Transcript for Paul Ryan: 'General Motors Isn't Alive in My Home Town'
We're going to turn to the race for the white house now. A crucial week in "your voice, your vote." The president's party will take the stage at the democratic national convention in charlotte. And the big question, are americans better off now than four years ago? The vice president gave his answer at a labor day rally in detroit. You want to know whether we're better off? I got a little bumper sticker for you. Osama bin laden is dead and general motors is alive. And for the rebuttal, we're joined live by the republican v.P. Nominee, paul ryan. Let's preview that debate with vice president biden. When he says osama bin laden is dead, general motors is alive, you say? Well, general motors isn't alive in my hometown. The president came to janesville before the plant shut down and said he would lead an effort to retool the plant. After the plant was shut down, he said he would retool the plant to get people back to work. They're still not back to work. I would ask the 23 million people who are struggling to find work in america today, if we're better off than we were four years ago. I'd look at the facts that we've had unemployment above 8% for 42 months, despite the president's claims that the stimulus would provide the contrary. We're not better off than we were four years ago. Look at the statistics. That's why we're going to be offering big solutions in a big year to get people back to work. To get higher take-home pay. To create more jobs. We're going to be offering economic growth and opportunity, in stark contrast to where we are right now. And the democrats are taking aim at those solutions. They argue that the romney/ryan tax plan and spending and budget plan is going to crush the middle-class, including a $200,000 tax increase on the middle-class. Not true. What we're saying is we're going to reduce people's tax rates by 20%. And we'll do it by closing loopholes. We believe there's a bipartisan consensus to be had through this kind of tax reform. Agree with us that we should be lowering tax cuts and broadening the base by lowering loopholes so people get to keep more of their money. As you know, congressman, the -- others have looked at your plan to close loopholes. They say you can't cut taxes in the way you say and raise as much money simply by going after loopholes. They looked at every, single one and you just don't go there. They did not analyze the romney plan. And what other groups have shown is you can do this. Look, george, economic growth is the key to this. And one of the keys to economic growth is tax reform. And when we keep taxing our families and successful small businesses at much higher tax rates than our foreign competitors tax theirs, we make our businesses less competitive. Don't forget the fact, george, that eight out of ten businesses file their taxes as individuals. President obama wants their tax rate to go up 40%. Other countries are lowering tax rates on their businesses. President obama is promising a higher tax rate. He uses this money for more spending. We don't think we should be taxing small businesses and families more to spend the money in washington. It hasn't worked. It won't work. And we think we have better solutions. Let's look at medicare. Democrats say you're being dishonest when you charge them with raiding medicare to pay for And you targeted the $716 billion in savings in the president's plan. Isn't it difficult for you to make that charge, given the fact that the budget you wrote passed twice in the house, included those exact same savings? The budget we wrote is based upon current law, which is obama care. Don't forget the fact we've already voted and proposed to repeal obama care, every part of obama care, including this rate of $716 billion from medicare to pay for obama care. They can't have it both ways, george. You can't spend the same dollar twice. You can't say obama is a cost-saver and that we're extending medicare. And the point is, this has been verified and established. If you're taking $716 billion from medicare, to finance obama care, that really is a raid of medicare for obama care. We think that's wrong. Our plan to save medicare does not affect or change the benefits for anybody who is in or near retirement. But in order to keep that promise, you need to reform my generation because medicare's going bankrupt for my generation. And the kind of reforms we're proposing, have a rich history in bipartisan support. I worked for a democrat in congress to put these ideas out there. We think there's a better way to save medicare for future seniors while we can keep it intact for current seniors. And that means stop the raid of the medicare program to finance obama care. Congressman ryan, thanks very much for your time this morning. Thanks, george. Take care.
This transcript has been automatically generated and may not be 100% accurate.