Former Obama economic adviser Robert Wolf and White House economic recovery taskforce member Stephen Moore debate.
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Steve yesterday Joe Biden
unveiled the third pillar of his
so called build back better
economic plan, this time, focusing
on the care giving and education
work force, while simultaneously
slamming president Trump.
This man simply doesnt
understand
he cant deal with our economic
crisis without serving and
saving the public health crisis,
hes unable to explain how itll
actually help working families
hit the hardest.
You know hes quit on you,
hes quit on this country,
Steve here with a conversation
about how this proposal stacks
up Fox news, contributor and
former economic adviser to
President Obama, Robert Wolf
screen left appropriately and
member of the White House
Economic Recovery Task Force,
Steve Moore
Good Morning to both of you
guys,
hi, Steve
and hes screen far right. I
should say
laughter,
Steve yeah, okay,
Robert lets start with you
yesterday, regarding the build
back better plan were going to
put up some of the graphics.
Tell us why you think its a
good idea.
Well, the contrast, couldnt
be more stark and the
correlation between the pandemic
and the economy is spot on
right.
Weve had people lose their
health care, the unemployment
rate. Worse than any point since
the great depression and
Steves touting and the
President a payroll tax cut,
which makes no sense at this
point because it doesnt help
those unemployed, thats been
hammered by the pandemic,
and why do we need to give money
to billionaires? Who you know
really are going to have payroll
tax cut for them, which is why,
the by the way, the Senates not
for it
vice President Bidens plan is
helps manufacturing. It helps
infrastructure
and Steve, and I just have a
disagreement on what the right
strategy is. For this time,
Steve Steve all right
lets just ask Steve himself:
Steve whats, your problem with
it
well, first of all, ive
never seen an economy in the
history of mankind that got rich
by raising taxes.
Maybe Robert knows of an
exception, but were talking
about perhaps the biggest tax
increase in american history
tax on american companies,
american corporations and every
shareholder in America, with the
biggest increase in the capital
gains tax weve seen in the
history of the country,
theres. Also, a new people
dont realize this a forty percent
increase in the death tax.
So, after all these taxes, then
you have you have to pay an
additional forty percent tax. When you die
look, we built a great economy.
Before coronavirus
we had almost a million and a
half new manufacturing
construction and mining jobs.
Obviously the economy got
slammed by coronavirus and the
real question the american
people are going to ask is: who
do you trust the rebuild this
economy as we move forward?
Do you believe Biden who wants
to tax and spend or a guy whos
been in business and has shown
he can build the economy? Oncehe
can do it again,
Steve. You know. Robert
conventional wisdom was before
coronavirus that Joe Biden would
capitalize on other things and
emphasize other things, because
the economy was roaring.
We all know it was doing very,
very well,
but now this has given him a
chance. The talk about his plans,
given the fact that you know
weve got unemployment near
around ten percent. Millions of people
still looking for work waiting
to go back. If and when the coast
is clear.
Yeah
I mean I have to unpack so much
what Steve said, because a lot of
its not accurate with respect
to Joe Biden
and with respect to the history
of this country,
one after every war in this
country, Republican or Democrats
in one thousand seven hundred and seventy six, we have raised taxes.
The revolution are the civil
World WAR, World WAR I and II, so
were going to raise taxes to
pay for it.
There was a time that Steve was
a fiscal hawk
today, no ones spending more
than this president and by the
way,
were in a recession under this
president,
you can unpack it. He cannot
take responsibility for it, but
thats where we are today,
another republican president and
were in a recession.
We were in a resession with
George Bush recession with
George Bush. A Democrat had to
take him out of it.
Joe Bidens tax plan doesnt
touch anyone thats making less
than four hundred thousand dollars, whereas the tax
plan that Steve wants to help
helps people like me that
actually are happy top pay. My
fair share in taxes to make sure
people have health care.
Once again, Steve wants to help
husband, friends and the
wealthy. His friends and the
wealthy
weve been hearing about Steves
plan in an infrastructure plan
for three and a half years,
its stuck in the mud.
Why is it
Steve? Well, I think the
president would need help from
the Democrats
put the plan up
Steve. Well, let Steve respond
Robert first of all, you
were criticizing the payroll tax
cut.
We want to eliminate the payroll
tax for the rest of the year for
every single one of the one hundred and forty
million working Americans.
That includes Robert Minimum
Wage workers, who get a seven point. Five percent pay
raise under that plan.
Every single small business
employer in the United States,
every single one of them would
be would see a seven point: five percent reduction
in their payroll cost.
Now why in the world is Joe
Biden and Nancy Pelosi against
giving middle class and even
minimum wage workers a pay
raise
you dont want
by the way hold on
inaudible conversations,
Steve Robert? Let him finish
the best way to help people
who are unemployed. Know,
Democrats dont believe this.
The best way to help unemployed
not give them a government
unemployment check, get them a
job,
Steve 20. Second rebuttal.
Well, its not factual.
We dont need to give one hundred and forty
million people. Okay, a payroll
tax cut.
We need to help those who are
unemployed where payroll tax
doesnt help
and by the way, its not going
to bring the demand on jobs.
Aisle
really
Obama did it.
Robert Obama did it.
Why was it good for Obama and
bad for Trump?
I said that, eventually,
right now we have to get
people
Steve, okay, Robert.
I know you want to spend
taxpayer money because thats
what you guys do more than
anyone
Steve Robert. That is your
time and Steve. Well, give you
the final word:
look: a payroll tax cut was
good for workers when Obama
wanted to do it, but bad for
workers. When President Trump.
Transcript generated on 2020-07-29.