You're watching...
Wall Street Journal Senior Economic Writer Stephen Moore on why spending cuts are needed to rein in the government’s rising debt.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Case on economic grounds to raise taxes.
Joining me now senior economic writer for the Wall Street Journal Stephen Moore author of the new book -- the fairest of them all the truth about opportunity taxes on wealth in America.
Great to have you with us appreciate -- state.
And then great to be with you but I can I just say something about Joseph Biden's comment and this is really the problem is and and Washington that.
You know it's not just Joseph Biden these politicians can't tell the difference between a billion -- host and a trillion dollars that -- and that you know the numbers are so big now everybody's eyes.
Blaze over I mean you know a trillion dollars Lewis a million million dollars a lot of zeros and -- billion dollars.
And you don't want.
-- -- you cover these big numbers all the time and I can't blame anyone.
Whose eyes glaze over in these numbers there -- beyond comprehension.
Irrespective of who who is you know speaking about them.
But we do know one thing we are watching our blood and -- absolutely.
And pour out of government.
We are paying it for -- for an generations will be paying for the madness of these.
These legislators these presidents and it's and it's just got it -- out.
Note I've been in Washington for about 25 years when I first came to Washington in the mid eighties in the Reagan years.
We never talked about the budget in the trillions of dollars we -- talked about the billions.
This is a new phenomenon that we've been used the word trillion so I and I get your sense of the magnitude of the problem.
Well I can remember when President Reagan I believe I'm correct -- do you remember him using the example of others through conceptualize -- billion dollars that was a big idea.
And and he came over various ways in which to try to -- to help folks understand what it was.
A trillion is incomprehensible.
It is simply incomprehensible.
I have been chapter sixteen of them that we -- And I worked I worked for President Reagan.
In 1987.
When he introduced the first trillion dollar budget we're embarrassed by that.
Now overthrow the trillions out I -- we've we've had increased the debt by five trillion in four years we've got a four trillion dollar national budget.
I mean it really is kind of amazing how much this budget has grown in the last 45 years.
By the way little under Republicans and Democrats have in their -- responsible for this mess and I remembered regular Muslim republic.
The first trillion dollars this shame on you for having done it.
What let's turn we were not proud I assure you what we -- not proud of that I have to say.
The the idea.
That we have this what we call on this broadcast navigating a -- Eighty CEOs -- -- start talking rather.
I thought sanctimonious -- about the how to deal with the fiscal cliff.
Started talking about raising taxes.
And I -- -- as the Simpson Bowles plan was rejected by Republicans Democrats congress and the president.
Let's get straight and I mean and you know god blast balls and Simpson.
But -- dot.
It was rejected it's over it's not very Smart plan in my opinion what may be heretical Monday in -- -- black.
As these data -- coming out saying they've got to if we're gonna raise taxes that they were specific about the rest is still ambiguous.
You know this is -- I wrote my book -- the Paris of the mall -- because I really wanna talk about really what creates the prosperity in this country what is made America.
The richest country in the history of this planet and and the conclusion I came to that isn't gonna surprise you are a lot of your.
The viewers is that the free enterprise system really is the fairest of them all that is the system that creates the most -- the most jobs the most economic opportunity.
For this country now here's the problem with soap and correctional going after the top wonderful -- -- my -- here.
What I'm asking you that is the gain -- -- in talking about raising taxes.
I -- you want -- what are your book again.
-- -- -- -- -- But yes my guess my point by the way you can connect under capital Lou Dobbs uncommon we have only been reported recommended product.
But the point I was making I was getting them that exact point that look.
Of these CEOs say well let's raise the tax on the top 2% or so we're gonna solve a budget problem.
Even if you do that -- and you've seen us right about the -- editorial page of the Wall Street Journal.
You even if you -- every single dime of every one of those millionaires in America.
Only fund the government for about 45 or fifty days.
You're not gonna make a big dent in this deficit by simply raising you know even the -- -- -- if -- sixty billion dollars -- -- -- -- we've got a one trillion dollar deficit.
You don't get it can't get from here to there and that's the point.
I'm -- we got to start -- some cots in the spending programs.
See more.
You're -- pork it's -- title of -- list of terrorist of the mall and we recommended have good.
