Romney Blames Outsourcing on Regulations, Goes After China

President emphasizes manufacturing, investing in "high wage, high skill" jobs.
3:00 | 10/16/12

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Transcript for Romney Blames Outsourcing on Regulations, Goes After China
I want to ask Carol Goldberg to stand up because she gets a question that both these men have been hashed about for governor Romney. The outsourcing of American jobs overseas has taken -- tolls on our economy. What plans do you have to put back and keep jobs here in the United States. -- great question an important question because you're -- you're right and the place for we've seen manufacturing -- has been China. China is now the largest manufacturer in the world used to be the United States of America. Lot of good people lost jobs a half a million manufacturing jobs have been lost in the last four years that's total over the last four years. One of the reasons for that is that people think it's more attractive in some cases to go off -- than to than to stay here. We have made it less attractive for enterprises to stay here than to go off -- from time to time. What I will do as president is make sure it's more attracted to come to America again. This is the way we're going to create jobs in this country. It's not by trickle down government saying we're gonna take more money from people and hire more government workers. Raise more taxes put a place more regulations. Trickle down government has never worked here has never worked anywhere. I want to make America the most attractive place in the world for -- but no worse. For small business. For big business to invest in -- in America. Now we're gonna have to make sure -- -- we trade with of the nation's that they play by the rules and China hasn't. One of the reasons are one of the ways they don't play by the rules is artificially holding down the value their currency. Because if they put their currency down -- that means their prices on their goods are low. And that makes them advantageous in the marketplace we lose sales and manufacturers here in the US make in the same products can't compete. China has been a currency -- manipulator for years and years and years. And the president has a regular opportunity. Two to label them as it as a currency manipulator but refuses to do so on day one viable label China a currency manipulator. Which will allow me as president to be able to put in place if necessary terrorists or I believe. That they are taking unfair advantage of our manufacturers. Sort of -- make sure the people we trade with around the world play by the rules. But let me let me -- not -- stop there don't forget what's key to bringing back jobs here is not just finding someone else to punish. And and I'm gonna be strict with people -- we trade with to make sure they they follow the law play by the rules. But it's also to make America among the most attractive place in the world for businesses of all kinds that's why want to bring on the tax rates. And small employers big employers. So they want to be here Canada's tax -- companies is now 15%. Ours is 35%. So if you're starting a business where would you read the start it. We have to be competitive if we're gonna create more jobs here. Regulations. Have quadrupled the rate of regulations quadrupled under this president. I talk to small businesses across the country they say we feel like were under attack from our own government. I want to make sure the regulators see their job is encouraging small business not crushing it and there's no question but that Obama care. Has been and extraordinary. Deterrent to -- prices of all kinds hiring people my priority is making sure that we get more people hired if we have more people hired. If we get -- back manufacturing jobs if we get back all kinds of jobs into this country. Then you're gonna see rising incomes again the -- incomes are down is because unemployment is so high. I know what it takes to get this to happen -- my plan will do that and one part of it is to make sure that we keep China. Playing by the rules. Mr. President that. Two minutes here because we are then gonna go to our last question. We need to create jobs here. And both governor Romney and I agree actually that we should lower or corporate tax rate it's too -- But there's a difference in terms of how we would do -- I want to close. Loopholes. That allow companies to deduct expenses when they moved to China. That allow them to profit. Off -- And not have to get tax so they have tax advantages offshore. All those changes and our tax code would make a difference -- governor Romney actually wants to expand. Those tax breaks. One of his big ideas when it comes to corporate tax reform would be to say if you invest overseas. You make profits overseas you -- expect US taxes. But of course you're a small business -- mom and pop business or big business starting up here you've got to pay even the reduced rate the governor -- is talking about. And it's estimated that that will create 800000 new jobs. From his mobile and China. Or India. Or German. That's not the way we're going to create jobs here the -- we're gonna create jobs here is not just change our tax code but also to double our exports. And we are on pace to double our exports -- -- commitments I made when I was president that's creating. Tens of thousands of jobs all across the country. That's why we kept on pushing. Trade deals but trade deals that make sure that American workers and American businesses are getting it would -- -- governor Romney talked about China. Clarity indicated. In the private sector governor Romney's company invested in what were called pioneers up outsourcing -- not -- race. That's what reporters called. And as far as currency manipulation the -- actually gone up 11% since I've been president because we have pushed them park. And we put unprecedented. Trade pressure on China that's why exports. Have. Significantly increased under my presidency that's -- helped create jobs here Mr. President. We have a really short time for a quick discussion here. -- had. The -- the iphones they're all manufactured in China one of the major reasons is. Labor is so much cheaper here how do you convince a great American company to bring that manufacturing back here. The answer is very straightforward. We can compete with anyone in the world as long as -- playing field is level. China's been cheating over the years won by holding down today their currency. Number two by stealing our intellectual property or designs are patents are technology there's even an Apple Store in China that's a counterfeit Apple Store. Selling counterfeit goods -- hack into our computers we will have to have people play -- a fair basis that's number one number two. We have to make America the most attractive place for won't open doors for people who want to expand a business that's a brings jobs in. The president's characterization of my -- I'm -- -- is complete is completely is completely false let me tell you. Let me go to have a president here because we really are running attack. And the question is can we ever get we can't get -- like that can't be sustained. -- there are some jobs that are not gonna come back. Because there -- low wage low skill jobs. I watt high wage high skill jobs that's why we have to emphasize manufacturing. That's why we have to invest in advanced manufacturing. That's what we've got to make sure the we've got the best science and research in the world and when we talk about deficits. If work adding to our deficit for tax cuts. For folks who don't -- and work cutting investments in research and science that will create the next step. Create the next. New innovation that will sell products from -- world we -- lose that race if we're not training engineers to make sure. That they are quipped here in this country. And companies won't come here those investments or what's gonna help to make sure that we continue to lead. This world economy not just next year but ten years from now fifty years from now under Mr. President got -- not writing jobs government -- -- -- --

This transcript has been automatically generated and may not be 100% accurate.

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