Tax Cuts under Obama

" Nancy Pelosi now handing that president Obama maybe warming up their position. Of moving up those tax breaks for the rich instead of letting them -- A natural death at the end of next Spitzer agrees with speaker Pelosi high -- I can now of course that's only. Author. To uprise and syndicated columnist. To address -- news columnists and armed. Good thanks come on. Let's turn this around let's say. You think it's wise to it to move this up. And let's say the return -- evil bastards that advocates were now whole let's move on to what you get for. All right we're going to run likely have total spending stimulus rescues two trillion dollar deficit the -- you're gonna get 300 billion. Hiking taxes on the rich so my math you one point seven trillion in the hall. What he proved in a slow environment hiking taxes on the rich if if -- goal is to get money."

" Well I I agree that we're going to be in deficit and I agree that that most people in Washington most economists say we need to deficits and the issue is you know Barack Obama's talking about how we should be at some level worried about that that deficit I think you probably agree with that that that we don't -- I have just deficits after deficits at deficits so this would it seems to me to be pragmatic. Small step. Towards some kind of fiscal responsibility and it's really small -- but look to 225300. Billion dollars is not small in the -- in the concrete sense it's it's. Relatively small compared to the deficits but it's it's not a drop in that in the bucket and and you go to why they would have a slowdown. -- Larry summer says in a slowdown maybe not lines what because what you what you can do with that money is spend it more quickly. On things that they can better spur the economy more intensely right now if let's say -- chump change in the -- if you take 300 billion dollars and put it into public infrastructure expanding health care food stamps unemployment insurance this is the way to get the money into circulation right now. Rather than allocating it or setting aside for tax cuts for the wealthy that we know do not create as big a GDP bang -- I can argue that but but I'm just saying if the goal is to get money fast and you hot little hands right to -- them. And we're still down one point seven tree and all those efforts. What good is to. Well because it. At one point and then at where when you stop if it's one point 7000000000000 and two trillion each 300 million dollars client matters -- bang for the -- for more spending. What but but if you are you see that I think you will see thing whether we ever seen -- for spending about. What you see when you when you invest in public infrastructure that we ever come out of a recession spending way. Binding in the new deal you have what we're -- to -- a lot of relative to what if you look at the unemployment rate during the pre World War II new deal would drop by the fastest. -- in American history so. The new deal -- the pre World War II and you certainly did not and the Great Depression but it had a great. Effort to given those days that was eight years we were the you know what that wasn't a market that was that wasn't -- wasn't as well in that it when when you create boom sadly. In history you've done it either through war. Or massive tax cuts that I but it -- here's what -- here's announcing when you invest in infrastructure and roads bridges the kinds of things that last for generations after me we don't really understand. I think that that how much the new deal improved our economy all the way through for 56 -- seems silly stimulus things daybreak. Sixty million for a couple of libraries allocated. Well that's right it and it -- talking about you know I think it was six point two billion to with a rise some folks homes. -- I never thought of that stuff that's job creation that's energy conservation the point if this has a ripple effect through the economy look it's it's -- Some could argue it's a one shot deal and why -- just wants. Well I don't I I disagree with that if you spend the money properly when you whether rising home when you're investing green energy -- potentially saving money. Creating efficiencies and creating jobs. Years and years outlook is Mark Zandi. From from Moody's have John McCain's economic adviser who says you get about a buck 59. For GDP bang for the buck when you spend it. On public infrastructure get about a -- 25 when you."

" How is its repainting a bridge or repaid and highway. Going the long term boosts this economy I don't argue in the short term. You know you get people employed and -- lessening the doubt that -- longer term what are you doing will be no longer term from the biggest spending initiative -- the new deal. We didn't get serious things about and so we were killing people in the war."

" Business leaders will tell you in places where I live like Denver they will tell you that when you invest in. Roads when you when you improve bridges when you fix when you maintain the public infrastructure. You're creating the environment for job growth I mean manufacturers'. Tax cuts that are -- Why not again not as well as as public infrastructure spending to the tax cuts President Bush had. In 2001 mitigate what could have been serious recession. I don't think that's the right question I think the right person is exactly that's a fascinating adolescent viewers was the best way to mitigate I don't think it was the best way I think we our economy could have been doing a lot better but doesn't disturb you that on this level. The stimulus is being want to. As the days go on a small once welcomed component is attacked susceptible that's going to. That's good that's good because again I think it's more efficient more bang for the buck to spend the money. Right now as fast as possible rather than devoting it to tax cuts where. We don't know where that money's actually going there is not concrete evidence that giving tax cuts for the wealthy. Creates a -- well pleases everybody they have a smaller net pay check. We're bigger net in the page that that. Is varied set -- looking nobody is for taxes nobody likes paying taxes I'm saying -- to compare when a bank loan hiking tests. What well after Bill Clinton when Bill Clinton came we don't even then we were coming out of her and Bill Clinton -- we're coming out of recession -- to -- what people said don't raise taxes on the wealthy you're gonna kill the economy he raised taxes on the wealthy and the economy do well right now I'm not."

" It -- little Leonardo you're right I'm finally won his. Eight arguing your point -- are you getting a beneficial bang for the buck now hiking taxes on the wealthy even allowing freeze your social argument for. When we got a severe slowdown and I guess you're making a statement of the rich should pay back something. But it's going to be some change in the vascular thing."

" It depends that you use the money for. If you take them say they're gonna think if you take the money in a light it on fire and put it into some it is not going to create jobs or build public infrastructure you're right and maybe it's not worth it but I think there are plenty of priorities in this country that need to be worked on the need to be improved and."

" I -- never seen a recession a slowdown which who spent their way out of the biggest that I seen as you alluded to a was the new deal and that was a war that got us out of me now now now I'm not saying. The spending near term gives things of both because something's gotta stick with the pre longer term sustained growth. Won't comics was will be from."

" What I'm saying is that the spending that was done in the new deal to spend the offending that was done to Eisenhower. The in the 1960s that created public infrastructure that our economy still relies on that we can find it again today because it needs upgrading the 21 century. So we're back to having faith in the government's apartments and you're comfortable that I am comfortable with whom."