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Does Congress 'spend' money on tax cuts?

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    Wall Street Journal's Steve Moore weighs in

  • Duration 4:03
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We need to continue to cut spending no doubt about that.

And certainly you cannot reduce the deficit by spending tens of billions of dollars on tax cuts for the very wealthiest -- -- -- -- of course democratic senator Bob Casey from Pennsylvania as a Pennsylvania the beauty pageant I digress anyway I'm taking issue -- something he just said when you listen this again.

Spending tens of billions of dollars on tax cuts.

Steve Moore caught the same thing this congress actually spend money on tax cuts Steve is the -- senator bestselling author of the jungle.

-- -- -- -- Well look there -- two.

Every start about the tax -- and that and that and the fiscal cliff action or Ben Bernanke talked about that yesterday in his testimony -- it's so important for people understand.

There are two clips here.

There's one has the spending cuts that are scheduled as part of that debt reduction deal for any other is the big what we -- taxman got you know the huge tax increases.

My view -- -- that that tax.

Raising the tax rates would be a disaster capital gains tax dividend tax I think we're just hold back business expansion and -- really -- possibly cause a double the perception -- I think senator Casey is wrong.

I think Ben Bernanke is wrong I think -- the economists.

On Wall Street -- they keep saying cutting government spending is bad for the economy it isn't.

Because every time the government spends a dollar that dollar is taken from people taken from you -- -- -- Or from the bond markets and what about equating tax cuts with debts that's ridiculous I mean it's -- NY August because a tax cut allowed you to keep your own money or media keep -- -- -- people watching but it's.

-- leaves initially Washington and leads that's what money that was in Washington January we -- -- them but they.

They it and give it back so would leaves watching as the late and watch out no no no they don't give it back that's -- -- in I don't know I don't give me I'm just Rendell this is what they're saying but it's argument.

That it leaves lodges -- -- was behind -- just like you would the money would leave Washington.

For program.

Except what they are leaving out is that this is some of the facts from the taxes I mean the higher the taxes are the last and Sandler.

This for business to expand for workers to work I mean this is the whole problem.

With US economy right now when President Obama today said the private sector is doing fine and is -- I don't know why don't what was the -- for all my goodness.

Mean what's that about what is -- delusional statement and I think that -- that's the headline -- so he wanted to get in front on this today in this press conference was an opportunity.

Backfired it totally back yet because the headline tomorrow's going to be.

Barack Obama thinks private businesses a private workers are doing just fine.

And you know this -- I go around the country talking business groups.

Right now they aren't survival mode they are not that -- I feel when he -- stuff still 127 months were growing and and the spending that I've -- of the stimulus that I have it.

Is is showing that it's all working what do you -- I say that we -- the weakest recovery and it since World War II.

That the economy is growing at less than 2% at this stage under -- and it was growing at 7% three times faster.

We can do much better than this when we report what would you dedicated in doing is using entitled why weren't as advisor actually what I would the most important thing Barack Obama could do right now did put some juice in this economy.

He should have another press conference tonight.

-- they were calling off that tax increase.

I really believe but who wants to win best.

In a tsunami storm of higher tax rates on capital gains dividends small business taxes everybody as her survival mode right now.

They're hunkered down there worried about that that tax -- gotten Obama should take that off the table and -- you know what Bill Clinton was right and he said it right the first time.

That is a severe negative for the economy -- -- we should not do it.

Yeah and Bill Clinton take -- old if you know back copy.

Yeah yeah I think the other -- the you gotta you -- smack down from the White House like -- -- you don't -- like he -- right and you know what you're gonna see a lot more Democrats in the next few months making -- case -- knowledge about the time to -- this tax time about my -- that and and I think there's been on the -- soon because they've backed -- -- plans LaGuardia the end of -- -- Canada right.

Thank you very very much ready to be with -- know Steve more.

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