.
Mike Ozanian: Yep and the Americans got it right. I'd go for a different type of tax cut. I'd go for a reduction in government spending. It would leave more capital for the private sector. It also strengthens the dollar, which really helps the economy.
Bruce Japsen: Healthcare is growing, so why don't we embrace Obamacare? People are spending money who have stashed a lot of cash.
Sabrina Schaeffer: I think it's about simplifying the tax system. Corporate and individual rates are too high.
Bill Baldwin: I'd like to make it much easier for companies to add workers. What if we had a duty free zone? If you go from 1,000 employees to 1,050, you can add 50 freelancers. Then give them a deadline to make honest workers out of these people.
NEW SIGNS MINIMUM-WAGE WORKERS MAY BE REPLACED BY MACHINES
Sabrina Schaeffer: This is the law of unintended consequences. Be careful what you wish for. It's easy for large corporations like Walmart to support a minimum wage hike like this because it helps push out mom and pop establishments that can't afford the wage, and they can add services like square, which is an app to transfer money. So we won't need cashiers anymore.
Bruce Japsen: When it comes to automation, I think businesses are really just trying to do what's best for the customer. The minimum wage needs to go up.
Mike Ozanian: A higher minimum wage hurts companies because it lowers profit and that's where the money comes from to increase technology. This is the lowest GDP figure since 1990. You don't want to start messing around with a larger minimum wage in this state.
Rick Ungar: Progress has always been happening. If McDonalds can put in a system that helps their customers, they'll do it. It has nothing to do with the minimum wage. Sabrina, you're wrong on the minimum wage pushing out mom and pop stores. That happened a long time ago.
Bill Baldwin: I think a lot of the people who patronize Walmart and McDonalds are not very wealthy. The hamburger costs more if they increase the minimum wage. Starbucks could absolutely be automated, but it's not because they want to create an experience.
John Tamny: They're not in this to create jobs, they're in this to create profits for shareholders. Eventually automation will come, increase profits and eventually create more jobs.
'DIRTY JOBS' HOST MIKE ROWE SPARKS DEBATE OVER SHAMING SHOPLIFTERS
John Tamny: Of course I do. Businesses are private property. It's their right to expose people stealing from that property.
Rick Ungar: No it's not. It's always amazing to me people who love to thump the constitution forget to pay attention to it. You are not a shoplifter in this country until you are convicted by a jury of your peers. John, what if you were standing behind that guy on tape & they decided you were a part of it, even though you had nothing to do with it.
Bill Baldwin: Well how about this. If I wanted to go into that business and yelp and convict it in the eyes of public opinion, I could do that without any evidence at all. So it has the right.
Bruce Japsen: I've got to side with Rick on this. How far do we want to go calling people criminals before they are convicted?
Sabrina Schaeffer: I think it's like the modern day stockade. I don't think it has anything to do with the shaming, I think it's what they are being shamed for, and I don't think there's any disagreement on this panel of whether stealing is wrong.
INFORMER
Mike Ozanian: Union Pacific (UNP)
Bill Baldwin: Roadrunner Transportation Systems (NYSE: RRTS)
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