So the debt is dumped on the people. And what did we do? We bailed out the people that were benefiting during the formation of the bubble. So as long as we do that, we're not gonna have economic growth. We-- you did the same thing in the Depression, the Japanese are doing it right now, so it's time we liquidate the debt and look at monetary policy. And then, of course, lower taxes. And I would like to-- do in the first year, cut $1 trillion, 'cause that is the culprit, big spending and big government.
DIANE SAWYER: I wanna come back to those of you with another direct question of whether there is a number of jobs that can be created and a time frame you can tell the American people you can do it in. But I want to turn to Governor Perry for your distinguishing idea.
RICK PERRY: Yeah, the distinguishing mark is-- a tax policy that puts a flat tax in place of-- 20%. And you-- as they've said, you get rid of the regulatory burden that's killing people. And I have a record of doing that as the governor of the state of Texas over the last 11 years. We created over a million jobs in that state while America lost over two million jobs.
So there's a very clear blueprint of how to make this work. But I wanna talk about one other issue, and-- and Congressman Paul touched on it. And it's this idea, I can-- I can on a map diagram the problem that we've got in America today. And it d-- it's this direct line between Washington D.C. and Wall Street. And it's the corruption that's gone on. It's the idea of TARP. It's the idea of $7.7 trillion that we didn't even know was being put into these peoples and these banks.
That's what Americans are really upset with. And it's gonna take an outsider who can come in to put in the model of taxes and regulation. And-- and be able to balance that budget by the year 2020 with 18% of G.D.P. That's what the American people want, and an outsider like Rick Perry is gonna do that.
DIANE SAWYER: All right, Congresswoman Bachmann?
MICHELE BACHMANN: Well-- one of our former competitors was Herman Cain and he always reminded us of the 9-9-9 plan. And what I would like to do is have the Win-Win-Win plan. And the way that we can do that is first addressing the tax code. I'm a former federal tax lawyer. And that literally, we will create millions of dollars if we abolish the tax code and embrace a pro-growth policy not only by lowering the rates for businesses, but by individuals as well.
And making it a tax code that applies fairly and the same to all Americans. That's very important. And something else I wanna do with my tax code policy is make sure that everyone pays something. Because today, 47% of the American people pay nothing in federal income tax. Everyone benefits by the country, they need to pay. But also, one of my "Win" points is with American energy production.
If we legalize American energy, we'll create 1.4 million jobs in just a few years' time. And here's something we-- else that we can do under the "Win" plan. We can cut government bureaucracy, which is ObamaCare. N.F.I.B. tells us, that's the small business agency, that we will lose 1.6 million jobs over five years if we keep ObamaCare. I wanna-- I am committed to repealing ObamaCare, Dodd-Frank, cutting out the E.P.A., and we'll save millions of jobs if we do that.
DIANE SAWYER: Senator Santorum?