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Obama touts 20-page pamphlet to bring economy back

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    Plan calls for more stimulus spending

  • Duration 7:55
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We're just ten days -- -- -- pull the lever the economy is still not in full recovery mode will now the president is.

Pulling out a twenty page pamphlet.

Called the new economic patriotism that he says.

It's gonna bring the economy back full bore but when you take a look inside there's new spending on everything from teachers to more infrastructure and energy investments.

Add it all up and one report says is just another expensive stimulus plan it's not gonna work.

So is this is the right or the wrong plan to get America working again.

Hi everybody I'm David -- welcome to Forbes on FOX let's go in focus where it Steve Forbes ranked number Elizabeth MacDonald rich -- guard -- edgy and giants and the amount of breath with a slide Epstein.

-- right or wrong policy for America.

Hey David it's the equivalent of -- doctor bleeding of patients not gonna cure the patients gonna make the patient worse.

Why because takes resources from people who could put that money to work this -- -- cost jobs not create jobs every job they create with this.

Means two or three fewer jobs in the private sector you don't -- the private sector that's not gonna believe make the economy come back.

Rick got hurt in the new economic patriotism does -- does that mean that I am unpatriotic.

The fact that I don't necessarily agree with us back after.

No I don't think you need your unpatriotic but I do actually more like patriots I don't I don't like the mixing of patriotism with an economic plan I feel.

-- the message that it's communicating is what you've got -- if you're if you're gonna get behind the country you need to get behind some of the things that are in this plan.

Most particularly I like the infrastructure part of this plan it's what the president has already suggested in the past I wish congress had taken more seriously.

I always like to point out that the same people who who are concerned about our deficit as well they should be and the impact it'll have on our children.

Infrastructure is every bit as important -- you don't bring it up to up to speed it's gonna hurt.

Job I know let's talk about infrastructure did you really think they're building -- better school is gonna change the education of our students I -- isn't it more about.

Things like tougher standards -- more competition rather than building more.

Schools not one I have this is just a desperate back from an administration wanted to be seen to be doing something after all of its previous interventions and failed.

100000 new teachers is not gonna make investment rise so there's job creation.

And the idea that salary takers from from the federal government can somehow.

Train people for the -- for the future is laughable the best way to get the economy moving again is to reduce the burden on the productive.

And nothing about this plan does that.

Our market is this just another stimulus plan that's and it's gonna work the same way the last one bit.

I think the last one was -- part in part because members of congress decided that they were gonna block it and we spent too little we needed to spend two or three times the model what -- that we it was 2787.

Billion I think and we should -- spent about.

Triple -- Because hey we have a fourteen point eight trillion dollar economy half of what we spent went into loans and aid to bail out Wall Street -- fat cats like Mitt Romney are so pretty why are we gonna spend some money on job we always have a six team in the late in the right direction we also have a sixteen point two trillion dollar debt and of course the the last -- is -- -- do nothing -- -- look at that eat Mac and so do we lose more -- -- over.

-- I know right -- Marquette got a second also five trillion in new spending from this president which is equivalent of turning South Korea.

Look this is a plan for -- we're -- -- -- -- let me play giving up all our money on behalf by the way by the submit that is the math according to the CBO by the late August by the spring of 2009 the president had sixty votes of Democrats in the congress.

So you know it's not all about the GOP filibuster as you would like to say but does plan for Elizabeth doesn't have a second visit planned for a second first term other -- that I think associate no money back -- your money back guarantees right or guarantees for GM on the back this -- -- another -- -- Kelley blue book a used car ideas for the US economy that the president has tried since 2000 -- by the way we -- -- -- at least twice before.

All right -- kind of like pamphlets but -- what is filled with a lot of stuff that hasn't worked before we -- you know we are bad.

-- in need of infrastructure reform in telecommunications.

Or utilities and so forth -- -- the answer.

On all of those is to get the government off the back of these industries or -- -- to reduce the regulation we need much more entrepreneurial activity in telecommunications.

America's following year by year our band width per capita that's making us -- competitive.

But why is that happening it's happening because private -- doesn't want to go into a -- system that favors the incumbents the same thing with utilities the same thing with.

Manufacturing.

And -- get the EPA and it was NLRB.

Off the backs but heavy -- Angie I say that's not true that are different side -- it's just as it is just not true look we and -- Wall Street and look what they've bought it brought us one of the worst economic -- we absolutely want street -- talking about and you.

It's.

-- don't wait a minute wait a minute -- a -- there's not going to be hit and -- -- how did we -- Wall Street mark.

We essentially allow repeal Glass-Steagall and we allowed bank when -- guy -- -- what does that done under president Clinton's watch.

Well look yes I don't -- 1990.

-- -- it was done it was done erroneously it shouldn't have been done -- fact that we have we allow people to speculated in derivatives in the shadow economy mile and -- brought -- one of his salary of -- -- -- Let's get back -- -- they just can't even if you don't learn subway can why can't we use this pamphlet called.

Economic patriotism now I'm spending 50%.

Of my income John Candy on.

Government programs are a lot of which go down that the Solyndra rat hole isn't -- enough patriotism.

I think it's the opposite of patriotism by virtue of spending on that you're not getting money to real producers that will create actual jobs and companies that the markets will support.

When we pay taxes we are to taking capital away from the productive and we're not helping the economy.

What we're talking about it also this plan the president admits that the twelve million forecasted what happened anyway without the plan.

But look what we're buying into is and you didn't build that economy about the president -- smears -- -- just because you think you're so Smart.

That you can do this on your own it's an idea that the government can do it we're not letting the private workforce do the job and Rick -- We -- this thing with a Windmills for example when it has a -- -- is such a faulty way to go about this or does drive me a little bit crazy wiser faulty because if you're going to build a building that you're going to be renting space in for the next.

7500.

Years do you really advertise that I hold a second Rick Rick -- -- the point is is that is that the -- program they started out with 7000 jobs you know how many jobs they have now it has expanded now they have 300 jobs and -- four billion dollar program -- shrinking not growing closer to so distinctly different points not at all as part of the stimulus -- -- first number one -- Liz -- actually.

We have something that that we should let go by she's right.

Twelve million jobs no matter what and and governor Romney should keep that in mind -- he's promising twelve million jobs secondly what you're talking about in the will -- program is an entirely.

Different issue not at all than this -- it's just it was part of the stimulus Atlanta -- quickly though and it it is not the same as time there's one point nine million per job.

These are long term changes in our economy -- -- database on the Windmills it was exactly the saves that -- was -- -- stimulus program benefit claim that while jobs we're gonna last they were 7000 now there were 300 not agrees that we -- -- -- the infrastructure that quick quick quick David how about trying some free enterprise stable dollar.

Simplified tax -- stop -- -- spending more free enterprise and public health.

By golly -- -- country country would roar ahead at -- is the last word on.

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