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You raise taxes and you kill jobs. That's why the National Federation of Independent Businesses said your plan will kill 700,000 jobs. I don't want to kill jobs in this environment.
Well, the economy is still growing slow. As a matter of fact, it's growing much more slowly now than when you made that statement. And so if you believe the same thing, you just don't want to raise taxes on people. And the reality is it's not just wealthy people...you mentioned Donald Trump. It's not just Donald Trump you're taxing. It's all those businesses that employ one-quarter of the workers in America; these small businesses that are taxed as individuals.
Let me come back and say, why is it that I don't want to raise taxes? Why don't I want to raise taxes on people? And actually, you said it back in 2010. You said, 'Look, I'm going to extend the tax policies that we have now; I'm not going to raise taxes on anyone, because when the economy is growing slow like this, when we're in recession, you shouldn't raise taxes on anyone.'
I mean, you have said before you'd cut the deficit in half. And this...I love this idea of $4 trillion in cuts. You found $4 trillion of ways to reduce or to get closer to a balanced budget, except we still show trillion-dollar deficits every year. That doesn't get the job done.
You've been president four years. You said you'd cut the deficit in half. It's now four years later. We still have trillion-dollar deficits. The CBO says we'll have a trillion-dollar deficit each of the next four years. If you're re-elected, we'll get to a trillion-dollar debt.
The president said he'd cut the deficit in half. Unfortunately, he doubled it. Trillion-dollar deficits for the last four years. The president's put it in place as much public debt...almost as much debt held by the public as al prior presidents combined.
What things would I cut from spending? Well, first of all, I will eliminate all programs by this test, if they don't pass it: Is the program so critical it's worth borrowing money from China to pay for it? And if not, I'll get rid of it. Obamacare's on my list. I apologize, Mr. President. I use that term with all respect, by the way.
The presidents would...president would prefer raising taxes. I understand. The problem with raising taxes is that it slows down the rate of growth. And you could never quite get the job done. I want to lower spending and encourage economic growth at the same time.
Well, mathematically, there are three ways that you can cut a deficit. One, of course, is to raise taxes. Number two is to cut spending. And number is to grow the economy, because if more people work in a growing economy, they're paying taxes, and you can get the job done that way.
The amount of debt we're adding, at a trillion a year, is simply not moral.
I think it's not just an economic issue, I think it's a moral issue. I think it's, frankly, not moral for my generation to keep spending massively more than we take in, knowing those burdens are going to be passed on to the next generation and they're going to be paying the interest and the principal all their lives.
Going forward with the status quo is not going to cut it for the American people who are struggling today.
My priority is putting people back to work in America. They're suffering in this country. And we talk about evidence. Look at the evidence of the last four years. It's absolutely extraordinary. We've got 23 million people out of work or stopped looking for work in this country. It's just...it's, we've got, when the president took office, 32 million people on food stamps; 47 million on food stamps today; economic growth this year slower than last year, and last year slower than the year before.
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