Sebelius: A lot of Americans' financial literacy is very low

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Sebelius: A lot of Americans' financial literacy is very low

Critics say the law is the problem

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FORMER HHS SECRETARY SEBELIUS: FINANCIAL LITERACY OF A LOT OF PEOPLE IS VERY LOW

JOHN TAMNY: Sebelius is 100 percent incorrect. If markets are smart and I think we agree they are, then so by definition is the electorate because it comprises all known information. The electorate is very financially literate.

MIKE OZANIAN: I think Sebelius has a very good point. For instance I think most Americans could not explain why things that are normally not covered by insurance, like Lasik surgery or dental implants, have gone down dramatically in price because of the free market.

STEVE FORBES: They don't like it because it doesn't deliver. In free markets you don't have to be an expert. You don't have to be an expert engineer to drive a car or a nerd to be able to function with an IPhone or an iPad, and so to it should be with health insurance. The problem is the system not the American people.

CARRIE SHEFFIELD: I completely agree it's a bad law but I have to challenge John for example, because the American people reelected Barack Obama in 2012, even though we knew how bad this law was. The broader point of financial literacy in this country, only six states actually require the testing of personal finance. So I mean it's no wonder. We make you learn pi r 2 but not actually how to balance a checkbook.

RICH KARLGAARD: There's a streak of left wing progressivism. I guess it started with Woodrow Wilson, I don't know, who is a university president. You know that just relishes in the idea that the rest of us are stupid. I don't know how America became the greatest nation that has ever existed.

SABRINA SCHAEFFER: I wish I could stay as calm as others on this panel. When I heard Sebelius' comments I literally think I felt my blood hit the boiling point. I was so incensed by the contempt that she has for the American people.

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RICH KARLGAARD: It's not just president Obama. Look at how he's dragged Hilary Clinton to the left. Hilary Clinton said that businesses and corporations do not create jobs. So this leaves a huge gap for a pro-business.

RICK UNGAR: As much as you don't want to ever say or believe it, this is a pro-business president. Just look at Wall Street, are they complaining? I don't think so.

STEVE FORBES: No he's anti-business. The fact of the matter is even when we create jobs in this economy, sixth year into recovery finally doing that, the wages in this country are still stagnant or going down. And this guy is doing everything; regulations. Now the EPA is starting to wage war on farmers for crying out loud, we're not going to eat?

ELIZABETH MACDONALD: I just got done reading John F. Kennedy's speech he was supposed to give on the day he was assassinated at the Dallas Trade mart, and guess what he was fighting for until the very end? A corporate and personal tax cut. He said that he basically applauded beating western Europe as corporate profits rose 43 percent over the prior three years. And after tax corporate profits were going up. So he was fighting until the very end for tax cuts.

JOHN TAMNY: I think he's just fighting for relevancy and for attention when he's no longer getting it. Let's be fair, his presidency essentially ended at the end of 2012. That's one reason the economy is starting to grow. We've got gridlock. Ultimately I think it's going to help Republicans because voters don't buy anything that's he's doing. What do we need from Republicans? Not a pro-business president, a president whose pro economic freedom and you will get business growth if you achieve that.

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STEVE FORBES: It is unreal and also shows hypocrisy. Can you imagine a Ku Klux Klanner who murdered an innocent person being hired by the University of Illinois? No way. But left wing terrorist murderer, oh that's okay. So the business man is right and the University of Illinois has to understand that if they want to do this kind of nonsense where academic integrity goes out the window and politics is in, there are consequences for it.

RICK UNGAR: Yeah it's a weird one. The businessman should do whatever he wants and I don't think that should have an impact on what the school does. I'd like to be able to say that the school should pursue whatever course they think is right but Steve makes a point that I just don't know how to argue with. We would react differently; the school would not hire that person that Steve suggested.

ELIZABETH MACDONALD: Do parents really want their tuition costs going to guys like these? Today you can't even say the word Regan on college campuses, and you look like a lunatic.

MIKE OZANIAN: Personally I agree with what the business man is doing. But I think E Mac touched on the main point here. If people object to this then don't go to the school. That's the best way to cast your vote.

SABRINA SCHAEFFER: We want a diversity of opinion on college campuses; I don't want to get rid of all liberals the same way I don't want to get rid of all conservatives. The problem is that some of these universities are so steeped in their liberal ideology that they don't even see a problem with this.