Also in this playlist...
This transcript is automatically generated
The presidential polls ahead.
Very widely on the hill that yesterday's Fox News survey puts Obama ahead by just three percentage points.
McCain -- widely another -- Folks nobody knows for sure but there is a chance the Democrats will find themselves firmly in control of the government.
With that in mind we turn to our next guest Robert -- testifying on Capitol Hill.
On economic policy in another stimulus package that Democrats listening -- very closely to what he was saying he's very keen.
Quick action to change this country's weight fundamentally change.
The way we do business here's a recent quote.
If the -- is unable to defeat -- liberalism now and build some version of social democracy or at least capitalism.
Then we will never do it.
-- the chance of a lifetime for the Democrats right -- to just.
Grabbed this by the rains and take over we welcome to happy hour Robert -- -- he's a professor.
Of economics at the University of Massachusetts Amherst welcome -- happy -- -- a lot of people it excited to hear and you and -- the debate you sell.
I'm -- can't be here on the show.
Of all let me set this up for our viewers that really what you're Khomeini in hot in here.
A lot of -- -- having it's venue and articles you're basically say because of the economic mess that -- in in the country perceives that it's been the fault of the Republicans.
That the Democrats have a -- I wasn't like that opportunity to really.
Take the reins of government congress and the White House and make fundamental changes in the capitalist system.
Expand on that.
Basically I think that we have the opportunity.
And I don't just mean Democrats I mean we as the people of the United States.
To create a economy that is more stable financial markets more stable.
There -- -- it's focused on job creation focused on decent job creation.
And to also fight global warming we have to start fighting global warming we have to have a more stable financial system.
And we have to create more decent jobs across the board so those -- the things that I think.
We can start building now and I would hope that we can take this election.
As an opportunity to go on that path.
Professor you talk about creating jobs -- -- As soon -- basically your commentary here and also everything -- -- it struck by the government creating these jobs -- actually I can quote here from the a recent article from you.
As for remarks he remains in my view the single most insightful thinker in history.
On the operations of a capitalist economy so I you know I don't want to throw out terms like marxism but you are saying that.
The guys the father of marxism.
It is the guy that you think is actually most insightful.
Commentator and capitalism so I'm a little concerned about getting too much power in that direction.
-- -- -- is a great -- whether you agree with them -- don't agree with remarks also.
Said it as I said in that same article marks and I am not a Marxist.
And the way I interpret it also not a billionaire like I -- -- Yeah I'm not a billionaire either I'm -- college professor your father Earl Washington Wizards though.
He I'm very proud of my father he's a wonderful man and he's done accomplished a lot in his mind I'd be happy to talk about him all day a man.
-- kick right I don't -- to catch up there.
Okay well basically what I think that we need to focus on.
Is a transformation.
That we have not had.
Roughly coming out of new new deal period and through rough through the 1960s.
And building an economy that we have -- certain principles that guide us.
One is that we are focused -- decent job creation.
To that we have a stable financial market and three that we fight global warming.
And within that framework there's going to be a lot of opportunities.
For private business this study that I did and was reported on in my testimony in congress last week.
Whose -- not really focused on government spending it was creating incentives.
For private investment so it's private investment and its private homeowners.
That would get incentives to for example retrofit their homes.
Save on their energy costs and build a green economy from the bottom up.
Professor of here's here's my question -- Capitalism is survival of fittest you work hard you view earn more you keep you keep -- Under Barack Obama's new plan of taxing the upper 5% -- people who pay taxes and spreading the wealth the 95%.
That pushes almost a socialistic.
Ideology on people it you know at.
Dollars and below you approach 43% of the people paying zero taxes or less and at.
200000 dollars you're approaching a 50% number the United States people pay taxes won't pay taxes is that not socialism.
No well look again months socialism marxism these are terms it to me I'm very evocative.
I think that the the key thing now.
Is to I mean what Obama's proposing is actually pretty mild if it's to return the top rate to 39 point 5%.
That would bring us in the range of where we were.
Under the Clinton administration.
So it's not like this is a dramatic leap forward I mean.
They actually the biggest feature is the notion of cutting taxes for.
In addition to that.
You know part of Obama's plan is to invest.
The end and infrastructure in the green economy that is good for business -- -- the whole point of infrastructure investments.
Is to increase productivity and create an environment where people can succeed.
Right so I think -- -- who ruled.
A lot of people are probably saying you know not a lot of people some people at home are probably sitting there listening to -- and saying.
This is what we fear about Pelosi Reid and Obama government that that the democratic and tell the White House and congress.
Is the fact that you're gonna have nothing but focus on global warming up in the focus on green nothing but focus on.
Taxing the rich and giving more money to the -- In the former what they call -- you know well there and socialism.
-- a lot of people in -- -- some people out there don't want this and this is what they very fear is a lot of what you're talking about right now.
-- Well I think people should have an honest fear of all politicians Democrat Republicans I think if we had.
More healthy fear of what was going on the last eight years we wouldn't be in this disaster situation.
So you're damn right.
You should fear polluted cities should fear -- yes I -- we don't know who the next president can be you know carefully at what they're doing.
Professor and I'm not I'm gonna I want -- -- it.
Get -- to sort of talking bad about this issue you're sitting her that as if there's a problem with socialism -- -- -- two trillion dollars the Wall -- do not I wanted to sell -- close I'd I'd -- deaths of professors -- -- does it not scare you and it we have a situation we have democratic president.
A democratic congress which we have right now and then also potentially.
A super majority in the senate where there's one -- but.
One side of the -- dictating all of our future policy in -- in your opinion is that a bad idea.
Well I don't know I mean look we have a disaster on our hands with the financial markets and I think we can all agree on that.
And I think we can all agree I mean historically it's true.
Then it was both Democrats and Republicans that caused it they both supported deregulation of the financial market for a generation.
I make no bones about that I mean it was Alan Greenspan who is now confessed.
Then he who is wrong that he made a mistake.
It was Phil Gramm who is an advisor to.
McCain and it was Robert Rubin who -- it was and is an advisor to Obama say yeah let's fear them all.
I you know like Jamie and Dylan Liberal Democrats I can't -- -- -- Democrats and Republicans anyway.
Well that means we need to start thinking more fundamentally about what kind of economy won't we won't and I I won an economy.
That is more favorable to the small business -- -- -- most small business it gives them an opportunity.
That invests in our own economy and for example.
Investing in green.
Green investments infrastructure.
Those are jobs that are going to be in the United States -- their jobs that are not going to be.
Exported to other countries so let's look at the things -- build opportunity.
In the United States and labels for let's not bother with -- labels let's talk about the serious issues.
And what it's going to talk I move us forward.
Robert -- and professor of economics at the University of Massachusetts Amherst thank you so much for joining -- --
Filter by section