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Former George H.W. Bush Economic Advisor Todd Buchholz on efforts to boost job and economic recovery.
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Well tonight a damning new report out on the president's economic record we are suffering through the worst recovery the nation is seen since world war -- Both for economic growth and job creation.
And what's the president's reaction today he's proposing to raise taxes here with analysis at at an economist Todd Buchholz a former advisor to president George H.
W.
Bush.
And the author of Reich why we thrive in the rat race welcome back to the show Todd.
Great to see you disagree -- well why can't we get out of this mess.
Well you know Jerry I don't know whether you've read fifty shades of gray.
But how that's weird way to get into that segment that really adds I know you're following the S and -- closer than us and them but monetize the White House.
At the White House they ought to be fifty shades of red because it is an embarrassment it gives it a disaster for the American people.
To have an unemployment rate.
That is this high so far into what is supposed to be your recovery look there there are four key principles.
To having a strong economy in the United States.
You need no energy prices low taxes free trade.
And a responsible policy towards the debt.
And the Obama administration sadly is lacking in all four of them and when you've got a debt load that is -- balloon payment that might explode like that Hindenburg on our kids and grandkids.
It's very very difficult for businesses to decide that here is a good place and now is a good place to invest.
I like that balloon payment that better that's actually a great analogy.
41 consecutive months of unemployment above 8% let's dig down into some of these numbers is when you look at the trend over time that's what's so and present at -- -- look at job growth.
28 months after an employment low you would expect job growth -- to be pretty impressive.
Unfortunately.
We are at four point 1% right now compared -- here's -- which hit ten point 713 point two.
Nothing the job growth and then let's look at real GDP growth I had a multi year comparison again this time we're looking at eleven quarters after a recession -- again.
Not impressive the worst performance on record you can see the bar at the far right -- your screen.
It's just sad and you say it's the fault of the president's policies.
Can you place it all on his shoulders should somebody else you know doing something.
Well of of course -- that the the president doesn't have the power to.
Turn the economy around by himself but the question is.
Is this president.
Using the throttle in the steering wheel in that direction in a way that would send us -- -- instead of sideways or backwards but of course there are other problems in the world.
The Chinese economy is slowing.
Europe is falling apart into a recession.
Even Brazil and India are slowing down -- we can't blame.
Present -- Obama for those international problems but we can't ask what has this president done.
To make it easier for the American people to RI a gallon of gasoline or to buy a loaf of bread and precious little is the answer.
Well you know today the president said at -- his that message according to him was.
I'm gonna removes some taxes but the reality is he was saying I'm gonna give some people some tax hikes at the end of the year is now the time for that.
Wouldn't know of of course and even President Clinton committed the -- of honesty a couple of weeks ago.
This in -- honesty which is actually an unusual -- for President Clinton it in which she said there aren't any politician lets be for any.
Or any politician.
Actually let let let let let me let me interject let me interrupt myself for a moment to say the President Clinton on economic policy by and large was a very good president.
And his economic policies by and large were in favor of free trade and he even cut capital gains taxes well let me take but that little.
A poke -- President Clinton but he committed the -- of honesty for a politician.
By saying that President Obama should -- -- -- the bush tax cuts including those.
Those income earners earning over 250000 dollars a year now of course is not the time to raise taxes.
You have to be well -- -- -- or you'd have to be against the idea people making money and earning a profit if you wanted to raise taxes in this climate.
But this climate that's a key phrase one word answer are we gonna double dip here and go into another recession Todd.
I suspect we're gonna narrowly escaped the double dip.
And that the American people despite.
A government fighting against them.
The American people still have the drive and still have enough spirit and gumption to try to eke out some kind of income and some kind of profit.
Despite what those folks in Washington are doing.
Well we definitely have a lot of confidence in the American people we agree on that Todd thanks for coming in tonight all right -- really appreciate your time and that.
I guess it's not fifty shades of gray -- we rating thank you.
Her.
