Will we hear specifics from president's State of the Union?
White House economics adviser Gene Sperling weighs in
- Duration 5:21
- Date Feb 12, 2013
White House economics adviser Gene Sperling weighs in
Also in this playlist...
This transcript is automatically generated
Give his State of the Union Address tonight expected topics -- gun control immigration of course the economy.
Your recent insight as director of the National Economic Council and assistant to the president for economic policy some big titles a Gene Sperling good morning Teamsters president.
Good morning thanks for having -- give us -- the twenty seconds preview what are we gonna hear tonight.
While you're gonna hear the focus on what we can do working to -- a bipartisan way.
To strengthen the middle class because first that's our goal for economic policy.
But we also think that's the engine of future economic growth a stronger middle class better educated.
You know working.
Entrepreneurship small business these are the things that drive further economic growth.
We've made a lot of progress since the deep recession of 2000 ninths but -- presence can make very clear we have a lot further to go on job creation.
I'm bringing down the deficit.
In investing in our people right through here we are starting a year five of the first term the president goes in.
Saying that we had zero growth in the last quarter and on -- -- went up to seven point nine.
And we just -- up holier Fox News does government have a spending problem 83% say yes.
14% say no Nancy Pelosi.
Says we don't what do what does the White House think.
No we believe you absolutely have to bring down spending get to do it in a balanced way so three points one.
We actually have cut two and a half trillion dollars over the last two years it hasn't always been pretty but we've actually done in a bipartisan way.
About two to three dollars of spending cuts for every dollar in revenue but we do have further to -- weary we need.
To get another at least one point 51 point eight.
Trillion dollars in -- reduction that's what it's the president has left on the table his offer to Republican speaker of the house John Boehner.
If we could do that which would include both entitlement reform in savings and tax reform.
That would also -- -- to bring down our deficit were -- to do this we would have put our our deficit.
On a path where the -- would be declining as a percentage -- our economy.
That sounds a bit technical but that's what people need to see -- to know that this is a stable strong investment climate to create jobs and invest in the future.
-- you just mentioned the speaker of the house John Boehner John Boehner says -- in in dealing with the president the president says John we don't have a spending problem.
We have a problem with the high cost of health care and you were just talking about how we've got to bring the cost of health care and -- and other things down.
You've had five years why hasn't this administration addressed.
Fixing entitlements with the Republicans because people want those programs to be they're going forward but right now.
As you know there.
Not you know actually right we need to reform programs like Medicare -- -- -- that still protects that basic guarantee.
You know speaker Boehner decided to break off negotiations last December with the president that was unfortunate because.
President Obama had significant.
Entitlement reform and you know very Smart mop -- what Medicare -- four residents and tell -- would have -- -- What was well -- -- of president.
Okay the president had over 400.
Billion he had four -- -- billion dollars in Medicare reform.
On the table if you look in his budget he does things like asked for.
A higher rebates from drug companies he's willing to ask higher income Medicare recipients to pay higher premiums to raise the deficit.
And do things that overall improve the quality of care so we're paying for better results and not simply how many -- -- -- All right -- One of the big buzz words that we're hearing is going to be part of the speech tonight is investment which is another word for stimulus.
Is the president really gonna ask this country for more stimulus money.
You know I I don't think that laying the foundation for future growth.
Which is what we've done by investing in basic research in what president Eisenhower did by investing in our national.
Federal highway system.
Is any thing to.
You know discount in any way what you need to do is be Smart you need to reduce spending you need to reduce entitlement spending but it doesn't mean you pull back on everything there are things like.
Investing in the science technology and mathematical education -- -- So workers some already jobs or where do you -- on the diet on the day a sad day he set himself -- the shovel ready jobs were actually jobs that didn't work out his plan.
Well I think overall what was done in the American Recovery Act out partly it was one of the things that help save us from perhaps a second great.
Depression and let's understand today.
We -- now created twice as many jobs in this recovery.
As happened under President Bush in the previous recovery even though this recovery.
Was far deeper we have created five the economy's rate of 500000 manufacturing jobs we haven't seen that.
In over twenty years so you're totally right to suggest we have a lot further to go that's why the president has a singular focus on the economy.
On middle class jobs and making more progress we have made progress but we have a lot -- to go for the American people for what.
This president -- we -- he had just sort of believe that -- get a print more money in order to pull ourselves out of it.
All right -- darling from the White House we're out of time right now thank you very much we'll all be watching 8 o'clock eastern right here -- the Fox News Channel for the president thinks I'm depreciating us.