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Massive government debt becoming key issue in 2012 race

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    CKE Restaurants CEO Andy Puzder weighs in

  • Duration 5:10
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What 53 dollars deeper in debt since -- Obama took office despite promises like days.

Actually I'm cutting more than I'm spending.

So that it will be -- that spending cut them pledging to cut the deficit we inherited by half.

By the end of my first term in office two try to root out ways large and small.

In a systematic way we stay on the current path.

Are growing debt could cost us jobs and do serious damage to the economy but refused to leave our children -- -- debt that they cannot repay.

On -- it didn't work out the way the president wanted to governor Mitt Romney is taking the -- guided -- want to go coordinated attack today.

In among other -- the battleground state of Iowa.

Here's what he said just moments ago.

We can't spend another four years talking about solving a problem that we know that we're making worse every single day.

All right one of his top economic advisors with us now that is Mitt Romney is a -- -- CEO -- buzzer.

Who says this is why governor Romney -- but had -- you know let you know.

A -- doesn't become a failed mission as it has been for the president on that it did that this just never get solved.

But I think a big difference between the president and governor Romney is governor Romney's again his private enterprise experience.

He has already taken businesses he's taken the state governor Massachusetts he's reduced expenditures he's increased revenues.

He knows what it takes to make something -- he knows how to make it work in the real economy.

I -- -- all due respect to the president he didn't come in with that experience and I think he had a very difficult not only did not reduce the deficit.

By the 50% that he promised but he almost increased it by 50% took it from 1112 trillion up about sixteen point seven trillion I just checked on the depth but this morning so.

It's it's it's really a difference of approach and you really have to -- the debt clock every morning if -- to get that number right because it just keeps growing.

Well you're you're out of market down -- does it changes a lot we're showing on its growing right now but you know India's thing -- What's to stop me from taking that should Mitt Romney be elected president he doesn't come in as stated.

President elect Clinton and say hey this is a lot worse than I thought this tax cut.

I was going to off the folks I can't do in fact -- and -- taxes.

On the well to do in other words you just completely.

Reverses himself.

It has been done there is precedent in both parties for.

-- number what I know meant that's not the kind of thing that we do.

Number two there may be candidates out there that don't understand this economy Mitt Romney is not one of them he he understands it very well and knows what needs to be done.

Number three Mitt firmly believes that if we lower the marginal rates -- eliminate deductions so you're not really impacting tax revenue.

But lower those marginal rates the rate you pay on the next dollar you -- and you encourage businesses and you encourage individual -- -- that next dollar.

That you'll see increases in productivity job creation and increases in tax revenue even though he lowered the marginal rates.

And it is a little we have -- we all would know I had a series saying there is that you going back to the Reagan years.

There's a gap between cutting everyone's taxes and then seeing the revenue from all of that from the new jobs created.

From the new incentives created phenomenon but in that gap deficits did even works and and and do you think.

He has appreciated the magnitude of that or no as the -- -- -- that and to -- I I do think he would understands that LLI -- a key part of his tax.

Marginal -- reduction program is the elimination of a number of bit -- number of deductions as -- Simpson Bowles commission proposed.

So you have the elimination of deductions you shouldn't have -- meaningful impact the tax revenues the important thing though is to encourage growth with those lower marginal rates.

I think he understands it I know he's done the numbers -- I know -- up and always on the numbers on all of this.

It's a big problem and I think it is why I've been on TV saying the one of the things she asked when.

When they were talking about running again was whether or not the economy could be fixed or whether we were -- over the cliff.

And Mitt answered -- were close to the clip but we're not -- I think -- believes he can fix this I believe you can fix it I think he's got the plans -- make this work.

Am -- looking at is that it's commerce or Treasury Secretary.

But there -- I have a job as you know and I'm certainly not looking for job it's obviously very difficult to tell the president no PS you to do something but.

-- had no conversations like that and and -- I've got I've got a great job I love what I'm.

You did a great job and you do get incredible models to market your hamburgers but I think if you think about it.

You'd be the first food guy to come into a job like that and the guys stayed did it through through the decades -- -- influence.

So you bring some more ties to the table -- Herman -- been looking pretty good I mean just but he's out of the race and it was great that's true it's true but maybe you maybe like a position you never know if that's.

Andy thank you always good seeing the CK restaurant's CEO and who knows what else he's been with.

The ground -- right from the beginning -- -- a lot of fair weather friends but money and.

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