Kingsview CIO Scott Martin discusses Elon Musk and Tesla, spending problems, and whether expenditures will come under control.
Program: Cavuto Coast to Coast
Station: Fox Business News
NEIL CAVUTO: Scott Martin joins us. He always says controversial things, but you know, he’s good at what he does as is Susan
SCOTT MARTIN: By accident,
CAVUTO: by accident. I hear you, buddy. They it very nice hair, very nice hair. Scott The most important question, then, is with all the money. Why does why does Elon Musk cut his own hair? What do you think?
MARTIN: Well, from a guy that doesn’t cut his own hair, I think he feels like he can do anything he wants. And as Susan said, he’s the richest man in the world. A lot of that is stock options, but he’s created a lot of wealth for others to make money besides employees, also investors. So I think Neil, he kind of goes to the beat of his own drum and obviously, depending on who he’s attacking over Twitter on any particular day, he tends to win those arguments too.
CAVUTO: You know, and and you raise a good point when talking about, you know, we tend to look at these things linearly, like how much you’re paying a tax. It turns out he’s spent quite a bit in taxes. Thank you. But even if you were to take and confiscate all the funds of the richest, it wouldn’t come close to addressing, you know, the twenty three, twenty four trillion dollars in debt. We just pile up pile up. That isn’t the result of not taxing them enough. It it’s really the result. And this has happened to Republican and Democratic administrations alike of spending much, much more than we have.
MARTIN: That’s right. It’s not a tax problem. It’s a spending problem. And obviously, if you look at the Treasury Department receipts over the last several years, we’re at record levels. So that tells you they have the money, they just overspend. So will they ever get it together as far as the Democrats or Republicans no, because the government likes to spend and where they spend on things that are actually worthwhile or whether it’s or whether it’s waste fraud and abuse is up to anybody’s debate. But the regardless point is that they do overspend and they have the tax dollars to actually be a little more responsible. But they’re not, you
CAVUTO: know, long before you were born, probably when we had the the Bill Clinton internet boom going on and we were had surpluses for a while. It really took something like that to to pay our, you know, our debt down to size. Certainly, the deficits went away and started surpluses. But short of something like that was, do you ever think we’ll we’ll we’ll get this solved?
MARTIN: I don’t know, because it’s kind of funny money, I mean, the dollar is the world’s reserve currency to add an increase in the debt ceiling, as we just recently did, or to add numbers to a balance sheet that’s at the Treasury Department is a win. It’s not really anything that takes a lot of work. So there’s really no adult in the room when it comes to the spending that we get out of D.C. and therefore I don’t think they’re going to stop.
CAVUTO: All right. We’ll watch it closely. Scott Martin, thank you very much.