Tax Code Reform Key to Jumpstarting Job Market?
Former Senate candidate Carly Fiorina sounds off
- Duration 5:23
- Date Aug 2, 2011
Former Senate candidate Carly Fiorina sounds off
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With the unemployment -- still hovering over 9% there's the question out there.
On the minds of many of us about what's next for the future of our economy.
Carly Fiorina as a former CEO of Hewlett-Packard also former senate candidate in California and she's joining us now -- nice -- in the program.
Great to be with you -- good morning let's start with why and then talk about how to fix it so when it comes to the economy it.
Why it why are we still getting this disappoint me economic news.
-- to fundamental things first small business.
Is flat on its back and small business creates.
So many of the jobs in our economy up to two thirds and all of the data suggests that small business just simply isn't hiring.
Certainly I know that anecdotally from talking to so many small business owners across the country secondly.
The consumer as reflected in the dated this morning the consumer isn't spending.
In part they're not spending because they realize over the last couple years they need to save more but in part they're not spending because everything costs more.
Starting with energy now creeping into food those two things are huge drag on our economy.
And they also suggest what we need to do we need to help small businesses hire again and I think that means reforming the tax code.
It means getting these regulations and requirements off of their backs and ultimately we need to restore the entrepreneurial culture in this country to create enough jobs.
You've revised advised at many business leaders and obviously -- -- business leader yourself -- just -- the consumer.
And and just a moment ago as a consumer spending that was the biggest drop in three years is actually tears but it's.
It's -- significant drop regardless what would be your advice to just the average American family out there.
That's trying to make it.
Well first I think.
The average American family is doing something that we all need to do and that is save more and in fact.
Two years ago I was asked a question on this network while.
You know reducing consumer spending is gonna rebound quickly and I said at the time no because consumers realize they have to -- more.
So that's good news although -- painful for our economy in the short term.
I think what consumers are doing and that's what's frustrating to them about Washington.
Is what all sensible people do let's prioritize.
Our investments let's -- of what we can say and let's prioritize our investments and really focus on the things that are important.
Instead of just spending Willy Nilly.
The housing market continues to be a huge problem.
And ultimately I think until we get the political will to actually reform Fannie and Freddie and get this housing market back on its feet.
Consumers are gonna continue to be nervous because so much of their wealth is tied up in their home.
You know we we we tend to say that savings on -- -- -- -- level is is good although as you mentioned the repercussions in the economy not so good businesses really get criticized for for keeping the money on the sidelines for not putting it -- -- the economy.
I'm curious on your thoughts on this the president this morning had a meeting with the executive committee for the AFL CIO which is -- major.
Labor group union federation out there and net and get nothing necessarily into the union side of it but if you were part of that meeting what would be your suggestion to the president at this point.
On how to get the economy back on track and how to get businesses back into spending money again putting it.
The first thing that I believe the president.
And Washington need to focus on is reforming the tax code.
Perhaps reforming the tax code could be part of this next step in the debt negotiations.
But our tax code is much too complicated.
It isn't competitive.
That would help small business it would help big business and is part of that reform.
We could encourage companies to bring cash back home where the only country in the world that taxes overseas profits in the way that we do.
Our tax rate is -- competitive and yet.
A lot of big companies don't pay their fair share because there's so many loopholes so let's reform the tax code lower the rates simplify it and close all those loopholes.
The second thing I would recommend is.
Everything has to be thought -- in terms of small businesses.
Big companies are doing okay because they can access overseas markets but small businesses depend on the American consumer.
And every time we add a new regulation or.
A regulatory agency like NLRB you're the EPA puts forward something.
It affects small businesses -- let's start peeling away those regulation -- using -- -- -- that is the focus moving -- Israeli -- Carly what's next for you you get back into politics back into another run.
Well you know I have taken on a role as vice chairman of the National Republican Senatorial Committee.
I am looking forward to helping senate candidates across the country win I believe we need to regain the Republican majority in the senate think how different.
These negotiations over the last several weeks in Washington would have been had.
Republicans been in the majority actions speak louder than words so we can only speculate but we'll see what happens as we go closer to twenty -- Carly nice to have you.
I thank you again for your insights today.
Thank you for having me -- great to --