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Romney’s economic adviser Glenn Hubbard on Romney’s jobs and tax reform plan.
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We told you about the jobs report at the top of the hour but even with unemployment.
Above 8%.
Since February of 2009.
President Obama's first full month an office.
Mr.
Obama still leads in the polls I spoke to Mitt Romney's economic advisor Glenn Hubbard this morning and I asked him.
Why mr.
Romney isn't handily beating President Obama.
When it comes to this election.
Well the report you're actually right we're stuck in first -- this is the longest spell above -- above 8%.
Unemployment since 1948.
I think governor Romney is doing very well challenging an incumbent president.
And gets usually plaudits on handling the economy I as an economist it's not surprising I see that is a big issue.
Do you -- -- people when it comes to his opposition on taxes there was a report out this past week.
By the Tax Policy Center that said that.
Mr.
Romney's plan shifts 86 billion of the tax burden from higher in com America and -- Obama campaign immediately out with advertisements immediately touching on that in speeches how do you fight that.
Well first of all it's it's not true -- -- modeling that we've done of the tax plan.
Suggest that you can broaden the base lower marginal raids and keep the same distribution of the tax burden.
The difference between what the Romney campaign is that on the Tax Policy Center.
Wells dent of the fact that the tax policies -- didn't even consider the corporate tax reform and they consider almost no growth affects.
Of tax reform it sounds in the weeds but it's a very important difference.
Suffice to say it's wrong.
But in -- but that's my that that's really the issue is it not because it's a political campaign and it's about headlines and TV commercials and in many ways.
How do you get what is complicated in in the -- to resonate with the American people.
Well fortunately there's another example out there which is Bowles Simpson Bowles Simpson of course would have raised.
Two percentage points of GDP.
With similar marginal tax rates as governor Romney's proposing governor Romney's only proposing revenue neutrality.
Yet Bowles Simpson was both possible and distribution only neutral -- again it just shows the Tax Policy Center is wrong and Bowles Simpson of course is an official document.
Revenue neutrality means that did that there are pay Americans to because you're gonna have to do away and in the -- you go and to.
On some deduction and some tax credit -- some handouts.
That means taking something away from people in the same way that reformed so security Medicare would do you -- takes something away from people that they're getting.
And that didn't doesn't seem to -- to -- in some ways be connecting with the American people.
All well it's not yet to start -- what you're giving the purpose of tax reform.
Is the lower marginal tax rates which improves incentives for saving investment work entrepreneurship.
And improves economic growth.
That's what you're giving the lower marginal rates.
Part of the payment of that will come from faster economic growth but yes there does have to be base broadening to.
Net net.
Households will generally break -- of course different households could win or lose depending on deductions or credits they have before.
Do you think -- tax reform is achievable.
With -- -- going to be fight and you would be fighting with Democrats in congress over it.
I definitely think it's achievable certainly the 1986 act was bipartisan.
The Bowles Simpson commission was bipartisan and -- she Rivlin was bipartisan.
And we have a political forcing of that which is the fiscal cliff and the need for real legislation next year so I'm confident.
-- governor Romney were president Romney we would have tax reform I'd I don't think that's the case obviously if president Obama's -- elected.
Do you think that the Romney campaign however needs to get more aggressive and attack ads and fight back harder.
When I'm not a politician all I can say is from an economic perspective.
The idea -- tax reform is growth promoting and job promoting is absolutely sound.
The president by contrast has neither a growth plan nor a jobs plan.
Which in turn the jobs that have gone overseas.
To close -- -- -- what Steve Jobs told President Obama that those jobs.
In terms of the ones have apple and the assembly of apple products -- -- as jobs aren't coming back to what extent does that apply to the unemployment rate that we're staring at now.
We can do a lot better we have had terrible recessions and 74758182.
With much more vigorous recoveries.
And they're generally are even more vigorous recoveries from financial crises in the United States.
We can do better.
That was Mitt Romney's economic advisor Glenn Hubbard also had -- decline.
