Former Obama economic adviser Robert Wolf and FreedomWorks economist Stephen Moore break down Joe Biden's vs. President Trump’s economic agendas on ‘Fox & Friends.’
This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
Steve Joe Biden addressed
concerns over his tax plan
during last nights, town hall-
if you make sure that people
making over four hundred grand pay what
they did during the Bush
administration- thirty nine point, six percent: it would
raise another. It goes up
to. Let me get the exact
number here,
youre going to raise
corporate taxes and taxes on the
wealthy. Is it wise to do even
that when the economy is as weak
as it is right now,
Steve? Absolutely, he is said
right there
well good place for discussion.
Weve got Fox news, contributor
and former Obama Economic
Adviser, Robert Wolf screen,
left and screen right. Member
of the Trump White House
Economic Recovery Task Force,
Stephen Moore,
Hey Robert, we heard Joe Biden
say absolutely its okay to
raise taxes during a pandemic.
Listen the way I would look
at it is one he said. No one will
be touched under four hundred thousand.
If you look at his tax plan, a
predominance of their tax report
is those that make over a
million and much more over
three much if you make between
400000 800000, you go from twenty five
to twenty five point: five percent:
if you look at husband plan,
which is about two trillion of
relief and three trillion of new
spending, hes literally going
to paw for his new spending
pay for his new spending and
the rest is going to be relief
similar to what were talking
about on Capitol Hill,
I think its the right plan
it. It hits about one dollar and thirty cents, trillion
of the Trump tax reform, which is
predominantly only the wealthy,
and I think we have to look at
it like a patriotic tax.
This pandemic has been a war
and people like you Steven
like me, we have to pay for it
and im. Okay with that
Steve. If I recall correctly,
that particular question was
asked by somebody who voted for
Donald Trump last time around
Stephen. Do you agree with
Robert that the middle class
will not feel any impact on a
tax increase?
Well, first of all, I just
wish I were as rich as Robert
is
of
laughter.
I wish I had a penny for every
dollar. You have Robert
look, we did the tax consistent.
As you know, I helped design
that tax cut when Donald Trump
came into office and people
like Robert, are you know
people like Vice President Joe
Biden said it would be a
mistake, it e wouldnt work, it
would hurt the economy and we
now have the results right.
We brought the unemployment rate
down to the to the lowest level
in history for blacks and
Hispanics. We saw huge wage with
gains for Americans.
Now, Robert, we saw the poverty
rate in the United States fall
to its lowest level in the
history of the United States.
That means there were a smaller
percentage of poor people two
years after we did our tax cuts
than any time in american
history.
In other words, it was a
spectacular success.
Why, in the world, would you want
to repeal it?
I mean Democrats talk about
science.
We did the science, we did the
experiment it worked, and yet
this seems to me to be a kind of
triumph over Itology over what
really ideology over what
really works
and the reason it works Steve.
This is important. Those people
this vice President Biden is
talking about. Most of those
people are small businessmen and
women.
I just dont, get it
Steve. Well, the question was
regarding whether or not it was
smart to raise taxes during a
pandemic and, as Robert said,
only people over four hundred thousand dollars
yeah but theyre small
business owners
Steve well, there you go
regarding the pandemic, though,
when you look, if you divide
America, red states and blue
states, it turns out the
unemployment rate in the red
states. Right now averages about
six point: six percent, whereas in blue States
Robert, it is about ten point, five percent,
so four percent higher
what is going on in the red
states that is not going on in
the blue states.
Well, the states are very
different.
First of all, the three largest
cities in the country, New
York, city, LOS Angeles and
Chicago, have absolutely been
impacted by the pandemic.
Number two tourist and deaths
nation places like Nevada
destination places like Nevada
and LAS Vegas. Hey have been
impacted, Hawaii theyve
been iming pacted
and with we knew the black and
brown communities were going to
be impacted. The most
the gap in unemployment between
white males and his Hispanics
and black Americans has gapped
dramatically. So this is not a
surprise.
Every state has different
demographicsings.
This is not a surprise to
anyone
as Steve would look at the
states are very different.
Steve Stephen. Do you agree
with that analysis?
Go to my video six million
views on. Where do you want to
live?
Basically, the problem is im
from Chicago.
I go to New York City,
the mayors and the governors of
those states have destroyed our
great great cities by shutting
down
by the way Andrew Cuomo. After
all of this is now locking down
New York. Again,
I mean how crazy is that
by the way Steve you now have
Texas Florida, Georgia, Utah,
Idaho, South Carolina Red
States are open for business.
Theyre, balancing their budget
blue astronauts are a
disaster. Blue states are a
disaster.
Lets make America look more
like Texas and Florida
Steve. So what have we learned
today
both points of view, but we also
learned that Stephens got a
video thats been seen six.
Transcript generated on 2020-10-17.