You're watching...
Economist George Gilder on the debate over whether to raise taxes or cut spending in an effort to reduce the deficit.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
My next guest says the Obama administration is punishing job producers in subsidizing withdrawal from the workforce joining us now.
One of the country's most awful provocative political and economic bankers.
Author George -- He wrote the best seller wealth and poverty a some mobile work and it is -- everywhere this Georgia seven point 7% unemployment.
Some people ballot -- the number of but upon closer inspection it's it's it's not good news in that people were leaving the workforce.
Jurist and I mean we're paying people to leave the workforce some one point three trillion dollars of payments of various kinds.
To keep people from working and to break up their family -- sent to tomorrow -- There -- earners it's.
It's.
It ignores.
Elephant in the wrong which is the massive departure of of prime aged men from the workforce.
And and it's accelerating today and part of it's been subsidized by the government through.
Record disability payment.
Disability payments from Social Security Administration even taking that -- side and when one looks at food stamps and Medicaid alone.
You can -- other incentives as well and support programs.
We're looking at the prospect of having one and a quarter workers for every one person on welfare.
And working for the government are we are reaching a dangerous dangerous tipping point in this country.
We have Nancy -- The minority leader saying that you -- not -- -- way to deficit reduction.
Mind -- well that is mind boggling you know after the Second World War we cut our government spending by 60%.
And the economy -- we cut ourselves.
All away to a big surplus.
Israel.
Was an -- catastrophic.
Crisis in the mid -- said cut its way drastically.
To a surplus.
Well this country is a long his New Zealand.
The way.
Well this country if we could be parochial about it now -- has we can learn from our own experience.
And it's pretty clear that when we talk about it as this administration has.
Returning to Clinton Era tax rates.
That it would be a wonderful.
-- if we were to be able to also return to the balanced budgets and of the Clinton years if we could return to.
The trillion dollar peace dividend that the bush years left on the doorstep of the Clinton years now.
But none of that is ever exam and also we are -- -- -- we're beneficiaries of Bob massive.
By Internet and technology bubble when the markets -- well weighted.
Clinton reduced the capital gains tax by 30%.
He increased the income tax by 10%.
But -- huge surge in revenues under Clinton came through the capital gains tax cut not -- Income tax and.
Trees you and I have done here in the first two minutes from what the Republicans do perhaps too often perhaps I.
What -- due to office.
We talk about the economics -- but -- -- -- -- if you will be abstraction but the reality is the Republican Party has not come up.
With a rejoinder a response.
To wait if you will a socialist re distribute -- president.
-- -- right now claims the field his own because there's no other standard.
-- over that field -- is a speaker of the house who is simply saying.
This is -- right.
-- you know we're not at the table and complaining but not.
Not engage.
Now I think we've got to engage the argument we can't win the argument.
While acknowledging.
That an increase in tax rates Woodward it would increase revenues at all it with -- it wolf.
Just but today.
The top 1% or -- about 40% of the income tax the top 25%.
Or pay an 87%.
Of the income tax it doesn't get any better than that.
You this is under the bush tax rates you eliminate those tax rates and you'll get less revenues.
Morph.
Capital flight from the United States we've got the first met.
Capital flight and decades morph.
Departure of high -- immigrants from the United States returning home to China -- -- -- Democrats defeat the -- -- for science technology engineering and mathematics.
Immigrants into this country Bloomberg who deserve and whom we desperately want to have here -- we throw open our borders and our airports to have people.
Who are for the most part the majority of those illegal immigrants.
Or not even high school educated lacked skills lack education.
My god I mean the day and they do so rejecting that that law that of that bill.
And prevent it from becoming law because they wanna have a lottery for crying out loud the inserted these compounds themselves and -- -- In general we got to recognize that the individual entrepreneur or with special skills and contributions to America.
Produce all the jobs.
And they're the ones who are getting rich -- who are punished by any increase in marginal tax -- the already rich what about what about that -- the young man or woman in this country who isn't an entrepreneur isn't a big shot.
Isn't in middle management and and had a big corporation.
They want a break they want an opportunity they want to live the American dream why can't the Republicans talk to them.
I think they're Marco Rubio is talking to them he gave a great speech the other day in which he would.
Specifically.
Addressed.
This aspiration.
Widespread among all Americans to rise up this is what supply side economics is -- -- -- economics it's not.
Trickle down as some people.
Caricature you've heard that expression for thirty years I -- -- numbers that it -- -- -- -- -- -- the phrase though let's take your lips.
But ID EE EE he mentioned one senator and a very good work.
And I will probably one of the very best of the Republican communicators.
But why isn't the party organized are around the that very idea and that message and have a coherent campaign.
If you will for the hearts and minds of those who have the most to benefit from.
They get assimilated by Washington -- Washington culture gets them talk in the language of big government.
And it's a deadly you tomorrow -- thing language and it echoes the demoralization.
Of the media and it accurate and then that -- jurors are held George let's raise some Powell and some people focused on the right things here.
Georgia -- photographers repetitive it is George --
