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Barack Obama says he wants to quote spread the wealth and he explained his tax and to a pump up Plummer.
In Ohio after the man pattern that worry that he was going to be taxed more.
A quote of billing the American dream in his words take -- departed this exchange.
You're gonna test plans and attacks mean it's not that I want to punch in the fast and we'll make sure that everybody who is behind yeah.
But they've got a chance -- success to I think when you split the local this week.
Ice and I think when you spread the wealth around it's good for everybody so what the implications be of this proposed plant here now.
Westbury chief economist for the first trust advisors Brian welcome always good to see you.
Aren't -- good to be revealed so you know I -- a number of people is some small business owners out there saying that that.
For is connected to spread the wild -- -- -- basin a little bit nervous when it comes at higher taxes for them.
-- what -- one.
Of the interesting things I think about that interchanges.
Is that this is up Plummer this isn't a Wall Street executive -- some.
High flying millionaire this is a plumber and and Barack Obama and -- said to him I want to spread your wealth around.
You know this.
Read distribution this kind of policy.
Is is sort of the history of of the world if you will we have on one side the wealth creation idea on the other side the redistribution of that wealth.
And we've always butted heads over the years and sometimes one win sometimes the other winds but when we re distribute.
Typically the economy grows more slowly so there's a real cost.
To that kind of like ideology.
I today -- Brian.
Just moments ago you could they don't talk to show his first name as an idea catches last an iPod doesn't that I spoke with him.
I just a few moments ago let's listen to what Joe had to say when he was asked I didn't when you vote margin -- about going -- going mad at.
No matter at all couldn't answer actually scared me even more he said he wants to distribute wealth.
And I mean I'm not trying to make statements here but I mean that's kind of a social.
Viewpoint you know I worked for that you know it's my discretion but I want to get my money to it's not let the government decide make a little too much and so I need to share with other people -- just.
That's not the American dream.
Is still wears a -- -- Just want to get in there you know it.
That's not the American dream is that India this ain't gonna -- the heart of the debate that we're having right now right country.
Yet the economy isn't a very tough shape and some people believe is Barack Obama does that that you know.
Sort of giving a little bit from the rich to the war will help to even things that would make everybody better off.
That -- disagrees with that you know what what do you think people need to understand about that debate right now given what we're facing -- Right well this idea of redistribution if you really look back the last two times we have tried that in any significant way.
One was in the 1970s.
And the other was in the 1930s.
The great depression and the stagflation.
-- years of the 1970s.
In between those two times was.
And more when we were cutting tax rates and trying to build the wealth in the entrepreneurship of this country and so.
I think we have great examples of what that does also if you look around the world.
You can just look at Europe right now the unemployment rate in Europe on average is about seven and a half percent.
Even in the bad times were having in the United States it's 6%.
And I think one of the reasons that that we have this disparity why we've grown faster than Europe is that they have higher taxes and they have more redistribution.
And that just hurts economies that's that the general drift of of the redistribution.
Is -- And yet I had this idea of yesterday of imposing more pain on people who have been the beneficiaries.
As is is the way it's put me.
You know the boom that we've experienced yet that the idea that those people do sort of need to be punished need to be sort of put back into.
You know more realistic place perhaps that somehow that that is going to help.
People on the lower end of the spectrum.
And have a better life for themselves comment on that.
Rhetoric yeah I've never understood how taxing one set of people is going to make anyone else better off.
The idea is that you give them more money but but here's one of the interesting things is that.
Joe it it.
In this example Joe.
Is going to take more of the burden because.
If we raise taxes on Wall Street on private equity on hedge funds they're actually going to leave and go overseas so it's not even going to work we will -- right yeah.
That's yeah that's the economy about more and Joe even have to more of the burden than people imagine right.
Now get just that I think he cities try to buy the plumbing business that he works and music you know my home and I were nine 240000.
And you're not allowed right we have audio problems behind that.
Thank you can hear me.
We're going to leave it there thank you so much -- it's always get attacked you and that apparently going to.
Still don't want Joe the plumber who's hitting on something that is one of the major debates of this debate as he faces selection okay.
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