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Tax increases which will go into effect next year if they do nothing and number three, we somehow as a country have to repeal or replace parts of the health care reform bill, in particular, the $500 million in taxes that are coming due next year. jenna: that s a lot. that s an ambitious list, elaine. i want to get peter s thoughts on that. we re giving a lot of credit to the tax cuts that could expire next year. is it too much credit? i mean, if let s say for example there is the tax cuts extended and we re able to keep them, i mean, would that solve all of our problems in the economy? that seems a little overdone. no. repealing the tax cuts, raising taxes makes the situation worse. keeping the tax cuts in place doesn t make it better businesses need customers and in the case of small business, they don t have that $2 trillion in reserves in profits, they don t have enough capital. customers, we have to do something finally about the trade decifit with china ....
Is being designed to be used against us, necessarily. any country has their own right within self-defense realms to develop weaponry that they think is necessary for them within the confines of international law. obviously, the development of this weapon is not new to us, it obviously has to factor into our planning in terms of how we project force around the world, in terms of how we develop in particular our naval fleet going forward, and we are making those calculations accordingly. we have some concern about the development of this weapon, about the robust military development of china overall, and not because we think they don t have a right to it, but because we think transparency is very important in this relationship, so that there s no misunderstanding about what the intent is of our mutual weapon development. jenna: is china an enemy or an ally? well, i don t know that china is either an enemy or an ally. china is a trade partner, ....
And approved and they don t think there is any significant oil on the bottom. we know there is a lot of oil out there, jon, the question is, where is it. jon: rick leventhal, lake shore, mississippi, rick, thanks. jenna: well we just saw the president talking about the economy, and in recent days the commander-in-chief has also been doing his part to energize the democratic base in hopes of a good democratic turn out in november. is it working so far. wind del goler is live at the white house, what is the president s argument. reporter: he is arguing that republican policies created the recession and returning control of congress to them would be a return to the past. his aids admit the job growth hasn t been as strong as he wanted or expected but they insist things would have been worse without the hugely popular bail outs and stimulus spending. here is a clip with an a analogy you ll hear a lot between now and november. when you want to go forward, ....
Contributor. welcome to our panel and welcome to your brady bunch boxes for the day, nice to have you with us. peter, we have seen private sector job growth. isn t that a good thing? but how much? we had 71,000 jobs. the private sector has to generate 300,000 jobs a month, ever month, until the end of 2013 for unemployment to get down to 6 percent if the government can manage not to shed any more jobs. at the pace we re making progress, president obama s great grandchild will be in the white house before we re out of this mess. jenna: elaine, how does the government step in and try to increase the pace of recovery? i think that s the whole problem with this administration, they think the government controls everything, and the government does not. the government s role is to create the environment in which the private sector can create jobs,ba that is the main problem with this economy. we re not creating enough jobs, as peter mentioned but why aren t we and that s the key question ....
Clearly, we do a heck of a lot of business with them on the economic front, we have historically had a lot of military cootion or engagement at least with them as well. that has broken off in the wake of wake of some arm sales we made with taiwan last year, and so our military engagement is not what we would like it to be, however, the door is wide open and we keep asking for more military to military engagement so we can better understand what it is we are both trying to do with our military developments that are going on in both countries. jenna: and what are we trying to do? what is who trying to do? jenna: you said what we re both trying to do militarily, so what what exactly jenna, in this country, we spend nearly 3/4 of a trillion dollars on our military, there s a base budget of $550 billion in the wars and the wars we re fighting cost $150 billion, so we re doing a lot militarily based on our budget. the chinese are spending a significant sum of money as ....