'This Week' Transcript: Gov. Bobby Jindal and Gov. Martin O'Malley

And, look, President Obama is not running against the almighty. He is running against the alternative. And the alternative in this case is Governor Mitt Romney, who had the 47th worst job creation rate as governor and also has a -- a penchant, a talent for offshoring American jobs, sending them overseas, and also maintaining offshore bank accounts in Bermuda, Swiss bank accounts. And so the question he'll have to answer, Terry, is what is his alternative?

I've never known of a Swiss bank account to build an American bridge, a Swiss bank account to create American jobs, or Swiss bank accounts to rebuild the levees to protect the people of New Orleans. That's not an economic strategy for moving our country forward.

MORAN: All right. Just for the record, I did ask you about President Obama and you ended up attacking Mitt Romney. We...

O'MALLEY: Because this is a choice, Terry, between two gentlemen. Look, President Obama's talked about what we need to do as a nation. It's what our parents and grandparents did, to invest in our country, to believe enough in her to invest in education, in our infrastructure, and also in innovation. That is not the proposal that Mitt Romney has. He wants to make it even easier for very wealthy people to avoid paying taxes, to offshore American jobs, and to maintain their Swiss bank accounts while our roads and bridges and levees crumble.

MORAN: OK. Let -- let me pick up on some of that with Governor Jindal. Mitt Romney does spend most of his time attacking President Obama. That's the nature of this campaign right now. But when he does put forward his own program, in broad generalities, he talks about cutting taxes, especially for the very rich, cutting corporate taxes, deregulation, especially for the financial sector, because apparently they don't need any more regulation. And what do you say to a voter who says that is the precise recipe that cratered the economy in the first place when Bush and the Republicans were in power and cooked it up and ruined everything in the first place? What's the answer to that?

JINDAL: Well, Terry, sure. First of all, let's look at the actual policies he's proposing. And let's correct some of the misstatements that we've just heard. The reality is, we can't afford -- we've got up to over $15 trillion of debt. We can't afford to continue on the same path we've been. You look at Mitt Romney's record when he was governor of Massachusetts. Unemployment rate, it was below 5 percent. Per capita income growth, higher than the national average, their unemployment below the national average, ranked one of the top 10 turnaround states, so he's got a great track record both in the private sector, governor of Massachusetts, creating jobs in the private sector...

(CROSSTALK)

MORAN: But the question, Governor Jindal, is aren't these policies going backwards? Why won't voters say, "We tried that"?

JINDAL: Absolutely. Absolutely. Listen to the policies he's actually outlined. He has said we need a lower, flatter tax code, so we need to cut individual tax rates 20 percent. We need a corporate tax rate that is competitive in the world. We now have the highest corporate tax rate in the entire industrialized world.

But he's also said, let's take away some of those loopholes, those deductions, especially for high-income earners, so we're not growing our December.

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