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Is Biden's Build Back Better economic plan the right strategy for America?

2020-07-22 | 🔗
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.