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Former member of the President’s Jobs Council Robert Wolf on the impact of tax hikes on the wealthy.
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-- millions out of work even more asking where -- the jobs President Obama pulling the plug on his jobs council.
We haven't heard a -- from anyone on -- council until now.
Robert wolf -- -- UBS Americas chairman and served on that council.
It's had the president's ear and he is here right now exclusively thanks for joining us -- thanks for having me on.
Okayed the jobs council.
What happened.
Listen in obviously you know the cynical side of it.
But the fact of the matter is it felt like I think maybe 45 official big -- not a lot came out of that no meaning in the last year.
Was it all -- some of -- in first place now I totally disagree thanks for having me on.
One it was a two year charter so not surprising that China and it.
Let's talk about what was done.
The first year was really a lot of work together -- -- figure out ideas to make the US more competitive we came up with the idea.
-- the better building initiative.
You had the infrastructure fast permanent initiative you have small business USA initiative and I can keep going the traveling -- in this ship that had wins.
The second year was about execution which -- acute and so.
And the proof is working because there are winds from this but -- OK now.
Realistically as a businessman lot of those things -- ticked off things like they came from the Obama wish book I mean was it was the council put together.
To rubber stamp his ideas to sort of give them a little bit of -- credibility amongst the business community.
Did did you guys bring any fresh -- this is that weren't already has which yes absolutely -- you had.
Individuals on this that's certainly you would not say was of the Democratic Party was very bipartisan.
Of the people it was predominately CEOs of public companies -- you had things like they wanted to change.
The permanent -- aspect too fast forward some projects they have fourteen projects that -- fast forwarding that's going tonight.
The second thing was business -- so small businesses.
OK one stop shopping.
The other thing which you would certainly say something that fox what Mike was the whole idea of startup America in the jobs act jumpstart our business startups which was getting crowd funding going -- getting money to entrepreneurs.
So they would definitely some new ideas and some -- what would you make though the idea speaking of small businesses and entrepreneur lowers.
Did the rapid decline in entrepreneurship over the last several years despite the things that you guys -- people on the council in other words.
Do you still is an alarming to you because it's a red flag -- more more American to shining away from the idea of even starting a business whereas in the past.
You know what things Iraqis listen -- maybe I'll start something in my garage yeah -- I think it's very disappointing.
Entrepreneurship was really what drove.
The last twenty years of this country what do you look at apple and Google and whether.
The fact is capital access is very difficult that's why something like this jobs act is very important it's very tough.
For an entrepreneur to get money to get going and also the regulation is very difficult so they had to take down some of those Barry's as well.
I think this is an important stop but it's not gonna happen over night.
But you were for taxing the rich and you were one of the main proponents you're gonna sell this to your friends on Wall Street taxing the rich and for a lot of people particularly at the time -- started 250000.
That was really the heart of small business these were the successful small business -- ignores the once you've actually done the bulk of the hiring over the last four years.
And essentially we're saying listen we're not -- -- -- the -- The most important part of our economy.
Because we don't like the fact that a handful of true billionaires are getting over on their taxes -- -- small couple things 1 is I am part of that 1%.
And I'm not -- anything to my friends I'm not what the spokesman for the president.
Okay but let's be honest we need to cut four trillion dollars to get our fiscal responsibility in order.
It is not gonna happen with all spending you know you -- -- let me -- and Italy and you need -- I don't have -- live event but what I --
