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tv   The Journal Editorial Report  FOX News  April 10, 2021 12:00pm-1:00pm PDT

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welcome to the editorial report. i am paul gigot. new election law continues this week as companies including delta airlines, coca-cola and major league baseball based backlash over the criticism of the law which republicans accused them to come into a democratic pressure campaign. president biden said last week he would strongly support the mlb link the game from georgia, changed his tune when asked about pulling this week's masters golf tournament from the state. >> can see for-profit operations
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and businesses are speaking up about how these new jim crow laws are antithetical to is another side of it, to the other side is when they move out of georgia, the people who need help the most, people making hourly wages sometimes it hurt the most. paul: let's bring in our panel. deputy editorial page editor, senior fellow, jason riley. jason, by now even many honest liberals are saying jim crow charge is false, the georgia law is less restrictive to boating loss and states like new york or delaware so why are biden and
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the democrats running this kind of campaign against it? >> i think these are the terms they use to scare supporters to the polls, to keep black voters in particular paranoid, frightened about franchise being in jeopardy so they are willfully misrepresenting what the law says they are throwing around terms like voter suppression jim crow, i think it is embarrassing that they are doing this. the black voter turnout in georgia has been exceeding white voter turnout black voter registration in georgia has been exceeding white voter registration georgia long has some restrictive voter requirements in the country so if republicans try to suppress the black vote, they are not
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doing a very good job to keep talking about what might happen or what could happen instead of what has actually happened as the laws have been enacted in state after state. two of the past three presidential elections, we don't have results from 2020 yet but past presidential elections, black voter turnout exceeded white voter turnout the democrats live in fantasy world. paul: kim, i guess part of the logic here you read and i suspect is correct, explain to us if it is not, the democrats to pass hr one? if you stigmatize laws and say we are going back to pre-civil rights act, it's easier to justify imposing on national boating law hr one would do, is that what this would do? >> right, you put your finger on it, hr one is essentially a federal takeover of state law
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and as you might expect, you have a lot of state pushback against that because traditionally states have been under constitution given the ability to set the time, place and manner of election so the way you go about getting support for arguing that is so important you need to break the senate filibuster to get through, that is another part, you say the state cannot be trusted, they are racist, impeding jim crow laws, the only way for the federal government to remedy grave constitutional crime. paul: let's turn to the companies that have criticized law and major league baseball, the ulster game moved. i'll means, boycott baseball, you are a baseball fan, why would you go that far? explained that. >> i think it is time to draw the line against this.
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we've seen in georgia, you played the clipper a little earlier of joe biden saying was gratified to see these companies and 50 companies signed a letter supporting, criticizing the georgia legislature. joe biden earlier saying while he was gratified to see the companies, he was upset that it hurt wage earning people in atlanta. give me a break. he put this in motion, he's one of the ones who said this was not only jim crow on steroids about 40 other states had similar laws. this baseball commissioner under pressure from stacey abrams, al sharpton, lebron james and some of the players and he caved and made the decision to pull the games out of atlanta and suddenly everybody because zero my gosh, that's going to cost atlanta 90 million -- $100 million that's known as a day late and a dollar short and i think this mania, this
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compulsion he displayed to cave in to these has got to be pushed back against the good place to start is by boycotting, not watching or attending baseball this year. paul: you think politically of the democrats in georgia have second thoughts here stacey abrams stepped back, former governor candidate who was pushing hard against that bill, she thinks well, i didn't want to boycott. is there a backlash building? >> yes, i think there is. i think one of the things the democrats have going for them up until now is division of the right in georgia among local republicans and i think this will unite georgia republicans so i guess i do think there are some second thoughts. i think both of them, are not sure what they have gotten
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themselves into here. paul: up for reelection again in 2022. when we come back, you signs of economy boys to take off as the biden administration continues its push trillions of dollars in new spending. could the proposed ways do more harm than good?
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will be listening, open to good ideas and good faith negotiations but here is what we won't be open to. we will not be open to doing nothing in action simply is not an option. paul: president biden this week saying an action is not an option as he makes the case for his $2 trillion infrastructure proposal, the administration continuing to claim the u.s. is in an economic crisis as it pushes forward with its policy agenda the following last week blowout march jobs report and other signs of an economy set to soar, with all the new spending
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do more harm than good? asked the chief investment officer. nice to see you. reading your stuff over the months, you've been saying for a long time the economy was set to take off when the economy opened, when the lockdowns and, i think your ship is coming in. what evidence are you looking at when you make the case for a spectacular boom maybe even in 2021. >> all you need to know is america is open for business again. a year ago we made the mistake of deliberately inducing a depression in order to try and fail to contain a virus so the year has gone by, city by city, state by state, country by country, reopening coming back into the marketplace in contact with each other and unlike any other recession or depression in history about this time everyone in the world, household didn't
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have to drop down there savings in order just to get through it because it was brief and so many relief payments in the form of stimulus payments and enhanced unemployment benefits. in the last year, $3 trillion has been saved by american household. there's never been a number like that. this is like the end of world war ii when the world goes back to business and rationing is over, having to buy war bonds is over so it's time for rosie and her husband serving overseas to get reunited, spend the savings, get involved in household formation, create a baby-boom, that's what we are looking for. this is the roaring 2020s, for sure. paul: is it going to last i guess is the question? how long will it last? i want to ask you about the spending because they spent all
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this money you talked about since december, i think roughly $3 trillion. now president biden to spend 4 trillion more, some on infrastructure, a lot on social spending, do we need this for purposes of lifting the economy? >> is a deep internal contradiction from our president. if we are still in a crisis and need to prop up the economy, is this a good time late to into trillion quarter dollars on american corporations as we still struggle to come out of the depression? it makes no sense at all. the products he's proposing, if these are indeed positive net present value infrastructure projects that will pay for themselves, that's a textbook case of something you should not finance, it will pay for itself. the last thing you want to do is bring america to do these
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things. paul: how much damage with $2 trillion in corporate tax increases do? a lot of infrastructure spending. over a long period of time. taxes hit immediately. how much harm will they do economically? >> there will be approximately synchronized but let's assume for the psaki of argument that they are really nice, over any one given year during this program, let's take $250 billion worth of new matched by $250 billion worth of spending. he would say that's a perfect circular flow, the economy hasn't got bigger or smaller, 250 out and 250 and that's not true. it's 250 billion taken out of the private sector where the decisions on how to spend and invest are made by people on the ground, invading sensing the economy of their own fingertips transferring that to washington for a bunch of bureaucrats are going to decide how to spend
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that $250 billion every year so the issue isn't the money, "the issue is" relocation of decision-making power optimal to deeply suboptimal that will not help. paul: i guess that gets to the question of how sustainable his recovery of the magnitude you're talking about? spending a lot of the consumer spending i assume happen here in the next 12 months for some of the tax increases will affect investment decisions going forward for a longer period of time. you think we could, it is hard to predict even three months ahead much less 12 but you think long-term damage to the investment climate from the corporate tax increases? >> i admit when i say we are looking at roaring 2020s, it makes it sound like i'm making a decade-long forecast, i am not. i think we will have a fantastic resurgence of the economic growth over the next year or two but if we don't do the things to
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encourage that and it's going to be smaller than we predict. i think we're going to have 10% gdp here. that's something we've never seen before. if we make some mistakes and reduce that to seven, but still a boom but think about the advancement, the well-being we could have achieved if we got all ten. paul: that's a lot of opportunity. thank you for coming in. good to see you. when we come back from the green new deal in the skies to a big payoff for labor, panel is back with a closer look at what is hiding in the president's infrastructure plan.
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the idea of infrastructure is always involved to meet the aspirations and american people and their needs. it's devolving again today. we need to start seeing infrastructure through the effect on the lives of working people in america. what is the foundation today that they need to carve out their place in the middle class. paul: president biden on the democrats involving definition of infrastructure as he looks to sell his $3.3 trillion plan. our panel is back with a look at what's in the president latest spending blowout including $400 billion for the roles of one of the nations largest. kim, i think a lot of us will i do, think of infrastructure as roads and bridges and maybe even broadband, in this bill, it
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isn't that level. tell us about this 100 billion for home healthcare to start us off. >> this is a straight up health provision and union provision. medicare right now and medicaid spend money on long-term care facilities but the biden administration wants to expand federal spending and giving more money to home-based care and community care. the thing is that this is often provided by family members and etc. and what's happening in the state is unions and public officials therefore have been deeming the family members public employees essentially and therefore able to be organized and part of the sei you and take dues from them and they've made it very difficult for people to opt out of that so this is essentially $400 billion to co-op a bunch of average americans of the for providing health their parents,
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grandparents as new public employees fdi you members in good standing. paul: dan, there's a huge green energy component here, i would say if you look inside, you could even call it green new deal in disguise. talk about some of the details. >> they have put in billions to subsidize electric vehicles as well as the creation of hundreds of thousands of electric charging stations around the country and many other provisions like that. this is basically a plan to extend long-term subsidies to companies doing this sort of business, requirements that often you have to hire unionized labor for instance to environmentally retrofit houses. it's interesting about the finance stories the past several days about which companies out
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there are going to be in play benefit from all this green spending and indeed, there are companies, software companies for instance for transmission lines and electric vehicles but alongside of it, but then proposing this huge increase in the corporate tax to pay for all, what does that do? robbing peter to pay for the subsidies for paul to create all of this green infrastructure as they call it and it's a recycling or redesigning of the tax code we used to see in the 1970s and 80s when you subsidize industries by forcing others to pay for it and that is kind of the road the biden and ministration when he talks about new infrastructure, that's what he means. david industries being paid for by other taxes you in a couple details, 174 billion for charging stations for electric
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cars and more electric cars subsidies and by the way, if you buy an electric car, you get a $7500 tax credit already. the people who tend to buy them, affluent people. there's also 100 billion or so retrofitting homes, tens of billions for transmission lines. this is a form of industrial policy hiding under the term infrastructure. >> it is. i think that is the way to look at it, it's not infrastructure, it's a big spending bill and also it's interesting how much is geared toward propping up big labor, ten or 11% of the u.s. workforce belongs to a union so you have to wonder why biden is so intent on using union workers to retrofit those homes and helping out health workers as kim was explaining. i marvel at the ambition of the plan, people talk about it new
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deal terms but when fdr won in 1932, he won 40 states, a huge majority. both the house and the senate, biden did not win in that fashion and right now democrats fewer than a handful of a majority in the house and the senate right now so the idea that they have a mandate for such ambitious amount of spending i think is mistaken. paul: kim, do you think this is going to get more help and support? >> not in its current form because they understand it's not infrastructure, this is climate and social welfare spending bill with a little bit of structure thrown to the side. if you can break that out, maybe you can get a deal but it doesn't seem likely. paul: okay, thanks. still ahead, the biden and ministration looks to fund its latest spending, treasury secretary janet yellen makes the case for global minimum tax but
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will other nations get on board we'll have a report from london, next.
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your working with g20 nations to agree to global minimum corporate tax rate that and stop at the bar. together, we use a global minimum tax to make sure the global economy thrives based on a level playing field. paul: treasury secretary janet yellen calling for global minimum tax saying it will level international plainfield. that's the administration to find billing taller spending bill. president bush's to raise corporate tax rate to 28% to 21 and imposed 21% minimum tax on foreign profits potentially putting american companies at
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disadvantage. the other nations go along with his, this push to end this? joe has been following story london. joe, what is the logic behind the global medical tax? when i think of most national tax policies, they try to design them to track capitol and get the country and edge no, but make it all even for everybody, what is behind this? >> it's been a progressive policy goal for a long time. a lot of parts especially ryan based precisely because of politicians and economists on the left want to end tax competition, they think the problem a lot of countries trying to reform tax stimulate more business investment, it somehow denies government revenue so think what you see
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here secretary yellen, it was pushed to increase taxes on u.s. companies and then do what europeans have always wanted to do, the global minimum tax to prevent companies from going anywhere else, to lock in revenue. paul: so what about the line she and the president used, a race to the bottom is that what we have seen around the world here over the last few years? >> no, that's what is range, they have been following a completely different universal tax discussion around the world definitely a big waste of tax reform around the world but it's not the case everyone is racing to cut their rates at those levels for you would see countries around the world already doing something like ireland schools and corporate tax rate. i think what you actually see is a lot of policy innovation around the world to try to come
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up with the right mix, mechanics like deductions and exemptions and tax cuts to seemly investment in that kind of experimentation the left doesn't like because that can lead to reforms in perfect not want to deal with. paul: she says the 2017 tax reform gave incentive u.s. companies to keep more money overseas and do the best overseas not in the u.s., is that what happened. >> no, that is another strange part because the reality is it's the exact opposite 2017 reform showed if the u.s. implements a competitive tax rate would not be the lowest in the world but there are ways you will encourage more domestic investment that you could actually encourage companies to bring money back into the u.s. and we saw more than $1 trillion
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of capitol flow as americans companies brought profits back to the u.s. and came back to shareholders after the 2017 tax reform so we know it works, i think to sell their own plan, biden and yellen have to pretend that it didn't. paul: she's asking other countries to go along, it likely she will get any takers? >> luckily enough, she will because it's something a lot of countries around the world, particularly in europe have been pushing for a long time, many years as an effort on the organization for economic cooperation and development to try to negotiate a global minimum tax so conceptually they will not be a lot here. the funny thing is, everyone else in the world is talking about global minimum tax rates significantly lower than what the biden administration is talking about in the u.s. so of course other countries will be happy to go along thinking
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washington to do that because the u.s. was to be imposing on competitive tax rates at the end of
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think they really listen to and the europeans.
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the french, the uk and germany. president trump, when he wanted to get out of the deal gave his staff over a year to go to those countries and renegotiate a better deal. then we go back to iranians with that in hand. they could not get that done, europeans rejected those and president trump came out of the deal. europeans want back to the original deal with original conditions. why is that? i have believed for years that they put their economic interest head of security just and particularly the stability and security in the middle east, that's who the administration is listening to. the last thing, what they are not then, earlier in the administration, they said want to strengthen the deal. the original deal those with those words, not mine. no discussion about that. all we are talking about right
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now is getting iranians to come back in to compliance with the deal in terms of how they broke restrictions and as a result, we will begin to give up sanctions that return to the deal but there is no discussion of iran's incredible behavior since the deal was signed in 2015, they toppled the regime in yemen. before the deal was signed. that regime was friendly, the arabs and friendly to the united states. the civil war in syria and a son who's a proxy used chemical weapons twice. no one is discussing the leverage we have in holding iran accountable for their behavior since they signed a nuclear deal. that was supposed to be one of the goals of the deal, curb the original behavior. paul: on that strategically, the administration seems to be let's
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just get iran back into the straitjacket of the nuclear deal, we can forget about the middle east, we want to move over to china and that is our biggest strategic adversary in the world let's put a damper on the mid east controversy and then we can move on to china. what you think of that? >> that logic has failed now as it was for different reasons in 2014 and 2015. i do think the undergrowth of that in 2014 and 15 was the disengagement for the middle east because barack obama had already demonstrated that by pulling out of iraq will pushing back in the middle east so i think that mindset is still there but maybe for different reasons with china. if we rollover to iran, which i believe we are on a pathway to doing, we are undercutting the arrows, israelis, undercutting
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the paradigm shift that's taking place in the middle east by normalizations of relationships. they said quite clearly the number one security threat in the region is iran and that's why they are standing together and another thing, yes, china is our number one threat and yes we are oil independent but for our audience to understand, u.s. national interest is still tied to the middle east and the reason is the world economy is dependent on the flow of oil out of the middle east. if iranians destabilize behavior and adverse impact on that, it can really hurt the world economy that would impact the united states of america unquestionably an economist, no one disputes that. paul: thanks very much for being here. appreciate it. when we come back, hopeful students await college admissions letters, more and
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more schools ditching sat and act but with that harm the students testing critics say they want to help? ♪♪
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we used a standardized test as a tool for college admissions, it may soon be a thing of the past is more schools continue to ditch the act and sat's. across the country, the tests optional this year amid the coronavirus pandemic and empty testing activists wish to make the changes permanent claiming the test favorite affluent students but a new stanford study suggests relying on so-called soft admissions criteria like personal essays may not be more equitable more progressive to privilege students likely to gain the most. we are back with dan henninger,
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jason riley and jason. tell me about the results of the stanford study. i thought ditching standardized tests was supposed to help, this found the opposite, white? >> what the researchers did, they took about 2000 college essays students submitted to the university of california and ran them through computer programs that judge them based on their content and vocabulary and sentence structure they use and they found basically these essays are a better predictor of household income than sat. that is not surprising because the sat measures certain readings in writing ability and if you can do well on the test, you probably know how to write the kind of essay admissions want to read. paul: does it also mean some of the people who affluent kids have a chance to hire tutors for
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more resources at their disposal to do better on soft admissions criteria? >> absolutely. you can take tutoring for test but you ultimately have to take the test on your own, college essays, lots of people have counselors who help them review, parents help them review and you help them write their application away it's going to please the admissions office is so the idea that the test is in favor of the affluent but not a college essay which can be just as coached and polished by outside tutors, it doesn't make any sense. paul: who loses here? what students are hurt by this kind of to the soft admissions criteria? >> the colleges marketing that is something that will help low income students and help
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minority students saying the sat favors the privileged, shifting to a more holistic application will help disadvantaged students. my view is that it could well be the opposite, we could well see affluent students having a lot more running room to play around with their applications and design them and write their essays tailor their essays and the people who are hurt are going to be people who can't take the test show the tops might not be able to design their application in the same way as affluent students something is going to have the opposite effect and could hurt very capable students from less privileged backgrounds who relied on the test to show their ability. paul: how do you read this? are we moving away from a system of merit for college admission based on standardized tests? the kit i worry about is the talented class kid somewhere,
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lower class kid doesn't have a lot of resources, really smart and does well on tests by their own effort just isn't going to be able to ace the trip to belize in the summer that gives -- or piccolo lessons. what do you think? sorry, i got my jason's mixed up. jason riley. >> call, the reality here is there is an achievement gap in this country between different groups and eliminating the test will not eliminate the gap. the kat is not caused by the test, the test merely exposes the gap, identifies it and it's a gap that inevitably show up somewhere in the life somewhere along the line on the it will show up and you said earlier these testing opponents think
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they are helping the minority students, i think it shows they've given up on these minority students. they've decided these kids will never measure up so we have to stop measuring and that is what is sad, if you want to help these kids, you need to know where they are academically because they can only move forward from where they are, not where we hope they are. by eliminating the test, we only exhibit secure where they are. paul: thank you to the two jason's. one more break, when we come back, hits and misses of the week. ♪♪
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♪♪ paul: time now for hits and misses of the week. kim, first to you. >> paul, a miss to joe biden for nominating david chipman to be the head of the at fnchts he's a gun control fanatic, has spent
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recent years working with and for gun control groups. it'd be the equivalent of republicans nominating the head of the nra for such a job. so combined with biden's new executive actions on firearms, he's once again wading into an incredibly divisive issue, one that's not going to help with unity in the country. paul: jason riley. >> paul, cbs news' "60 minutes" show aired at a deceptively edited story suggesting that republican governor ron desantis had decided to make publix an exclusive distributer of the vaccine in return for campaign donations. this is a false story, but the media have repeatedly made fuels of themselves over the past year -- fools of themselves, and this is just the latest example. so a miss z for "60 minutes" and
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for a politically motivated smear job on the governor and publix. paul: jason. >> i'll give a hit to supreme court justice stephen breyer who earlier this week gave a speech at harvard law school warning progressives against packing the supreme court. just a few days later, today -- friday, president biden announced a commission to study court reform including court packing. and justice buy -- breyer's main point that the willingness of the public to follow its decisions should not be taken for granted, and that legitimacy could erode. paul: all right, dan. >> america may have 50 states, but only one of them can be the king of taxation. that crown used to belong to california, it has just passed to new york whose legislature has increased taxes for people in new york city who pay a surcharge. the top marginal rate is just
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this side of 15%. watch those tax subjects start heading out to florida. [laughter] paul: all right. that's it for this week's show. i'm paul gigot, and we hope to see you right here next week. ♪ ♪ eric: and we start with some breaking news out of utah, two salt lake county sheriff's deputies have been shot. this just happened a few hours ago. the gunman in this was shot and killed, the incident happening in the parking lot of the sheriff's office a jail in south salt lake city. we'll bring you more details as we get them. this is the "fox news live," i'm eric shawn. arthel: hello, everyone. and we are following several major stories including that breaking news out of utah where, again, two sheriff's deputies have been shot. one of them is in critical condition. plus, the white house facing backlash over its handling of the border crisis with

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