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Romney Campaign Sputters on Economic Plan

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    Romney Economic Advisor Glenn Hubbard on the candidate’s efforts to spur economic growth.

  • Duration 4:15
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But that's my standing question how would you how would Glenn public distraught and you're part of the Romney campaign Europe on his team.

How would you describe the financial culture that president Obama's create.

Well I think the real question Stewart is about economic growth if we want to improve people living standards of all of us wherever we are in society.

It's about getting growth up the president's policies have been the enemy of economic growth that's really the question that is it's an entitlement society and would you describe it like that.

I think all Americans would like to work hard and prosper in this country I think what is missing for many people frankly of the growth opportunities to do so in the present path of public policy is consistent with joblessness and low growth OK if if I suggest that President Obama has created on entitlement financial culture talking -- -- that.

How would you describe the financial culture which Mitt Romney would create -- president.

Well what governor Romney is as we wanna meet these aspirations of all Americans who want to do it by providing growth intangible -- that's about tax reform.

It's about writing the fiscal ship to get the size of government backed down.

It's about regulation that would promote jobs instead of discourage them and unleashing America's energy potential.

We could have a faster recovery we can have twelve million jobs in four years we've done it before.

But not must be changed course and the key to this the -- all these jobs and the key to growth is lost tax reform.

The -- -- several things tax reform that would lower marginal rates on all businesses corporate and non corporate and households broadening the tax base.

Bringing the size of government backed down so that we can afford to pay for -- so we know that ever escalating tax burdens.

Getting regulations that make finance the servant of main street rather than the other way around.

And making sure that America's energy sector can create the jobs that it can we can do these things you know -- -- I I understand what you're coming from I hear the message.

I'm not sure all of that Mitt Romney has ought particularly to that message in a way this breaking through media resistance how much it.

Well I think these are important messages for the American people to understand I know governor Romney and congressman Ryan save them I think all of us.

-- in the campaign do the important thing is that these messages really meet the aspirations.

For work and success of all Americans OK so if we lower tax rates as -- suggesting tax reform.

That how does broaden the tax bases that you said that how to implement -- we need to do -- let's let's be clear we need to get tax rates down -- that's what's gonna promote saving and investment and entrepreneurship and growth.

We also have to pay for it and make sure the tax system is fair and that's about broad tax reform.

By contrast the president says let's just raise marginal tax rates on business owners.

Really hard for me to square that with a message that economic growth does that that in the public doesn't usually don't pay tax now as governor Romney said 47% do not pay federal income tax does that mean some of those who don't pay tax now -- -- the tax base they will pay tax on the Romney administration.

Not necessarily depends how congress and -- president -- we do tax reform.

What governor Romney is said he is that everything's on the -- people in terms of base broadening and this plan needs to be -- You know so I I may I suggest that there's a little -- -- Thought tax reform I mean you know what I mean.

Yeah you've got to get some fire here yet you gotta infuse people because you getting clobbered by the establishment media.

And by and of a very aggressive President Obama.

Well I I appreciate the lecture and advice I don't know I don't understand -- we're almost one year policy so I'm not -- I'm really not I'm not doing that.

I want to see the message of tax reform.

He put out that in a more aggressive fashion a fashion that communicates itself to the voters I'm not saying it yet so.

Well there's nothing more important for this economy than tax reform if we get tax reform we could probably add between a half a percent and a full percentage point to GDP growth for decades.

I would argue nothing else -- it can even come close got -- Glenn -- appreciate -- being with us and thank you very much.

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