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Is the American Dream Fading?

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  • Description

    Former spokesperson for speaker Boehner Terry Holt discusses the decline in household wealth.

  • Duration 4:21
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-- -- try to defend his record on the economy and it's eight set for Thursday.

And the Republicans tape could take more of the blame Terry -- is former spokesman for speaker of the house John Boehner he is joining us now.

From Washington but it's -- How do you do if lacked an economy that is as lousy as it is right now because he's been the president for.

-- three and a half years what do you say -- -- does the Republican blame game mark.

-- -- they get thanks for having me on the show first of all I think that.

What President Obama is doing with this speech is essentially re treading an old idea and -- brought before the congress sometime ago.

Infrastructure -- jobs are great but they're not the several bullet that Barack Obama is saying that they would be.

He says they might create one million jobs but we need millions of jobs we need.

A protracted economic recovery that brings people back to work permanently.

And his quick fix plans just don't solve the problem we need to be talking about fundamental tax reform.

And making this economy more competitive we need to unravel this crazy health care law so that businesses -- further hot hamstrung by more regulation and he just doesn't seem to get it that the economy is not fine men and and and Barack Obama knows it.

We looked at look at it on the front page of almost every newspaper in this country today the report from the -- -- our.

That.

Median wealth of American families were down 39%.

In the three years ending 22 -- She's dramatic -- drop in what we are where war why am largely due in part because of housing.

But the Democrats could also use that report because -- you look at the top 10% of Americans and it their household -- networks.

Actually ticked up a little bit so they could go either way could -- not.

What you're talking about really here -- and is a recession of opportunity.

People haven't seen the opportunities.

In their lives in their good jobs and in there careers.

To find a way to create wealth on their own and so that that that creates in people a sense that maybe the American dream is -- That that we don't have our brightest days ahead of us.

And we need to have policies in place that are going to give people the kinds of opportunities.

There aren't that the quick fix programs that President Obama saying.

But -- for the Republicans in order for them to be successful in this election.

They're going to have to put forward a bold approach to putting this economy on -- on -- track long term.

And we have to address what the middle class.

Is doing are not doing the middle class is what you're talking about where we see that that wealth hasn't been accumulating for that group of people.

And that's exactly what it is it is a it is eight endemic.

Long term problem that we have to solve with real policy solution -- -- more and more your kind of getting whips though all of the idea I mean particularly from pundits on the laughed.

That if the governor was just spending more money because where you've seen that ended the president slipped up and -- the private sector is fine and that press conference on Friday but.

It's the government spending and the government jobs that is -- our job market is holding the economy back.

I mean do you think it would it be walking out on a -- for the president to suggest tape we need more government spending here.

Well but that's what he's talking about his economic plans.

Have always been about more government spending.

What we need to do is let's go back to basics -- Let's say that this this that money ought to stay in the private sector because the private sector is what creates long term growth.

Long term opportunity for the middle class and in the long term.

Creates jobs for real people out America not government workers here in Washington DC.

It's it's a fundamental difference between the two parties do we do we funded through public means or do we let small businesses and businesses in general.

Have their own money so that they can save and invest didn't create jobs on their own.

Terry great -- to thank you so much for being here Terry -- and we have a guest Colin LU says that the downsizing and the public sector is.

Largely done federal state and local also have that would be good for the Democrats -- I think.

Can't imagine it not okay thank you very yet you to take.

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