CNBC anchor Michelle Caruso-Cabrera visited the set of Morning Joe to push her new book You Know I'm Right and apparently we've got another Ayn Rand fan working for CNBC. After saying that the auto companies should have been allowed to fail, presumably to get rid of those pesky over paid union workers, Mike Barnicle asks her if she thinks we're going to have to raise taxes to pay our deficit.
Cabrera of course doesn't think we should raise taxes and says that instead we should cut spending. Leslie Stahl asks her where. She replies:
Easy stuff; you get rid of the Department of Labor, the Department of Commerce, the Department of Education. You can get rid of all of those. They're not necessary. You don't need that stuff done at the federal level.
But the real issue, let's talk about it – Social Security and Medicare, right? We have over promised so much that someday if we don't do something, we're going to be Greece. We're on the path to that. So what you do right now is you tell young people instead of saving that Social Security and giving it to the government, you're going to have a personal account, and that's going to be your retirement. And in the mean time, as you get closer to retirement, you're going to have to live on that money instead, because...
Leslie Stahl asks her what happens when the markets crash again and there's no safety net. Her answer:
Well, this is the choice, okay? So you're saying the choice is I can have the government pay me in the future guaranteed, or I can have this uncertainty of the market. I see it differently. I see the uncertainty of the markets or the uncertainty of some future Congress, some future bunch of people who are... can at any day decide you've got to retire later. You've got to put up more money.
Or in other words, don't dare expect the rich to pay back the Social Security trust fund and you're on your own for your retirement. Her buddies on Wall Street crash the economy again... too bad, so sad. Cabrera would fit right in at the Tea Party rallies.