Voters' politics vs. pocketbooks
President Obama getting a pass?
- Duration 4:22
- Date Sep 23, 2012
President Obama getting a pass?
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Welcome back less than two months before Election Day in most likely voters still think the country is in a recession escorting to a recent Fox News poll and a majority of those -- also said things would get better if the country changes course what exactly does that mean.
Our next guest is asking tough questions what it's taking so long to recover in the first place we thought we are out of this thing seemed -- we might be -- back in professor of economics.
At Valencia Collins Jack Chan was joins us now.
From Orlando Jack thanks to see this morning.
Good morning thank you so that question what is taking so long for us to recover.
Well first of all if if we look at historical recovery is that -- been very quick and renounced and provided jobs immediately.
We can go back to the early 1980s when President Reagan was coming off of the horrible stagflation of the 1970s.
With more than 20% and unemployment and inflation combined.
But the difference between the V shape recovery got out of President Reagan.
-- even a huge economic growth we got a president Kennedy and what we're getting today -- -- president Kennedy and Reagan understood that jobs come from promoting.
New suppliers new suppliers of goods and services new labor suppliers.
And all that came from from both what Democrat and Republican.
The largest tax cuts we've seen in our country's history to promote.
Opportunities for people to show up and create jobs opportunities.
And work but the difference today is if we look at the Obama administration.
Even when during the financial crisis the economist -- -- -- administration told us.
That for every dollar for example corporate tax relief the economy grows by thirty cents.
For every dollar of tax relief from the bush tax cuts the economy grow by 29 cents.
But they told us that for every dollar of unemployment benefits the economy grows by -- dollar 64.
And for every dollar of food stamp benefits the economy grows by dollar seventy -- So we have an administration with a completely different philosophy on what creates.
Jobs and growth than what we've had in the past and as a result right.
Breeding this idea of an entitlement society has and and creating uncertainty for business is going forward has not created an opportunity for those businesses to take.
More risks we hear a lot about the uncertainty factor in whether or not how their taxes will be structured as they can hire or not -- here's a -- Fox News poll out.
And whether or not the country's better off now -- was four years ago according to this poll of what a 1000 likely voters.
46% said that the country is better off now on 49% say no it is not.
You -- take umbrage with something that President Clinton actually said during the DNC.
Which was look.
And no one could get us out of a recession in four years not myself not my predecessors not President Obama you need to give them more time you disagree with that.
It was some of the professors at your college on that point right.
Yes I do first of all of -- I don't I don't know which part of Bill Clinton's own administration.
He was -- thing but if he would go back and look at the last six years he was president when he lowered the capital gains tax rate.
Signed welfare reform.
We saw economic growth in his last six years and -- -- and was phenomenal as a result of doing the very things.
That Reagan and Kennedy did so the the idea that the economy could not been turnaround in four years.
It's sheer nonsense when we go back and look at historical record.
-- the economy from November of 1982.
Through the summer of 99 -- groove phenomenally and tax revenues doubled and millions of new jobs were created.
By adopting a different philosophy that removed uncertainty from businesses.
It's it's very clear no business or individual wants to look into the future and not know what -- health care costs -- -- look like.
Not know what their business and personal income tax rates are gonna look like.
And without that transparency.
Businesses are gonna sit on whatever cash they have they're going to be apprehensive.
And that's not going to lead to job creation so I understand the role mr.
Clinton has to play here but it doesn't even lineup with his -- the latter years of his presidency.
Secretary of explaining stuff was -- I Jack Chambliss professor of economics of let's see college down there in Orlando Florida thanks so much Jack we appreciate it might.