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Mary Ann Marsh of the Dewey Square Group discusses why she expects greater growth with higher taxes during the president’s second term.
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President Obama now he's kicking off a series of meetings this week with labor unions business owners and then -- -- -- with congress talking about the fiscal cliff.
I'm gonna say this is deja Vu all over again reminds me of how we stop -- out the first.
Joining us -- our marriage -- probably Dewey square group marry out for the budget welcome back.
Hello story he said he's starting out the same way that he started back in the -- -- -- that would be raised taxes.
Spend a lot of money and the debt is drawn up now I know you -- But look investors are looking at this and that -- what does that.
This is not going to give -- real growth.
And this president is trying to punish the rich punish success of the don't like it why are you so much in favor.
I think he's trying to fix problems and I think the blueprint is what Clinton did.
When he was president his second term recreated 23 million jobs slash the deficit created the largest surplus in history.
It's the same blueprint.
That's what's gonna happen now because.
That's what President Obama was reelected that's why Democrats picked up -- seats in the house.
And that's why so many Republicans the majority Republicans in congress now have not signed the Grover Norquist pledge and even those who have.
May not honor -- that tells you everything.
I look I I think you're right I think we're gonna end up with higher tax rates on people making probably 500000 -- million dollars -- yeah I think tax rates bad probably go up.
Yes but I get.
Tell me how you get.
Serious growth in the economy with the set of policies that the presence laid out.
How do you get 456%.
Growth -- you get that with us.
-- could you just can't raise taxes and you just can't cut.
You also have to make investments.
And tackle the deficit you have to do allow for no one thing's gonna -- -- do you really everybody.
Okay but little did do you really are you gonna tell me because spell out the economic summit that you raise taxes.
And you raise spending on education infrastructure and back you think that will give us 405%.
Growth really.
-- and we're gonna make cuts.
And we're gonna tackle the deficit gonna fund industry -- relatively right throughout the threat the president has not said has not laid out any plan.
To reform.
Entitlements -- not buying the reform I mean change that structure he's just gonna keep on -- You're not yet and and that's why they're negotiations.
And frankly the Democrats have a much stronger hand than they had in 20102011.
And the Republicans know that and there's a reason people stood in line.
For eight hours to vote.
Because their voices had not been hurt.
And that they want their voices heard which is why.
The campaign hasn't really ended I think one of the mistakes in the first term of the Obama administration was -- that's great grassroots organization that got him elected but you needed to put them to work to get legislation passed.
And I think that's what you're gonna see in the beginning of this second term and it's exactly the right thing to do because you don't run -- office just to win -- you do it to get things done until we -- -- has to happen amid a global getting and we won't growths and we had no better growth.
That under Bill Clinton then that's what we're living benefit that works.
That was a totally different economy.
And the growth I'm really did.
Competitive but we need to wouldn't go into the Bill Clinton's some of office without a trillion dollars a year with the deficits we didn't go into Bill Clinton's first of of office with government taking -- all percent of GDP.
We can do that we know that we -- -- growth all of us share an area I don't want to rewrite economic -- from a -- do that we took off America took off.
Africa Newt Gingrich and the Republicans took control of congress in 1990 fall.
Went up when the people the economy could be assured that there would not -- rash and outrageous spending.
He stopped that and that's when the economy took off and backed by the way that is when Bill Clinton actually lowered the rate on capital gains taxes.
And raise taxes for and on other income -- so here's the here's what history will tell us.
That it takes a Democrat to clean up after president named bush we saw that I have with Clinton after bush 41 we're gonna see that with -- Obama now and that's what his second term is gonna look like a lot more like the second term of Bill Clinton.
Vs any term by any president named bush.
So that's the just -- you cannot guarantee me.
Fall 5% growth next year -- in 2014.
They're gonna get a.
You know I I'm not an economist thank god but here's the reality if they cut the deal and -- Raise taxes on the upper income earners they cut the deficit they make the right investments.
I think all of that's gonna happen in history shows us that because Bill Clinton was able to do it.
Barack Obama and let the market telling Republicans and cooperate -- the market telling us it's not gonna happen but economists say -- -- happened I don't know any noting is that nobody I know.
No economist that I know nobody.
Not walk in the fall like even go to Paul Krugman for heaven's sake he's not gonna say -- getting 45%.
Growth with -- set of policies nobody say.
I don't know what the growth.
What I think any growth at this point is that is progress if you were given what we've gone nowhere and I know is not in every if you want to -- we're -- Rests on the deficit the only way to make serious progress on the deficit is to grow the -- -- You've got to -- serious growth not 2% but doesn't have to do it it's gonna -- -- to work.
You gotta put people back to work you've got to make investments you've got to make cuts and yes you have to raise some taxes.
The first I don't know about the minutes is up one and arguing against you think that we're gonna get 45% growth next year or the year after that.
I don't have you know I don't I don't have a number for you but I do know what what Bill Clinton was able to do we -- one of the greatest economies ever we need to do the same thing again to that works.
What we've been doing other Republicans have not.
Bill Clinton did not start out with a trillion dollars a year worth of deficits.
-- but at the time it was the highest deficit we'd ever had no -- media the proportion of GDP that it is now no way.
We have much bigger problems and they require much bigger solution is -- them out of but everyone's got it everywhere.
If you're and that's why that is what I wanna live up.
Wait did his -- -- -- -- -- on got something to -- and you can -- you can counseling.
Bill that does this present President Obama wants to punish the rich just like.
Absolutely not he wants fairness because a lot of people in this country knew the deck was stacked against them.
And then they saw people like Mitt Romney who maybe may be paid 15% probably -- -- and that they want everyone to pay their fair share special about.
Fairness so 1% of the population pays 40% of all the taxes raised half the population pays nothing.
And that is -- I don't think so not only the I didn't always a pleasure with our expert thank you -- is like you.
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