Michele Bachmann on Economic Growth
GOP candidate joins 'Special Report' All-Star panel
- Duration 7:56
- Date Oct 6, 2011
GOP candidate joins 'Special Report' All-Star panel
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-- in a new segment tonight call center seat we've invited the Republican presidential candidates to appear with us.
To answer questions from our panel.
Our guest this evening Minnesota congresswoman Michelle -- Thank you very much congressman for being -- the first in here in the panel thank you I'm pretty pleased to be a part of it thank you let's start dam want you Begin.
Okay congresswoman I think we wanna start on the economy.
Unbeaten one of the things you said is that.
The way to get the economy moving right now is to start cutting spending and a significant way.
I'm wondering if you can point to some examples where there has been success in producing economic growth -- sharply cutting spending.
At a time when the economy is either in recession or teetering on the brink of going back into another one.
Well I'll tell you what I'd be here talking to businesspeople especially all over Iowa of the business people are telling me they don't feel like people in Washington DC have a clue as to what's really going on in the real world.
And they see all of the out of control spending they're the ones telling me they want to see significant spending cuts in Washington DC.
They also want to see the tax cuts for job creators lord I agree on a -- federal tax lawyer.
We're the second highest in the world we should be one of the lower ones in the world.
But then also regulations and they see that as well as being a huge problem.
One guy and I was told me that He has a plant up in Canada.
-- -- of the tax rate was 18% last year he's that I did decision maker about a million dollars piece of equipment.
And I can either put it -- Canada plant or could have put in my -- -- I took a look at all the out of control spending.
I saw that you guys in Washington are gonna do a thing.
As I'm putting my plant up in Canada that wasn't just the machine what that went it was jobs Atlanta and this happens 101000 times every -- So you cuttings I'm right there aren't so so cutting spending in and of itself isn't really what you're.
That's not the whole package absolutely not that's part of it we we needed we know we have to cut back on spending because we're spending approximately 40% more than what we're taking him.
That's one part that's one aspect.
Cutting back on taxes on job creators is another.
Killing Dodd-Frank in killing Obama -- a major issue and then also I want to pass a mother of all repeal bills on job killing regulations.
And then pass the already we've negotiated three free trade agreements that should have been a lot long ago.
And then we also need to legalize American energy production and I would zero out the repatriation tax on American arrogance turned oversee -- -- good beginning I think to get things -- it's a package it's not one silver bullet it's a number of things we have to do.
For job creations.
Still I'd I'd like to ask you congresswoman about entitlement reform in the context of national debt.
We haven't seen much specificity from Republican presidential candidates on entitlement reform Mitch Daniels who's not running for president.
Just told your friend Scott and that the Republican candidate in the race now are missing -- specificity.
And boldness on a time informed.
What are a couple things that you do specifically.
On entitlement reform.
Friday I would point back to governor Daniels speech that He gave -- seed -- was a brilliant speech that He gave.
And in that He had several very good -- and paragraphs dealing with entitlement reform.
He talked specifically about Medicare -- -- about it taking people who work here that people are currently out of but also.
Moving toward health savings accounts He said that's what He didn't Indiana.
He also talked about Social Security reform making sure we keep promises.
With people -- currently on the system but people who aren't.
We need to also keep the promise with people who are younger.
And so He was specific I think I thought that Mitch Daniels had wonderful ideas I think they're well worth exploring.
I think Mitch Daniels is someone that I would want to bring on my team.
As a very sharp mind to deal with this issue because -- right that's the driver right now because not only is it just mad -- Medicare.
And also a Social Security but it's Medicare Pardee and -- also obamacare.
But on Social Security would you raise the retirement age.
Or would you means -- I think you can -- with -- people who are currently Thomas Social Security system we need to keep that promise as it is we can't change -- terms people who are not yet on it.
I think people don't realize how serious our debt problem is coming up.
We will have to act fairly quickly.
We need acting conformity with new long Japanese.
Levels that we have but also I think means testing is something at least for Medicare.
That we may be looking at in the future and Social Security.
Again this could be dealing with people and I want to be very clear to people who are watching this is people who are currently not on the system it's for the future.
Would -- -- native oppression 120 German authorities.
To retirement age is going to be higher when using Internet news now in New York.
If you -- present.
I think it will be very likely that we'll have to be higher.
I started studying this second 1987 I was at William and Mary I was doing a post actor -- tax law I -- -- baby born that year I was very nervous about what social his Social Security burden would be.
He's not -- for.
And it's sobering what his generation we'll have to pay in Social Security taxes going forward and so we have to do something there's no question.
Congresswoman this goes back to dance question and the president was hammering Republicans today on the jobs build a second stimulus has Republicans call it take a listen to his statement and and your response to -- Go ask the Republicans.
What their jobs plan is if the -- the American jobs and and haven't scored and haven't assessed by the same independent economist -- that let's us start our jobs like I'll be Henderson -- So -- question my guess is what can you do right now if the economy is teetering.
And He says that this jobs plan is easy answer right now what -- -- of course it isn't outside of the answer that want to jab cratered in Iowa told me He has fiber and employees He said one word.
Disaster this jobs plan is a disaster because look at the three component parts number one He wants to continue with the payroll tax deduction.
There's not a shred of evidence that that created a single job.
He wants to continue to prolonged unemployment benefits not a shred of evidence that that creates jobs in the number three He wants more stimulus projects for morsel wonders of the world I mean let's face it.
That hasn't created jobs and housing going to pay for it.
He wants to take away the deductions for the three most popular deductions that people have the home mortgage interest deduction the charitable deduction.
And the deduction for state and local taxes.
This is a disaster his plan that's why is dead on arrival.
It's it's a joke for people who actually create jobs right -- his question is what's your plan if you if you are gonna -- his plan.
What's your plan if the economy is teetering on the precipice my plan is is what I told -- and what it isn't just one silver bullet there's a lot of actions we need to take one of which you can would be very simple.
Legalize American energy production and that would Begin jock creation almost immediately a lot of those long -- Ideas not immediate.
Well it's amazing when you send the signal how quickly things change because again UBS did -- study three weeks ago that -- the number one reason.
Why employers aren't hiring is Obama care.
The one thing the president could do -- be very helpful He could issue immediately a moratorium on implementation of obamacare have Dodd-Frank.
He can put a moratorium on regulations and -- EPA in particular and as a matter of fact He could go on farther.
He -- actually just cancel some of those rules and regulations that are in place.
That would send a very strong signal -- -- job creator my husband and I.
That sends a strong signal when we know we either eight aren't going to be paying increased taxes or B we won't have to be in compliance with job killing regulations is very real.
We want to take a break here more center seat with presidential candidate Michel.