Bruce Bart Let News Today

Years his economic legacy on taxes, banking and trade reverberate today. joining me, bruce bartlet. thank you for being on the show today on what i know is an emotional day and difficult day for so many who worked with the former president. >> thats right. but lets face it. he lived a long life. a very full life. and its not so much a tragedy that hes died as an opportunity to celebrate his life. >> so lets talk about his life. and lets talk about his life as it relates to him being in the white...

Theyre going to try to cut entitlements. and when it becomes how obvious it is unpopular, theyre going to try blame it on democrats. youve seen them in the midterm elections here about health care and obamacare. the republicans trying to claim that theyre the ones trying to protect the ban on using preexisting conditions, and that theyre trying to extend health care to all americans when they have actually been trying to repeal obamacare and get rid of those. >> guys, thanks for helping me analy...

Made before. congress knocked off more than a trillion dollars worth of forecasted tax revenue and boosted government spending at the same time. it stands in stark contrast to the promises from trump officials and from congressional republicans before the tax cuts passed. >> not only will this tax plan pay for itself, but it will pay down debt. >> im confident this is not only revenue neutral to the government, but actually is very likely to be a revenue producer. >> were right there in the swee...

Was attacking spending, this is what paul ryan and mitch mcconnell had to say about it then, bruce. listen to this. >> he doubles the debt after his term in office and triples it by the end of his budget. he sends our debt on an upward trajectory that is completely unsustainable. >> whats reckless, bob, is the $1.6 trillion deficit were running this year. >> now, bruce, the reason i bring this up is because we have all argued, maybe youve never been on the side of the argument that said deficits...

Up the deficit. theyve already proposed what theyre calling tax reform 2.0, which is another multi trillion dollar tax cut for high-income people in big corporations. and the second thing youre going to see start to happen is theyre going to try to cut entitlements. and when it becomes how obvious it is unpopular, theyre going to try blame it on democrats. youve seen them in the midterm elections here about health care and obamacare. the republicans trying to claim that theyre the ones trying to...

Government, but actually is very likely to be a revenue producer. >> were right there in the sweet spot with economic growth it gives us more revenue, were where we need to be. >> the problem may get worse. as bloomberg notes, the forecast spending will outweigh revenue by $973 billion in the fiscal year 2019 and more than $1 trillion the following year. that would be the first time the deficit exceeds $1 trillion since 2012 when the economy was still recovering from the great recession. joining...

#wheres my $4,000? >> right. >> of course wages didnt go up $4,000. of course the tax plan is unpopular because people are looking at it. what happened? they cut taxes by $2 trillion for high-income people and large corporations. and lo and behold, we lost $2 trillion. examine now to act as though, ah, well, who could have thought by cutting these taxes the deficit would grow, we have to go cut security. im telling you, if they attempt to cut social security, theyre going to be run out of town i...

Trajectory that is completely unsustainable. >> whats reckless, bob, is the $1.6 trillion deficit were running this year. >> now, bruce, the reason i bring this up is because we have all argued, maybe youve never been on the side of the argument that said deficits are a good thing. weve seen deficits following every war that weve been in in america, and some recessions where the government has introduced stimulus spending. we last saw it after the most recent, the great recession. so, its not --...

Deputy of the treasury under george h.w. bush. hes the author of the book "the truth matters." bruce, you and i sat at this table that im at and discussed the fact that these republican tax cuts are not going to result in the growth that the president kept claiming they would to make up for this deficit. any thinking person with some economics background could have looked at these tax cuts and said, youre going to get yourself into a bigger deficit. we are where we expected to be. it shouldnt co...

Taxpayers. that claim includes the last three months of the obama administration since his inauguration, the bureau of labor statistics which how we measure those things which is how the president used to say before he was president that he doesnt trust those numbers shows theres been 1.8 million jobs created which would make it the slowest gain since 2010. with regard to wages they have been on their way up since 2014 and actually slowed during the first year under trumps administration. to tal...