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Former U.S. Secretary of State George Schultz on the tax reforms and spending cuts needed to boost the economy.
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Clinton.
So you when he says that so you're gonna get more revenue and an -- territories and where he says adored did their goods and yeah I guess didn't distinction here.
He says were so knee deep in this debt right now -- so.
So attic control what -- that you can't do this just spurring growth through tax cuts in the wanted to -- that's not gonna cut it.
That that won't remotely addresses that that the risk simply.
Have to pay more.
You don't buy that.
I don't buy that I what I buy.
This changing the tax system so that we get expansion expansion as what produces jobs.
Expansionist what producer's revenue.
That helps your budget problem but of course you've got to do something about the spending.
And I sort of -- Social Security would.
Have a few things to say in the health area.
And then you've got to get the spending down -- that the way they're doing it now they talk about ten years trillions of dollars all over the place.
I don't buy it when I was budget director of which -- -- first director of the office of management budget.
And we worried about this year's budget next year's budget and then there are few things you could project which you did.
That's something -- had control over.
Nobody has any control over what the congress appropriates ten years from now.
So I say.
Take a page out of president Kennedy's book you remember that phrase -- used fashion not.
What congress will do ten years from now especially if you're gonna -- this year.
It's not a bad idea by -- -- of the gals that the president has been.
-- -- and that is that.
Republicans always fall back on tax cuts and and lose sight of the fact that you've been during your boss -- years in power.
There's the deficits started running away because you're you're right in this case that the tax cuts create a great deal of revenue but then congress in his infinite wisdom.
Democrats and Republicans alike to spend all that money and bad -- but he said.
We've got to get control of spending and I -- you've -- -- -- the Social Security system under control.
I can give you few ideas on health cost that would help whether that president lost days or doesn't say those things -- -- can do.
Then you have to come to grips with the spending.
And I say.
Figure out what a healthy tax code will generate in terms of revenues.
-- -- you're aiming -- And when you if you sense approach we have full employment I was foolish tax system -- Don't generate a lot more than now.
So venture aiming -- -- on spending and got to get into that bracket.
I'm -- I I think I think you have to go on however okay because.
You've got a huge problem over at the Federal Reserve.
They've got a gigantic Balanchine right they have been buying.
The bulk of the new issues from the treasury.
Would you have -- stop there.
Realized I don't.
What would happen if they stop that.
Well that's the only that's the only because we've got on this -- right now right that's all we and I think we have to worker.
We're out of this business of the Fed being the Treasury's -- -- buying -- stuff.
I'm -- dividend that we have a problem oppressor tenders I apologize for that but -- I'd be curious you work with Ronald Reagan -- he worked with a number president's very closely bit back some Reagan and what you think if you were lied today.
He would think a Barack Obama.
-- he -- very charitable toward his successors.
And I remember Bill Clinton called on his -- of how we got to -- What advice she gave his city you know.
I told them that they you know when you come to an airplane or doorway or something remembering their gives you are Smart salute.
Given -- -- -- back.
And so he's -- those are constructive guy with a smile.
And you remember when he got alzheimer's disease she sat down and he wrote in his own handwriting.
A beautiful letter to us his beloved American people.
The last two sentences of that letter where I -- start the journey into the sunset of my life.
I know that for America.
That will oppose -- a bright ahead.
And that's what the Kemper would say today we've got to get the -- straight but give us prosperity without inflation they might say we have to.
Be sure that our military strength.
Stays up this huge cuts are unacceptable.
And we'll be the shining city on the -- no problem.
-- so it's no problem you were one of the best interviews I ever get thank you -- good seeing you again have a great fathers have.
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