You're watching...
Fortune Magazine Washington Bureau Chief Nina Easton on the political motivations behind the debate over spending cuts and raising taxes on the rich.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
From that stimulus.
So as we reported the top 5% those earning 150000.
Dollars a year not the millionaires and billionaires.
Already paid nearly 60% of taxes so what is.
A fair share joining us now fortune magazine Washington bureau chief Fox News contributor Nina Easton.
The president now in full campaign -- targeting average every turn it seems mean is this is strategy.
I and.
I'm really struck at how -- disguised -- this campaign strategy is.
And I think it started it which -- super committee where he basically seem to be banking on failure so that he could.
Say that the Republicans were being intransigent.
Now we have and going straight actually starting before that with the jobs bill which he he passed on to congress knowing.
It had no support no attempt to get support for and then went on the campaign trail.
Now he's back on this campaign trail.
With the payroll tax cut so that he can look like he's the friend of the middle class and the Republicans are the enemies of the middle class.
I mean he is and bull campaign.
There's no doubt about it I'm innocent if you look at these polls -- recent McClatchy up poll shows 67%.
People want.
Higher income Americans to pay more taxes and and you combine outlook is super committee -- -- work.
Coming off of any idea that the president is just pushing for this.
Payroll tax cut extension -- -- what he realistically expect to get -- here there's so many conflicting factors.
Well I think you know I think a -- -- -- absolutely poll driven issues mean people people want to raise more taxes on the rich.
It's just had it it's something that I just polls well I mean your in an -- battle.
To make the case that that people who are quote rich.
They aren't necessarily rich -- -- that level rich or NBR a lot of times investors and job makers.
So it's -- it's always been an uphill battle to make that case it's difficult for Republicans to make that case and on the payroll tax cut.
You know I think where Republicans -- probably go along -- you know an extension of the payroll tax cut even because they're up politically difficult buying -- all -- no it's not it it's not considered something that's hugely stimulative but you're not you're not gonna wanna take.
You know -- thousand dollars a way -- a year out of -- from a -- -- making 50000 dollars in this economy right.
I mean how the president looking at congress now because they are facing.
Tremendously challenging next couple of weeks Jeremy.
People are saying -- December 22 recent recess probably isn't likely because in addition to just dealing with the regular government spending issues.
They still have to go through these things we're talking about the payroll tax extension.
Tax cut extension you've also got the extension of the unemployment benefits.
Several other factors that we're supposed to be taking care of in this super committee so I mean how is -- and happen and how the president gonna play.
Well this is just great for the president I -- to be honest it's you know 2012.
You know reelect time.
And all of this works really well for the president makes his way to his whole campaign strategy is based on running against Washington.
So the -- dis functional Washington looks.
The better he looks an even though if you step back you say look wait a second why isn't this president exerting leadership.
And going back to the Simpson Bowles commit commission -- its own debt commission -- last winter.
Which he and immediately distanced himself from -- he didn't he didn't exert any leadership to cut the deficit or -- entitlement reform at the time.
He didn't exert leadership.
In this last round with the super committee and he's not exerting leadership.
You know going forward on anything else and it is like and you see -- -- -- economy got.
Already see that's part of the strategy.
But chipping away at the president's credibility -- meeting new reports from the CBO the Congressional Budget Office saying you know the 2009 stimulus.
That was -- posted being more than just the bridge that it turned out to be was even less affected especially when you look at the number of created only.
700000 -- jobs at its best.
Three and a half million as you know we're promised from the stimulus.
And well not only that they -- best get unemployment under 8% at right look like that's happened -- -- -- I think in this -- president.
You know it it's almost like he's like -- said like he's walked away from the economy and -- and yet it also he sees an opportunity.
To run against this congress.
You know Washington and not -- eight -- just distance himself from that it's a great it's a great political live on his part.
And at this point is the best thing that he's got going -- when you think about it with the economy struggling.
I just got back from the -- -- Conference and talked a lot of CEOs from around the world.
And the senses the economy is going to be pretty bumpy for the next six money learned that I it was a revision on -- that GDP coming down to for -- two and a half its.
We got so if you're looking at that that's what you've got and we need to -- you've got to say that those guys are worse than me and that's his total strategy right now are I -- see how plays out for a Nina -- many thanks.
A.
