Rep. Ryan: This is not what a real recovery looks like
GOP vice presidential nominee on economic plan, tax reform
- Duration 13:12
- Date Sep 27, 2012
GOP vice presidential nominee on economic plan, tax reform
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Well we are so overcome braves are some that's more like reality.
And there is durable turn around well not so durable in fact when it comes to durable goods orders -- -- -- ordering going on.
At all the appetite for what they -- big ticket items that cover everything from planes -- pasta makers caving more than 30% last month.
The same month we learned that pending home sales reversed.
After hitting a two year hot.
The same day we learn deliberate mortgages were down but home -- -- were up.
In the latest quarter and that growth was -- to one point 3% in the same quarter.
All volatile numbers to be -- but they point to problems with a recovery that now is not looking social work.
Especially in a week we heard 55% of small business owners surveyed.
Say they would not start a small business today.
And 69% of manufacturers and other business owners say regulations are killing their businesses today.
And -- up to the Republican vice presidential candidate says it's the US economy.
That's headed down.
Welcome everybody I'm Neil Cavuto went box on top of a number two back to issue want.
Jobs not happening Paul Ryan making his case on the stump that America has hit a big -- -- -- -- But the man Republican operatives have reportedly been urging the Romney campaign to get out there and get blasting his here and -- talk.
Congressman Paul Ryan joining me from Memphis Tennessee congressman -- -- -- view.
Good to be back -- Daniel what do you make of these latest numbers I know you've been talking about weakness in the economy but.
Prior to the data today congressman.
We've -- seeing -- pickup -- consumer sentiment we've obviously.
Markets tend to go on the map but.
Month over month we've been seeing a pick up in the markets and investor confidence as well what does this signal.
We've been seeing slow growth and now we see that it's even slower look a downward revision from one point 701 point three that's a pretty big drop.
I mean the drop in durable goods is just an enormous drop.
-- Neil this is not what a real recovery looks like as you just mentioned from the survey of businesses and manufacturers.
They see you more clouds on the horizon.
It's because of the president's failed policies but Mitt Romney and I are proposing very specific pro growth solutions.
To get real growth back in this economy.
There is no reason why we can't get this economy growing at its potential and get people back to work.
That's -- proposing pro growth tax reforms lower tax rates across the board.
But he's just more take home pay by gives businesses an incentive to hire -- they're keeping more of what they aren't.
Regulatory reform which is a cloud of uncertainty hidden tax on businesses we've offered a specific energy policy.
To unleash American energy to be energy independent in North America by point one.
Job training reform more trade agreements promote trade and get its fiscal house in order we've put out specific plans.
And how to prevent a debt crisis how to reform entitlements how to cut spending how to get growth how to grow the economy get people back to work.
That's the choice were offering the country we need to do four more years of these kinds of policies which are producing these pitiful results.
Or get back to real growth get people back to work -- -- -- the society of upper mobility.
That's what Mitt Romney and -- are offering and we had a specific solutions that are giving the American people in the final analysis I think they're gonna like this choice they have.
-- you nuts and the specific solutions and I was a little bit confused yesterday congressman.
Mitt Romney was talking about the tax -- he was envisioning that they wouldn't be as big as you think that when you factor out.
Have we would phase out but I guess exemptions and and allowances and deductions it didn't specify which.
That it might not be the big tax cut a lot of folks were looking forward to.
Was he trying to -- us for some.
You know bitterness.
No not at all look what we're saying it lower tax rates there a broader base -- triggers economic growth but former talking about.
And when people ask us about well whose tax loopholes are gonna go after.
What we've been saying is by closing tax shelters for higher income earners which is what he's referring to.
That allows us to lower tax rates for everybody middle income taxpayers get higher take home pay.
Businesses have lower tax rates which helps them compete globally which helps them keep more of what they are -- the next dollar they make which encourages job creation.
-- -- what we're saying is by denying some of the tax others higher income earners more of their income is subject to taxation.
Which means we can lower tax rates -- and everybody without losing revenue and in fact we'll get more revenue because we know -- who grow the economy.
These kinds of pro growth tax reforms Ronald Reagan and tip of -- -- -- Bowles Simpson proposes that were proposing it.
Lower tax rates broaden the tax base that is a pro growth solution to get people back to work that's what gets you -- take -- pay.
That's what lets people in the -- -- keep more of what they -- Under the current code you sent a bunch -- money to Washington and then if you do what we approve of in Washington we might let you keep some of that back.
That's that's picking winners and losers but -- -- you're guilty of it.
But you mentioned both sense an officer and and and you voted against that.
So your critics I don't that part of both Simpson OK but beer producing -- -- -- a good game but you'd -- you don't deliver the goods -- No but what they here's what people do if you don't like the -- -- -- on the table and put your plan on the table that's what I've done I've passed a budget to congress Mitt Romney's offered a plan.
But Obama hasn't done any of that he disavowed Bowles Simpson and offered alternatives what we did.
Is we -- what we liked in both Simpson and an -- more reforms to the reason I didn't support both Simpson.
It because it didn't address the primary driver of our debt health care programs health care entitlements that are going bankrupt.
I don't want to pass a bill.
To fix the fiscal crisis when I know it doesn't fix the fiscal crisis.
That's why we took the good ideas from both instant and combined it with the necessary reforms that truly prevent a debt crisis.
As of Mitt Romney and -- are proposing.
You need three things pro growth economic policies that for tax reform is all about that's regulatory reform energy policies all about.
Spending cuts we propose lots of different spending cuts and critical entitled -- reforms.
That -- market base that give people more control over their lives when it comes to healthcare not some bureaucrat.
And it doesn't make any changes for people in or near retirement but reforms programs for my generation.
So -- they are from my generation when we retire that's what you get -- -- this problem but do you prevent European like austerity.
You know a lot let me do look what's going on in Europe congress and made Ann and Mitt Romney heavily US -- so that we're not careful we could follow that.
-- going on in -- what's going on.
In Spain please just to get to seeing a couple of minutes ago congress and that is that.
By closing loopholes and special breaks and all that to prevent some from paying any taxes.
The -- is a productive.
Step for many -- concerned -- in your party a year ago.
When I was in Washington as we were -- out this budget -- Up to date looked at that as a tax increase.
And wouldn't countenance it are you saying that they better countenance it now.
No -- talk about revenue neutral tax reform conservatives across the board and many Democrats by the way.
Democrats from the mid eighties the -- of Ronald Reagan some Democrats recently have said.
Pro growth tax reform we're saying revenue neutral tax reform which says in exchange for some loopholes everybody gets lower tax rates -- that's what creates growth -- By lowering the marginal income tax rate.
You get a better return on your next dollar of investment on your next dollar of work.
This means middle income families get higher take home pay.
This means that -- to keep more of what they are in the first place but I have to send their money to Washington this means small businesses don't forget Neil.
Eight out of ten businesses in America file their taxes individuals.
This their tax rates going above 40% in January according to -- Obama's plans but for current laws going well lot of countries around the world are cutting their tax rates.
The average tax rate on businesses and it in and in the world is 25% Canada lowered theirs to fifteen and President Obama.
Once the top tax rate -- successful small businesses to go above.
40% in January and that particular tax entries -- It only pays for 8%.
Of its proposed deficit spending.
That's not a ticket to recovery.
You that's why we have that as we have had an argument.
Across forcibly very clearly the rap against.
That the -- at the top of your ticket is that he is not.
He's he's very Smart knows what he's doing it etc.
but he lacks the passion do these stories -- three -- congressman.
That a number GOP money guys and operatives have been saying.
Get Ryan out their -- -- get -- going.
-- Is that true and -- art or is this part of an effort to to showcase the passage of the ticket.
I do so many TV interviews -- I've done over a hundred here's a deal I'm doing with regional I'm talking at Dayton TV Cincinnati TV.
I'm talking a Richmond TV and -- -- -- you know -- North Carolina TVs Wisconsin TV you know Colorado Springs yesterday and.
For Calumet and Wisconsin -- probably troubled by the Wisconsin balls and -- -- just -- -- you always reminded that.
But nobody I know I really take that stage and it did just a snaps out of the moment but.
Trailing further on Wednesday.
I'd I don't actually believe the ability of that particular Paul get in all the methodologies -- it here's the deal here's the deal.
We're gonna get -- country of choice the country deserves to have a choice and the choice we're offering.
Is do you want the traditional American idea of limited government economic freedom.
Opportunity upward mobility.
And a -- limits lives within its means that embraces the private sector pro growth policies to get us out of this Malays.
-- you want four more years of the same.
More like this is not the corporate welfare this strategy is nothing new for your rights are -- other words.
Would we might if they -- this is part of you know Paul Ryan on -- would you bush and anomalies -- now -- -- -- -- -- I've been saying the same thing for years Monica Mitt Romney actually joined this ticket because I am who I am you know me well enough to know that I'm not trying to be anybody.
Other than who I am.
And this is what we -- offering the country.
A very clear choice of two futures we already know what Barack Obama's done.
We are and nobody's broken promises we don't want four more years of this would want former years of one point 3% growth.
For every personal got a job last month.
For nearly forum stop looking for a job -- -- better than this -- -- are offering specific program solutions to get out of this -- And so our congress and I was switching gears very quickly -- New -- to go to.
Foreign policy I know you've had now a security briefing.
And I obviously don't expected to reveal the details of that but you know -- right.
Benjamin net net what you could by the way but that's I -- separate but Benjamin and yeah it was as you know at the United Nations today congressman and warning of in the starkest terms about how how bad it's a ranting is getting.
What would be the position of of of -- Mitt Romney as to how to handle.
But ran that that's different from this administration sort of just going to war.
Well first of our policies to prevent Iran from getting a nuclear weapons capability.
The best way to prevent war is to be resolved is to have peace through strength is not to gut your military which is what the president is doing.
I would've pushed we pushed for these sanctions three years ago.
That are just now coming a place only because of bipartisan opposition to the Obama position -- Obama.
Tried to backs finally sanctions fought us for years in congress we finally got them in place the beginning to work.
And I also don't think the president speaking with credibility when he talked about all options being on the table because his administration sends mixed signals on -- front.
We don't we're not seen as credible I fear that the result of the Obama foreign policy is to project weakness.
Complicity moral equivocation.
And look at the results Iran is four years closer toward nuclear -- we said Bashar Asad needs to go a year ago -- would call the -- former.
Any slaughtered 40000 and his people with Russian weapons.
And we're letting Russia you know basically veto our resolutions -- achieved at the Security Council.
So this is not going well for us we're seeing our flags being burned around the -- around the world and I it would argue this is a large part of because we look -- We won't be like that the -- foreign policy will be a peace through strength foreign policy.
We will speak with clarity for freedom for individual rights for women's rights for religious freedom freedom of speech.
And we will support those democracy movements we'll support those people yearning for democracy and we will not gut our military.
We want to have the strongest military -- questioned.
And I fear that all these cuts the president's pursuing.
All this complicity.
That's that's projecting weakness.
Paul Ryan thank you very much good seeing -- again.
You bet to get -- aren't -- Republican vice presidential candidate.
Paul Ryan by the way we did in --