Former Obama economic adviser Robert Wolf and FreedomWorks economist Stephen Moore break down Joe Biden's vs. President Trump’s economic agendas on ‘Fox & Friends.’
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Steve Joe Biden addressed concerns over his tax plan during last nights, town hall- if you make sure that people making over four hundred grand pay what they did during the Bush administration- thirty nine point, six percent: it would raise another. It goes up to. Let me get the exact number here, youre going to raise corporate taxes and taxes on the wealthy. Is it wise to do even that when the economy is as weak as it is right now, Steve? Absolutely, he is said right there well good place for discussion. Weve got Fox news, contributor and former Obama Economic Adviser, Robert Wolf screen, left and screen right. Member of the Trump White House Economic Recovery Task Force, Stephen Moore, Hey Robert, we heard Joe Biden say absolutely its okay to raise taxes during a pandemic. Listen the way I would look at it is one he said. No one will be touched under four hundred thousand.
If you look at his tax plan, a predominance of their tax report is those that make over a million and much more over three much if you make between 400000 800000, you go from twenty five to twenty five point: five percent: if you look at husband plan, which is about two trillion of relief and three trillion of new spending, hes literally going to paw for his new spending pay for his new spending and the rest is going to be relief similar to what were talking about on Capitol Hill, I think its the right plan it. It hits about one dollar and thirty cents, trillion of the Trump tax reform, which is predominantly only the wealthy, and I think we have to look at it like a patriotic tax. This pandemic has been a war and people like you Steven like me, we have to pay for it and im. Okay with that Steve. If I recall correctly, that particular question was asked by somebody who voted for Donald Trump last time around Stephen. Do you agree with
Robert that the middle class will not feel any impact on a tax increase? Well, first of all, I just wish I were as rich as Robert is of laughter. I wish I had a penny for every dollar. You have Robert look, we did the tax consistent. As you know, I helped design that tax cut when Donald Trump came into office and people like Robert, are you know people like Vice President Joe Biden said it would be a mistake, it e wouldnt work, it would hurt the economy and we now have the results right. We brought the unemployment rate down to the to the lowest level in history for blacks and Hispanics. We saw huge wage with gains for Americans. Now, Robert, we saw the poverty rate in the United States fall to its lowest level in the history of the United States. That means there were a smaller percentage of poor people two years after we did our tax cuts than any time in american history. In other words, it was a spectacular success. Why, in the world, would you want to repeal it? I mean Democrats talk about science.
We did the science, we did the experiment it worked, and yet this seems to me to be a kind of triumph over Itology over what really ideology over what really works and the reason it works Steve. This is important. Those people this vice President Biden is talking about. Most of those people are small businessmen and women. I just dont, get it Steve. Well, the question was regarding whether or not it was smart to raise taxes during a pandemic and, as Robert said, only people over four hundred thousand dollars yeah but theyre small business owners Steve well, there you go regarding the pandemic, though, when you look, if you divide America, red states and blue states, it turns out the unemployment rate in the red states. Right now averages about six point: six percent, whereas in blue States Robert, it is about ten point, five percent, so four percent higher what is going on in the red
states that is not going on in the blue states. Well, the states are very different. First of all, the three largest cities in the country, New York, city, LOS Angeles and Chicago, have absolutely been impacted by the pandemic. Number two tourist and deaths nation places like Nevada destination places like Nevada and LAS Vegas. Hey have been impacted, Hawaii theyve been iming pacted and with we knew the black and brown communities were going to be impacted. The most the gap in unemployment between white males and his Hispanics and black Americans has gapped dramatically. So this is not a surprise. Every state has different demographicsings. This is not a surprise to anyone as Steve would look at the states are very different. Steve Stephen. Do you agree with that analysis? Go to my video six million
views on. Where do you want to live? Basically, the problem is im from Chicago. I go to New York City, the mayors and the governors of those states have destroyed our great great cities by shutting down by the way Andrew Cuomo. After all of this is now locking down New York. Again, I mean how crazy is that by the way Steve you now have Texas Florida, Georgia, Utah, Idaho, South Carolina Red States are open for business. Theyre, balancing their budget blue astronauts are a disaster. Blue states are a disaster. Lets make America look more like Texas and Florida Steve. So what have we learned today both points of view, but we also learned that Stephens got a video thats been seen six.
Transcript generated on 2020-10-17.