Former President Bill Clinton tells Newsmax’s Jim Meyers and Christopher Ruddy that President Obama’s plans to increase taxes in this economic downturn won’t solve anything.
President Obama this week unveiled his plan to raise taxes on the wealthiest Americans in an effort to reduce the deficit, even though he could be sure that Republicans would reject the plan.
Clinton says Obama’s whole approach to the deficit is “a little confusing.”
Former President Bill Clinton tells Newsmax that Washington should not raise taxes until the slumping economy is turned around — and says President Obama’s plan to increase taxes on the wealthy won’t solve the debt problem.
“I personally don’t believe we ought to be raising taxes or cutting spending until we get this economy off the ground. If we cut government spending, which I normally would be very inclined to do when the deficit’s this big, with interest rates already near zero you can’t get the benefits out of it.
“So what I’d like to see them do is come up with a bipartisan approach, starting with the payroll tax cuts because they have the biggest return.
Another way to get that money flowing is to pull back on the imposition of new government regulations, Clinton opines.