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My next guest deeply deeply resents President Obama and Warren -- for suggesting that He amongst others should be paying more in taxes joining me now.
Former chairman CEO of American Express member of American enterprise institute's executive committee Boutros state.
Early dollop -- good to have you here particularly you have written one of the more powerful and I think.
Our heads in recent times and in the Wall Street Journal.
In and calling out those who want to raise taxes for any reason and and talking about a broken compact.
Between the government that has a responsibility to spend taxpayer money wisely.
What has been the reaction to that.
-- -- has been largely positive.
And that they're in the in the Blogosphere that a number of people who have.
Who have written about what I said.
It and in a negative way but by and large that in the comments are overwhelmingly positive.
And what what resonated with people.
Was primarily my argument that.
That is simply.
It's simply raising tax rates.
-- it's not going to raise very much in revenue if you wanna raise revenue reduced tax rates.
The secondly that the the deficit problem of a trillion of dollars.
And I don't see that going down under the current policies.
For the next for the next decade maybe to a trillion.
That the money.
That we're all paying into the government is not being spent.
On reasonable projects would reasonable chances -- results and done efficiently target.
Being done I think it's fair to say now by reasonable people.
Because if they were reasonable indeed they would not continue these practices that are.
Threatening to bankrupt this nation we will be a debtor nation perpetuity if we do not reverse course and practice here.
We have to we have reversed course whole lot under the under the CBO estimates which I think are very very.
The external debt of this country will double in the next decade from -- take control themselves if the if the assumptions are made in a more reasonable way that number goes to 22 point three trillion dollars from nine trillion.
Our our annual.
Debt payments interest payments.
Will will be about a trillion dollars a year -- -- under to know here infected.
The only way out of that problem.
Two things have to be done one as we have to get GDP growth.
Of one percentage point increase in GDP growth translates to twenty million jobs at the end of ten years.
I translate to a 1000000000007 increased revenue.
Under current tax system and each -- and -- point increase.
If you it gives you that number each percentage point decrease.
And we're now operating below long term rates by about two percentage points.
And into your point on external debt which includes their current account deficit.
Our we are talking about and -- imbalance in our trade relationship.
All right with most economists and frankly favoring either political party -- chosen to ignore the drag that that has on economic growth.
Translating to a reduction in.
Economic growth and a reduction in GDP.
-- in addition it.
That the mounting strain as a result of that debt doubling over the course of the next decade.
We are following practices as if we are absolutely.
Inured in every possible way.
To consequence for bad judgment.
And bad judgment is about all we have to show for -- public policy choices over the course of the past thirty years.
Probably more room courteous but but it is it is I'm in a generous spirit we we are what we are living with the consequences.
But we're also make you worse right now we're making it worse and in my mind.
I don't see any chance that we're going to Begin to reverse that until -- -- selection.
And and you're confident that one of these candidates at least it's -- now seeking the Republican nomination.
Is the man or woman to do that Mickey Mouse would be -- I was afraid -- say that.
We're gonna have to think about how at all made it.
Elevate the jury and we're only about for the Dutch broadcaster I hope you'll come back and trying to -- -- -- about her but it is our --
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