Steve Forbes: Avoid fiscal cliff by following Clinton's lead
Forbes Media CEO on looming crisis
- Duration 3:32
- Date Nov 24, 2012
Forbes Media CEO on looming crisis
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Hey listen up there is -- way lawmakers can avoid the fiscal cliff at least according to CEO and editor in chief of Forbes media Steve Forbes the answer he says.
Is going to require some compromise and may include three dreaded words some tax increases.
Forbes says if President Obama wants to go back to the Clinton -- he needs to follow president Clinton's -- which also includes.
And have been death to Obama care.
Steve Forbes author of -- -- manifesto is joining us now to explain buck up breaking heavier today.
Good to be -- -- not used if the president is truly serious about restoring Clinton air prosperity he has to come by Clinton tax rates and also encourage.
Free enterprise otherwise get set for a European style Malays house.
If he doesn't do those things that they did in the Clinton -- will have a recession he wants Clinton Era tax rates okay and how about -- or repealing Obama care.
Hillary care was rejected during that era.
How about cutting 500 billion dollars from a federal spending to get it down to the levels proportionately of those years how about genuine deregulation.
And stabilizing the dollar instead of cheapening it in the mid 1990s.
The dollar was almost as good as gold.
So they do those things and we can live with the tax increases that are coming.
But if he isn't wanting to do those things particularly repealing obamacare and stabilize in the dollar Republicans should say we're not gonna deal.
Can only talk about repealing obamacare do you believe at this point -- and honestly the political will to do that.
Well I think the Republicans have to say in terms of dealing with the president yes the president won reelection.
But 230 plus house members won reelection.
Going before the people on the premise but not having tax increases and they're not bringing in Obama care.
And I think -- people are just beginning to realize the massive expenses and regulations.
And distorting of the economy Obama -- gonna do numerous rules need to be written so when it goes live in the fall of 2013.
It is gonna be -- to this economy.
So better -- sidetrack it now at least the worst parts of it now rather than waiting until things smashes the economy.
-- -- a lot of talk of some Republicans already caving in to pressure on the tax hikes.
Conservatives say the GO -- to hold firm until entitlements are cut do you think that will happen in time.
I think what they Republican should tell the president you've been in office now for four years you won reelection.
You put a specific proposal on the table the way Paul Ryan did more than two years ago.
And how you going to deal with these issues.
And -- you put -- it's supposed to be the leader why the Republicans always supposed to work at duke concessions in advance instead of the White House coming up -- being a forthcoming in her true negotiation.
Republican should call -- mom that.
If he's not willing to do what they're Republicans have done for two years Republicans -- say you're gonna suffer and we're gonna suffer the consequences but you must put something realistic on the table.
And -- -- of that jump that he's put on so far I hate to be set you such a strong word.
But the idea of massive tax increases for the economy even on upper income levels when this economy still shaky Europe has gone down recession Japan is in recession.
It's just something we haven't seen since the early 1930s.
It just step it's unimaginable that they would do this self inflicted this harm on the economy sobering forecast indeed Steve -- great to see you thank you for joining us your -- you -- Well.