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Will Economy Ever Recover?

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    Ohio Governor John Kasich reacts to Austan Goolsbee interview, economic struggles

  • Duration 6:15
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And -- much anticipated speech delivered in Jackson Hole Wyoming today.

Federal Reserve Chairman Ben Bernanke sought to reassure Americans on the Brazilians and long term strength of the American economy.

But said nothing isn't just any help is on the way from the central but like say third round of quantitative easing.

Taking good job in congress and the chairman also suggested that Washington should be doing more to spur growth and create jobs.

Meanwhile brilliant Obama was being forced to end his lavish Martha's Vineyard vacation a day early due to hurricane Irene.

But we've still got to wait until after Labor Day to hear -- his brilliant plan to bring the economy back to life.

Well joining me now with analysis on this and all things economic -- governor -- case that John thank you so much for being with us.

Fred it's always good to be with you wait for your next movie Fred I -- for the next one Mosul on my about it if you you opportunities here opportunities left eleven though you.

All right -- we do want to gather around my client you may have made the we've got a couple -- McCann I'll tell you about leader.

Listen I'm telling you what you -- you know the economic growth is down unemployment is.

It is.

Now we're having earthquakes now we're having hurricanes and now Obama's coming back from vacation.

Going to Washington it was only costing us millions when He was in Martha's Vineyard is gonna cost us billions he's gone back to Washington.

But do these younger are you the president of the they have any answers left Q thank.

Well I think the Fed Chairman is they've done a lot of things and you know they're running out of tools and let's face facts Fred you you know were a really respected senator and I used to -- chairman of the Budget Committee in your member of the glory days when we balanced budgets and we.

Cut the taxes on risk taking.

One idea that I have Fred that they may wanna think about I -- there's up.

Expected to be about a trillion dollars that companies have and profits that are sitting.

Outside of America and a lot of these companies would like to bring this money home but the tax rates are so high.

That they instead are investing in in places other than America.

I think the notion of -- letting them bring that money back here.

It either a low tax raid or or maybe a one time pass on that.

But I would be a stimulus.

The plan that would make some sense of that involve public money and involves.

The money that the companies have made their profits that they could bring back and -- in reinvest in.

Maybe improve there -- there workforce.

Have to buy plant and equipment and things like that and give them.

I'm a greater sense of confidence that they're willing to jump in and this is something that I -- I would hope the president might think about.

You know he's obviously non interest in cutting taxes.

But you know on a program like that that might be something that Republicans and Democrats could agree upon because I've got to tell you Fred we.

You know -- here in Ohio we solved our eight billion dollar budget deficit problem we cut taxes and we are credit from S&P actually improved.

They took us off negative watch.

But there's always a drag in the state when the federal government it is not doing the right things my goal try to outperform the federal economy.

It be great if the if the president would take a look at letting these companies bring their money back so they can invest in America rather than some.

Where else would you mention that's -- -- terrible and I knew -- makes too much sense to have a chance at John but -- were about the only country that double taxes our group of corporations like that.

Abroad and then back home anyway -- to make make a lot of sense but you mention what -- are locked.

Good night -- it I talked to a smart businessman in Cincinnati day and He said John this is something that could work.

And He said what do you think and I said well you know philosophically.

I would hope this would be something the president could embrace and not you know have everybody in the country -- and screaming and one direction or another whether we clearly have got to get some growth going in this country.

Well he's got to be looking for things around two.

To come up with it won't violate his ideological principles apparently they've tried every trick in the book it looks to me like consistent with their own.

Ideology and none of it has worked.

And now he's got the left carping at him and I don't know which -- -- gonna go something common sense looks to me like.

What the award you're talking about would would be something to be considered but you -- what's going on in -- while.

I've often wondered whether or not where we're not do for.

Sort of a new federalism taken a new look at what the federal government ought to be doing anyway.

And let the states should do more of the thick of things that the State's traditionally -- Where you know Fred just take Medicaid do we were able to save a lot of money on Medicaid.

But that's because we we get while while mom and dad to be able to stay in their Helen Hunt in their own home if they want to rather than the have to go into a nursing home.

If they need to -- -- nursing home they can go but if they wanna stay at home they can't.

This gives us flexibility we saved a lot of money and people are happy in the eight AARP likes his community settings.

That's the -- the federal government would give us flexibility on Medicaid.

Believe me we conserve more people we could save a ton of money let me give me another example.

One of the biggest problems we have an American today -- people who were not trained for the new economy.

Right now Washington's got more job training programs.

And they're not effective everybody knows they're not very effective so if they would give us the flexibility to train our workers not use that money for something else -- use -- for job training.

And take all the strings off it would make a world of difference for -- Fred.

So an education K through -- allow us to have more flexibility I made this plea.

When I was a newly elected governor down in Washington to some my old friends like Gene Sperling.

And frankly you know.

If we could get flexibility in the states and have more laboratories of it -- things it can work we can learn from one another and that's the way America was.

-- pleasant we gotta go but thank goodness we've got you and and all these other forward looking Republican governors there.

Where so many good ideas are common -- It's cute little things -- giving a -- --

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