Alabama's Morning News with JT
Monika Hengesbach tells us what a Biden win in November could mean
the obama administration and what it's going to do to all of us if he gets back in there joining us now let's talk the economy since it's one of the biggest things monica hasenbach joins us now uh... financial services expert in the c_e_o_ decision financial services monica welcome back thanks for being here sure thanks for having me all right before we get into the economy and uh... what this policies and his policies are all about let's talk about the debate my gosh it's on everybody's mind and the aftermath over the weekend with the uh... doubling down of the democrats supporting joe keep them coming i mean your thoughts on the debate now the push to keep them in there you know uh... my thoughts on the debate was actually it was pretty sad and very very painful to watch i uh... i actually had to turn away because i couldn't i couldn't take a look at it anymore i'm i'm actually surprised that the democratic party is doubling down and wanting to keep uh... joe in there you know yes i mean everyone saying that afterwards when he was he was out there on the camp trip campaign trail he was doing great well of course he was he wasn't under any pressure he was just standing up there and he was talking to a group of people well that's not the presidency right presidency is about pressure you're going to get pressure from high and official across the world and if you can't debate just somebody on on stage my fear is how are you going to stand up against political rivals and country it's time to take the keys away from pop-up you know it's it's just time okay and for for joe biden doctor joe biden by the way to continue to say let's go you did so fine and dandy with answering the questions it's like he's a kindergartner with his first coloring book i mean really that's the bar i mean could you imagine if the bad phone rings and joe has to get up at three in the morning and go to the situation room because something extremely serious involving united states is underway he wouldn't have a clue as to what to do or talk about and say well do you think joe is actually going to be the one that's going to get out of bed at three a.m. that's a good point that's a good decision that's a good point yeah so this whole doubling down thing i i agree with you but from nancy pollosi's lips to god's ears leave him in there until november fifth because that's our greatest chance to have a change in the direction of the policies in this country in the the man in the white house um i i'm not sure that joe biden's policies are going to improve anything for the middle class you know if he is reelected or whoever's running the show behind the scenes house prices are in mortgage rates are higher than ever you look at groceries and rent and gasoline the cost of health care and trump's tax plans about to expire and you know that's going to be disastrous as uh you know biden wants to raise taxes again so your your thoughts on if this continues well the one thing that i'm actually really concerned about is letting trump's tax plan expire there there are some when i ran just a brief scenario of what of a client of mine that was in 2016 prior to trump's plan they would have they would have owed 39 grand when you implement and that's middle class okay this is middle class family self-employed real estate agent 39 you put in all of trump's tax law changes the qb i deduction which biden has not talked about not expiring their taxes was 16k that's a huge huge difference and that's the middle class so my fear is is that allowing some of these tax policies to expire is actually going to have an adverse reaction to the middle class now i understand that biden wants to increase taxes on corporates right now they're at a flat tax of 21 percent i think you wanted to go up to over the 28 which is still lower than the 35 i don't you know historically what that happens is they start cutting staff right and what's going to end up happening is once corporations pay higher in taxes the ones that hurt are the unskilled workers the newly coming in generation they're going to be let go because they don't have the skill set so here we go we're going to get the middle class cut they're unemployed they're hitting the unemployment line so i i don't see a win win in here by cutting the taxes and raising the corporate tax rate well we've gotten a small dose of that already with california's gavin new some policies in raising the minimum wage to an astronomical amount the businesses only have one thing to do you got to cut employees you can't afford to pay the staff like that which breaks down productivity which breaks down quality which breaks down every single element of the chain and then here we are back again driving inflation because of this so this whole forcing things down people's throats uh and like you said when the tax plan goes away and Biden raises them it's going to do the same thing to people and small business meaning companies under 500 employees in this country are basically the engine of what keeps this nation moving big corporations certainly are necessary and employ a lot a lot of people but in the state of alabama 95 percent of our small businesses yeah it's it's true and historically the the middle class is the one that fuels the economy because they're the ones that buy the most consumable good right the the wealthy yes they reinvest in bigger infrastructure or investment or capital investments which which plays a part in the economy but it's really the small business owner that is employing the the majority of the workers for the the middle class that is feeling that economy and they're already taking a breath i mean i could speak on my own business the fact that health insurance costs have risen wages they want higher wages because they can't support or buy groceries i mean it's it's crazy i mean you've got a you've got a cut down on consumable goods necessities you know food gas housing the basis and once you can yes and once you can get that down that's gonna fuel small businesses because they're not going to be forced to pay more which then they pass their prices on the people it's just a vicious vicious cycle yeah we need to get out of that cycle yeah we need to change in direction that's for sure what modica thank you for being with me i appreciate your insight this morning ceo a decision financial services modica hagan's bot