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here for hours on line with us he is the policy director the carlson center for
public policy an attorney
and the author of america's ticking bankruptcy bomb website blocked double
cdl p dot organ
that a repeater
yeti area pocket great welcome back to program
glad to be here
so inouye
didn't never on the by is saying that his job is to not warrior database lead
not represent the forty-some percent americans
about half of whom were on social security as they pay no federal income
taxes
and about half of whom are working to walmart or work in other jobs working at
staples ana makes a little that they don't
they're not in the back the tax bracket where they pay income taxes
uh...
it did they simply say to them
that they could just go screw themselves and spend and and jump abandon the whole
pretense of reaganomics in trickle-down economics the and used to be
reagan said the people like that people who didn't have a lot income
said do you know it is needed now cut taxes for the billionaires and that'll
trickle down don't worry it'll fall off the edge of the table for you
that but before you got a percent with the result of thirty years of of
reaganomics because if it was
three tall club
reagan and his republican cutting tax rates for
what you find it the working class and for the middle class that produce that
result
and so that is why i think you know the nine
uh... the bottom forty percent
of income earners were pay no income taxes in the middle twenty percent
but paying only two point several young demonstrated as napier
this is two thousand nine around saying that he doesn't hate you know what the
numbers were before the bush depression happened
pointed out
seven the top
of the bottom forty percent paid
no federal income tax in the middle who is the real estate for
it wasn't carry that let me just finish the point than bill clinton forty four
point seven percent
uh... in two thousand seven thereby kidnapping nine the middle twenty
percent kate
two point nine percent
can't open he was
thirty years of reaganomics bake that cake in the cut
but kept the tax rate starting only with the earned income tax credit which of
the really reagan's idea
the they came out of testimony passed by a democratic congress he
and i can passed by democratic congress yes but
it originally started before russell long senate finance committee rager
testified
he proposed the earned income tax credit that the way of off sitting payroll
taxes on poor people for hollywood alternative to welfare eliminate taxes
on the poor
and that started that but then he continued here thirty years to breaking
cutback actually on everybody including the low income people eat doubled the
personal intervention which
benefit from lower income people more
uh... that particular extended with the child tax credit during the uh...
gingrich here is being
and pushed beneath the child tax credit refundable he cut the bottom refight
thirty three percent
uh... and
so it would all these tax cuts during the reagan years
on the lower income workers as well as the higher income workers that resulted
in
the bottom forty percent percent not paying any income taxes at all
and there's a roadmap up massive deficits over all those years
and massive deficits
but it that that doesn't you know that there may or may not abt case peter we
can slice and ice those things all day long
uh... and then bound
purple willing to just
not even the speaker numbers
the point the point is
that romney basically said
my job is not
to pay attention to that forty seven percent had to pay federal income tax
now all of them
who are working
the ones who are retired made many are not pain
payroll taxes but all of them who are working even the ones working at staples
or walmart
their payment
does the federal payroll tax
and the pain state taxes in their pain sales taxes they're paying gasoline
taxes the run he says
now my job to care about those people than you think that that's a fundamental
problem or does that genuinely reflect how how you guys on the right v u
low income people
he head that politically
that what a part of a strategy malacca stupid strategy
the people on the bottom forty five percent want jobs
they don't want welfare and so he should be pitching to the bottom forty seven
percent
u_n_ evacuee to create economic growth and prosperity so that you get jobs
fighting we do the writing income so it's a very stupid strategy
assistant position now
they were taking a tax plan he did not *** taxes on that pile up on a forty
seven percent so that it's positive
and also
the republicans as and the concert across the board
uh... all support
in particular cremated others of
safety net so that kinda dispute in the country here between people when you say
that part of the debate well paul ryan you know i mean george w_ bush in two
thousand five tried it in for social security into
into a that totally wall street run programmers
at a government-run program he said that i looked at the get a little capital he
got from evan a war in iraq was going to get him that he said that back in ninety
nine
he tried
eight cd failed
i'm the guy who worked with pauline introduce a bill precisely to carry out
the personal counsel security in that field we kept the government guarantee
that you would get at least the benefits promised a full security do evening pain
if you have a certain age issue
know if there was across the board all wages
and that in all the bills i worked on that at that
and you have any chile to there's a continuum
it guaranteed
benefit up for the personal capital
i believe advocated maintaining distal street safety net
for the personal account
and brian's reforms all maintain medicare thinking medicate
in fact khamenei maintain social security when you turning trillions of
dollars assist kirti trust fund over to the
you know movies these houses on wall street beginning ten
with the personal character baird long-term market every turn they would
be higher benefits not low about so you just have to hope that you're one of
those people who retires from the stock market is at a peak rather than a valley
no because you still have a guaranteed that they can't get at least whipple
street crime
so how can you do that it sounds like you're saying that you cannot be bought
you really can't do that because your
uh... everybody good end up most likely with much higher benefit so people are
going more into it
no because the returns are higher when you actually a lifetime of investment
will always give you more
a lifetime of no feeding him so you're facing all of your math on this on the
assumption that the stock market is always going to go up
what about market has always gone off over the long run but the point is that
you still have a social safety net in place
no matter what
hockey tickets
you know i have long advocated let me explain it this way since i have a long
time to keep it you're gonna get much higher return to benefit
from phen-fen electorate inhibit that he's personal camp
then why don't i just go ahead and guarantee everybody visual cue you
avocado how do you cover that ther
returns solutions security recipients
who didn't pay into it for a lifetime who paid into it for maybe nothing if
they were born with birth defects or paid into it for three years both their
parents died a car accident oradour paid into it for five years in in their
twenties they broke their neck
how do you how to cover that one-third of salsa security recipients who are
living as a security disability
work because you do you have to do in this trip is part of a personal cap it's
what they had in chile
the all the benefits are cut by the prominence helium allowing up you know
here
nothing out of it
now no travel began attacking chile becoming a first-world country
and it demonstrated to the world how to become a forceful country a fundamental
for that it all mean creed and they're doing away with a product of the south
did all that they did it at that time from these personal cap which proposed
economic growth and prosperity it helps to promote
uh... chile going becoming a forceful country which is what it's going to give
themselves it's pro-growth
it's prior work they're abandoning the opic in chile has has abandoned their
part of their personal accounts of the gone back to government-funded programs
and others prop
a completely offered to pick up a recap
aniket extension pump socialism permission before that that the workers
that owned
all the businesses
through so if you want to force workers to give money to wall street
when asked what homework uniting an individual choice eyed each work so yet
so if you don't pay into it then you don't get that retirement
we still get full security
let's see what she was able to pay into social security
yes i will force people to pay a nickel security or the personal care
that if the file that that that would be the bill
now we have to decide what's your thought an increasingly bath but i'll
leave it at that here's what he tells c_n_n_ it showed in the future
and pleased to hear you say a like a lot of public instead of pointing out that
their romney's statement was just moved on there's a lot of for people who vote
republican they don't know why but they do and right peter ferrara
ccp p dot was less effective here
i take it back