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FOX News Contributor Margaret Hoover on the president’s efforts to increase infrastructure spending.
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One of the father -- America following the president's new budget is packed with billions of dollars in spending for more shovel ready projects but.
Haven't -- been down this path before.
We've got shovel ready projects -- across the country.
Fourteen days after I signed -- Recovery Act into law we are seeing troubles hit the ground.
As we go okay.
-- -- -- -- Right yeah.
There are almost a hundred shovel ready transportation projects party approved in Colorado.
She lives -- -- show that we have 1750.
Highway projects that were under way.
We'll shovel ready.
Shovel ready was not as.
Shovel ready -- expected.
All right now take a look at these numbers fifty billion dollars in spending for roads railways and runways thirty billion more to modernize schools and money for something called.
Project rebuild.
Three you have older residential commercial properties coming -- model.
-- Margaret Hoover author of the book American individualism.
Margaret made the right person at the right time budget proposed budget gets released yesterday -- president stuff and you know that last that last little sound bite and in that montage.
Was President Obama kind of laughing off -- you know that shovel ready thing wasn't quite a shovel ready and then Jeff Immelt -- -- -- the CEO from General Electric sitting with them laughing.
-- years -- ship jobs overseas -- their jobs czar can this administration to -- thing right.
Well here's.
-- a few believe that it's the government's job to create.
Jobs for people they in other words in at fifty million dollars -- to build new schools get billions in the public.
I is -- conservative that is a government's job to create policies that allow the private sector to create jobs and that is the kind of -- of the need for sustainable job growth.
But the government's job is not to make -- for people that's -- that's not fixing any cannot promise not stimulating growth that's not.
Building the economy or creating a robust economy -- will continue to create more jobs in the future.
There's a philosophical difference here that you know when he he put set forth -- document which is essentially political.
Tool and campaign document not a real serious budget I'd like this is a guy -- budget.
Is going to -- and he's going about it five point seven trillion dollars to the debt more than any president -- and it.
And any time in US history he called President Bush's four point trillion dollars -- President Bush added to that that unpatriotic.
And irresponsible.
-- -- -- -- Next full screen didn't -- -- example Margaret just talking about right now 47 trillion dollars is the proposed spending.
For the next ten years 25 point nine trillion dollars total federal debt by the end of that period of time.
-- Margaret just by the end of the year.
By the end of this year sixteen trillion dollars -- these and these numbers are staggering and that it could just -- that's the only staggering but very very dangerous to way we do this.
-- they're dangerous to related to business and then what they'll do is they'll -- it by saying heavily -- -- some tax cuts and there with kids and they did for tax -- it's a tax credit focus on small business as.
They give -- 10% back for one year now.
-- -- tax cuts that change economic behavior because people have more money in our pockets and that money.
Ultimately end up getting reinvested into the economy and actually -- economy and then there are one offs one offs that we're in the stimulus one -- -- President Bush's term.
Not the kind of tax cut.
They create job creation create growth create an incentivizing that and I'm gonna weigh in on that.
I've started businesses.
Hired people I've employed people -- offer them health care.
You don't many businesses I've bought equipment you don't make businesses.
Decisions buying equipment hiring people based on -- years one year 10% kickback or whatever percentage they give you.
You looked five years down the road you look continues on the road that's what matters right now.
One year may have some sort of clarity with with this budget five years has absolutely.
-- that curtain has more transparency than the ten.
Five days is why John Kennedy's tax cuts in the sixties where factions might write -- act as an early eighties affected in the bullish accident in 2000 -- gentry.
And President Obama looks for political credits and lights and the bush tax -- -- very year tip.
Well that's exactly to your point.
One year two years doesn't do anything for a long term growth or even -- term growth so that's exactly your -- I couldn't -- -- mark.
-- what we need is a pro -- economic.
We need.
Tax is into the future so -- so this -- -- can predict how much disposable income they're gonna have -- their pockets they can grow jobs we need a regulatory environment.
That scales back regulations similar attempt is sits at business can make and we tell monetary you worked in the White House I worked my -- and worked in the office of management -- and what happened when -- -- -- OMB.
What do businesses want to hear from you.
-- visit weren't coming -- -- anti EO and director office management it.
Well with what they said my office -- what does that petitioning the office and we need some clarity here I have to.
Actually not at a time by the way when President Bush was under enormous pressure because the budget was going this is during the wars Afghanistan Iraq which were costing more than we're on predicted.
But but what we did was try to be transparent about the budget we have long term plans which actually showed the reduction in the deficit over time and by the way when President Bush left office.
Our eight except for the financial collapse.
He had scaled back -- -- -- and then of course in the financial press at the end of 2008 which was unpredictable and I think cost for.
Called for ten effort for TARP and for unprecedented.
Intervention and the government of course we mean some of agreement not actually creative -- that we -- are out administered.
But that settles out and Margaret on I mean.
Pro bush all seven and a half years of it and gap that last six months well well what we have -- -- on processors at three news that you need confidence and government markets needed confidence in the in the markets in the government provided that short term.
We can we can argue again whether TARP was was well implemented and at the end of the day but the bullish -- what I will say is President Bush with a very.
Up through that point.
It was extremely responsible fiscal Steward of the government and and cut cut down the deficits.
Over ten and twelve -- we -- --
