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Steve Forbes, Forbes Media chairman and editor in chief, on President Obama's speech today on the budget deficit.
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Topic my -- first guest says president Obama's plan.
Would punish -- most successful Americans and He should know his tax bill.
Would at go up is it ever became a lot Steve Forbes is a chairman in the editor in chief of Forbes media and He joins me now.
Really happy to have you on the program today mr.
Ford's on this very important -- I know you have some thoughts here did you happen -- -- the president's speech today.
Yes and depth I think it underscores that this is really political Stater He didn't even put a rate on -- one million dollars or above.
He knows congress is not gonna pass that this was a political speech.
And the Republicans are doing them a favor because if they did pass that this would damage the economy.
It hurts a capital creation search job creation and return of rotten situation into a very rotten situation.
I I like -- you use -- -- political theater because my personal impression was is that He was.
Very defensive in -- speech He used to -- charged words.
Including things like class warfare fair share a one sided deal is still right tactic is -- president going about.
And bridging this deficit gap in the right way in your opinion.
Now we haven't seen anything like this since the Carter Malays years in the late 1970s.
Warner last -- a prolonged slump.
Seemingly hopelessness.
And I think people want programs that are and get this economy back on its feet in not going to do it by concerns -- blowing around spending trashing the dollar.
-- new taxes and massive new regulations they don't work.
Ronald Reagan's way of lower taxes stable dollar and fewer regulations that does work so I think we're gonna see a change next year and by the way.
When people focus on the presidential election starting next spring.
I think you're gonna see the markets rise in anticipation.
That a more reaganesque program will be in place for the American people.
But in the meantime that -- The headlines dominating India news discourse right now on things about such as a -- tax because that tax is what it is you can call the plan.
But in fact it's -- tax at the end of the day.
How do you come out on this I know you've been very vocal on this issue as well that this move could potentially punish Americans punished the wealthy and -- Our nation's economic growth.
Well when you realize that the people President Obama wants to hit especially hard not just those making 200000 dollars or more which includes small businesses employing twenty to fifty people which are the backbone of the economy.
But even -- take the millionaires they make up.
Two tenths of 1% of the taxpayers in this country but pay 20% of the federal income taxes -- business that they're getting off Scott free they're paying a huge share now.
And so by raising the price on capital raising the price of risk taking -- gonna get less of those good things.
The last time we had rates that they seem to -- -- back in the 1970s.
And we know what a rotten decade that was.
So how do we -- -- we have a a major budget deficit gap that needs to be bridged here so.
Is it that we should not be raising taxes at all -- they're different ways to make up.
For the shortfall now instead of trying to find new ways to pick the pockets of the American people directly or indirectly.
We should be focusing on creating a bigger pie in the way you do that is -- a stable dollar simplifying the tax code like a flat tax and stop the blowout -- -- spending.
If we just got in normal economy again.
We -- 500 to 700 billion dollars more in revenue just from grant extra economic growth.
And Reagan understood it even Bill Clinton eventually understood it to the good of the country but this president seems to have a blinders on -- Does talk about tax code reform is -- proposing and in a way that you think is gonna make meaningful change because He does talk about it He talked about it today in fact.
Well He is -- deficit commission made a proposal on that not as radicals I would like a year ago.
Which she resolutely ignored so at some nice words about it didn't follow through -- it.
Unfortunately I think his version of a flat tax is blind one what did you make mine to send it in.
And of that kind of excessive tax approach is not going to help the economy at all which is why he's in political trouble is prescriptions are hurting the patient.
Not helping the patient.
You talk about what we can expect after this next election but it.
Clearly there's a lot of critical time ahead of us ahead of this election.
What -- number one thing that you want the president to focus on -- -- to create meaningful change for our economy.
Well in addition to stopping the political theater that He put on today proposing things He knows congress is not going to pass and playing real partisan politics.
If they just start by stabilizing the dollar making -- as good as gold is John Kennedy said that would start the economy moving in the right direction again.
And bring some certainty into the tax code instead of threatening massive tax increases on people who create capital and people who create jobs.
And if finally if He was really serious about it you do something -- what's really set the world on fire but He won't do what.
And that is proposed repeal of obamacare -- but I don't think he's gonna do that.
-- I have a funny feeling you -- I there before like -- Steve that I I I I treated out I put out there and essential Airways that you'd be joining us on the -- -- -- and I asked our fans out there for questions and I have a great one here from.
Michael caravan let me go ahead to read you.
What He asked heat.
The first is asking have you endorsed any of the Republican nominees yet I know -- are kind of leaning towards Rick Perry won a according to various media reports.
Ben also He was asked what lesson did you learn when you ran for the Republican nomination to throw out.
There for people who are trying to patent hats into that ring.
Well in terms of an endorsement I am leaning towards governor Perry I'll make a decision soon as I look over the field.
And that's for a running for president.
It's more fun to win than to lose I tried it twice -- make it.
But I think the key thing though is putting out reaganesque ideas a positive ideas and getting that country growing.
Instead of this Malays negative approach that the president is posturing for.
Putting forth today and.
We love having you involved in the political discourse you certainly advance that you certainly gives.
And get ideas slowing thank you very much for being on the program tasty or thank you chairmanship of Forbes media.
