Bill Clinton Pt. 2

  • Aired:  11/08/11
  •  | Views: 45,901

Bill Clinton discusses the compromises he made during his presidency and his ideas for getting America's manufacturing jobs back. (5:29)

>> Jon: HEY, YOU KNOW WHAT

THIS MEANS?

YOU'RE ABOUT TO SEE A FUNNY EDIT

IN THE INTERVIEW.

SO THE REST OF IT IS ON THE WEB.

YOU'RE NOT MISSING ANYTHING.

WE TALK MOSTLY ABOUT "JERSEY

SHORE."

(LAUGHTER)

THE REPUBLICAN ARGUMENT FOR

GROWTH IS ALWAYS THE SAME IN

ALMOST ANY CONDITION, WHICH IS

DEREGULATE AND CUT TAXES.

I'M SURPRISED TO SEE IN THE BOOK

THERE IS... YOU DO SAY CORPORATE

TAX SHOULD COME DOWN.

WHEN YOU WERE PRESIDENT YOU

LOWERED CAPITAL GAINS.

IS THAT SAYING... WHY IS THAT?

BECAUSE IT SEEMS TO INCREASE

INCOME INEQUALITY RATHER THAN

HELP IT.

>> WELL, LET'S TALK ABOUT NOW

AND THEN I'LL... BUT BRIEFLY,

KEEP IN MIND, WHEN I WAS

PRESIDENT, FIRST I RAISED TAXES.

>> Jon: RIGHT.

>> ON INDIVIDUALS AND

CORPORATIONS.

ON THE WEALTHIEST 1.2% OF US AND

ON CORPORATIONS.

AND I CUT THE DEDUCTIONS

CORPORATION COULD TAKE FOR

EXECUTIVE COMPENSATION AND

ELIMINATED THE TAX DEDUCTION FOR

LOBBYING EXPENSES.

SO THEN WHEN THE REPUBLICANS WON

THE CONGRESS, I BASICALLY

BELIEVED THAT THE SYSTEM IS

GEARED FOR COMPROMISE AND I

THOUGHT, NUMBER ONE, WE WERE

TRYING TO BALANCE THE BUDGET, WE

WERE 90% OF THE WAY HOME BEFORE

THE BALANCE BUDGET ACT EVEN

PASSED.

AND IF I AGREED TO CUT THE

CAPITAL GAINS RATE FROM 28% TO

20%, IN RETURN FOR THAT WHAT I

GOT WAS THE HIGHER EDUCATION TAX

CREDITS, THE HOPE SCHOLARSHIPS

WE CALL THEM, AND A MILLION

PEOPLE IN WORK STUDY, THE

BIGGEST INCREASE IF HIGHER

EDUCATION AID SINCE THE G.I.

BILL AND THE CHILDREN'S HEALTH

INSURANCE PROGRAM WHICH NOW

INSURES ABOUT TEN MILLION KIDS.

AND IF YOU READ THAT POVERTY

REPORT TODAY, IT'S

SINGLE-HANDEDLY RESPONSIBLE FOR

MILLIONS OF CHILDREN MOVING OUT

OF POVERTY.

SO I THOUGHT IT WAS A GOOD

COMPROMISE AND I DIDN'T THINK IT

WOULD HURT THE ECONOMY.

I DIDN'T UNDERSTAND WHY WE WENT

TO 15%, I PERSONALLY THOUGHT

THAT WAS WAY TOO LOW BECAUSE THE

AVERAGE PERSON PAYS WITH ALL THE

DEDUCTIONS AND EVERYTHING ABOUT

20.5% OF TAXES AND I DON'T THINK

YOU WANT CAPITAL GAINS TO GET

TOO MUCH BELOW THAT.

THAT'S NOT GOOD POLICY.

BUT I THOUGHT IT WAS AN

HONORABLE COMPROMISE.

NOW WHERE ARE WE NOW?

WHEN I RAISED THE CORPORATE TAX

RATE FROM 33% TO 35% ON

CORPORATIONS OF INCOMES OVER $10

MILLION A YEAR, THAT PUT US

SMACK DAB IN THE MIDDLE OF ALL

THE RICH COUNTRIES.

SINCE THEN EVERYBODY'S DONE TWO

THINGS, THEY'VE LOWERED THEIR

CORPORATE TAX RATE AND THEY HAVE

STOPPED TAXING THE INCOME THAT

CORPORATIONS EARN IN OTHER

COUNTRIES WHEN IT COMES HOME.

>> Jon: THERE'S AMNESTY ON

THAT MONEY.

THEY CAN BRING IT HOME.

>> OTHER COUNTRIES.

WE STILL DO IT WE SAY YOU GET A

DEDUCTION FROM WHAT YOU PAY IN

OTHER COUNTRIES BUT YOU STILL

OWE THE 35% MY IN US THE

DEDUCTION.

>> Jon: BUT THE REAL CORPORATE

TAX RATE IS MUCH LOWER THAN

THAT.

>> SO THE REASON I THINK IT

SHOULD CHANGE IS FIRST, MOST

PEOPLE AREN'T PAYING IT.

THE CORPORATE TAX TAKE, THE

ACTUAL AMOUNT PAID IS 23%, WHICH

IS 1% BELOW THE AVERAGE OF OTHER

WEALTHY COUNTRIES.

>> Jon: WHO'S DOING THE

MANUFACTURING... WHO'S PLANNING

THIS AT A CENTRAL LEVEL?

THAT MAKES ME CRAZY.

IT DOESN'T SEEM LIKE WE HAVE

ONE.

CHINA'S GOT A FACTORY WITH

400,000 PEOPLE IN IT.

THEY WORK IN CONDITIONS THAT NO

AMERICAN SHOULD EVER HAVE TO

EXPERIENCE, CUTTING CORPORATE

TAX RATES ISN'T GOING TO BRING..

>> WE DON'T HAVE TO DO THAT.

WE DON'T HAVE TO DO THAT.

WHAT WE HAVE TO DO... THAT

SHOULDN'T BE THE GOVERNMENT'S

ROLE.

WHAT WE SHOULD FIGURE OUT IS

WHERE DO WE HAVE A COMPETITIVE

ADVANTAGE?

FOR EXAMPLE, IN SOLAR ENERGY AND

WIND ENERGY BOTH OF WHICH WOULD

ALREADY BE COMPETITIVE WITH COAL

IF YOU HAD TO PAY THE EXTRANEOUS

COSTS OF COAL, THE HEALTH CARE

COSTS AND OTHER THINGS AND WHICH

WILL BE WIND WITHIN TWO YEARS,

SOLAR WITHIN FIVE WILL BE

COMPETITIVE IN PRICE WITH COAL.

THEY'RE BOTH CHEAPER THAN

NUCLEAR RIGHT NOW.

AND I THINK WHAT WE NEED TO DO

IS TO MAKE SURE THAT WE MEET THE

COMPETITION IN TERMS OF THE TAX

INCENTIVES AND OTHER THINGS TO

BRING THESE MANUFACTURING JOBS

HERE.

IF WE DO, WE'RE GOING TO DO

FINE.

WE'VE GOT A GREAT VENTURE

CAPITAL NETWORK.

WE HAVE MASSIVE CAPACITY IN ALL

THESE CLEAN TECH AREAS.

THINK ABOUT IT.

WE WERE BYPASSED IN THE LAST

DECADE BY GERMANY IN THE

PRODUCTION AND DEPLOYMENT OF

SOLAR CELLS.

THE SUN SHINES ON AVERAGE IN

GERMANY AS MUCH AS IT DOES IN

LONDON.

(LAUGHTER)

BUT DEUTSCHE BANK, NOT

GREENPEACE, DEUTSCHE BANK DID A

STUDY...

>> Jon: (LAUGHS)

>> SAYING THAT EVEN IF YOU

ACCOUNT FOR THE SUBSIDIES THE

GERMAN GOVERNMENT AND THE GERMAN

PEOPLE PAID TO GET THAT SOLAR

PANEL, THEY STILL NETTED 300,000

JOBS.

SO WE'RE FOUR TIMES AS BIG AND

TWICE AS CAPABLE.

SO YOU DO THE MATH.

IT'S 2.5 MILLION JOBS IF WE DID

WHAT THEY DID.

WE HAVE GOT TO BE EXEATIVE IN

THESE AREAS.

AND I DON'T MIND GIVING PEOPLE

TAX CREDITS BUT IT OUGHT TO BE

GENERATE JOBS AND OPPORTUNITY IN

AMERICA.

>> Jon: THERE'S GOT TO BE

CAVEATS.

I AGREE.

(CHEERS AND APPLAUSE)

"BACK TO WORK."

YOU SHOULD READ THIS.

IT'S ON THE BOOKSHELVES NOW.

PRESIDENT BILL

Loading...