November 16th, 2012
07:31 PM ET

On GPS Sunday: Rubin and O'Neill on the fiscal cliff, Bill Gates talks education

"Fareed Zakaria GPS" this Sunday at 10 a.m. and 1 p.m. ET.

On GPS this week: fixing America’s finances. Fareed speaks with two former U.S. treasury secretaries who represent both sides of the political aisle: Robert Rubin and Paul O’Neill.

Earlier this week, writing in the New York Times, Rubin tackled the arguments surrounding the so-called fiscal cliff, the looming combination of automatic spending cuts and tax increases that kick in at the start of next year unless Republicans and Democrats in Washington can agree a deal. Can the two parties alter what Rubin describes as America’s “unsustainable and dangerous fiscal trajectory?” Hear Rubin’s take on GPS this week.

Also, billionaire philanthropist Bill Gates talks about what’s wrong with American education, and how he plans to help fix it.

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Topics: Economy • GPS Show

soundoff (5 Responses)
  1. JAL

    The Israelis need to put down thier weapons and go home, while the global economy begins making preparations to move economic/business infrastructure to Libya. The time has come to create a model of global economic partnership in the Arab world that will eclipse the forces of poverty that are trying to pull everyone apart and turn our world into a colluseum of violence.

    November 17, 2012 at 8:59 am | Reply
  2. Pierre Jasmin

    Hi Fareed,

    You're one of the only TV show I watch, just sharing an idea:

    What we be nice in this financial debate is simplification, is for someone like you to publish something that actually defines the terms used in the debate in a very simple manner (in a manner that could be made into an interactive applet even).
    I bet everyone has it's own definition of what 1-2% is...
    Could be better we discuss specific plateau for income tax rather then arbitrary amounts of $ and we don't ignore corporate tax

    For example:

    http://www.ritholtz.com/blog/2011/10/forget-the-top-1-look-at-the-top-0-1/

    One variable according to above is:
    Top 10%: $109 062
    Top 5%: 152, 726
    Top 1% = $368,238 (20.9% of income)
    Top 0.1% = $1,695,136 (10.3% of income)
    Top 0.01% = $9,141,190 (5% of income)

    Example: total 15% of GDP (whatever the current revenues are)
    Example amount needed: 20%

    Even it's not what Obama promised, what if additional fed tax would be +1, +2, +3, +4 and +5 based on some pro-rata grouping like this. Where does that bring us.

    Variable 2: Proportional Income Tax share | Proportional All Tax paid
    Dividend per category versus other incomes..
    This is important to see over time as people play with dividends, s-corp, c-corp and even non-profits
    Non-income tax (payroll...)

    Variable 3: Amount of Deductions broken down
    For example there is already FHFA (do I have acronym right) pricing that varies per area for first mortgage owner – I think like $375 to $750K max for people who cannot afford 20% down. Maybe such number could be used direct to cap the market warping effect of such deduction without breaking the market, like simply after that amount, only 28% of deduction etc... Would be nice to see for example how much that generates...

    November 17, 2012 at 8:49 pm | Reply
  3. 100 % ETHIO

    "Unsustainable and dangerous fiscal trajectory?"?
    No way! The danger of American lives and its unsustainable has been challenged and defeated in the late 1600's by Great Britain Heroes.

    However, the current gambler and confused generations are INCOMPETENCE, even when all the obstacles (bumpy roads) are cleared.

    Would the current generations alive in the late 1600's to challenge all the difficulties won by Great Britain, currently, the World may remained the same as Four Centuries ago, with no change.

    Imagined what Congressman Ron Paul said. He is quitting his Congressional position, next Month.
    Why? Because, he is incompetence. He see on going wars and fiscal cliffs. He believes, its unchallenged in his own Mind.
    This kind of weak person should not be elected to serve any public service, let alone Congressional position.
    He should be investigated on what he has done since the past 27 years for American people.
    I suspected him, causing destructions against progresses.

    Meanwhile, William Henery ("Bill") Gate, deserve good reward for his payback to America.

    November 18, 2012 at 5:58 am | Reply
  4. Don

    Fareed committed plagiarism, a serious journalistic offense? If anyone else is concerned, please RAISE YOUR VOICE! We need to have respect for the media and FAIR journalists. Not a cheater like Fareed!!!!

    November 19, 2012 at 1:35 am | Reply
  5. joe anon 1

    thought rubin was in prison awaiting hanging for financial terrorism.

    November 19, 2012 at 2:07 pm | Reply

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