important. Ed, thanks for getting up this morning. You heard robert right there, masterful, theatrical, fundamentally dishonest. I guess his basic point now about governor romney on his tax plan is... See More
important. Ed, thanks for getting up this morning. You heard robert right there, masterful, theatrical, fundamentally dishonest. I guess his basic point now about governor romney on his tax plan is either that he's not telling the truth about the scale of the tax plan or abandoning his economic theory. Which one is it? Well, the problem they have is that the debate's performance on wednesday evening was not a matter of style, it was a matter of substance, and governor romney laid out a or turning this economy around, getting things moving again. He had a fact-based critique of president obama's failed policies that the president was unable to respond to, and today and since then, the obama campaign, they remind me a little bit of a 7-year-old losing a checker game and then instead of being frustrated at the outcome, they sweep the board off the table. The fact is is that if president obama's re-elected, as governor romney pointed out, we'll have continued chronically high unemployment, we're going to have continued massive debt instead of moving toward a balanced budget. We've had this week the fourth trillion dollar deficit under this president, health care premiums are going to continue to rise. Up to 20 million americans will lose their employer-based health insurance under obama care, and they'll raise $716 billion from medicare. Governor romney has a different approach that would move the country in the right direction and that's what they're frustrated about. Let's talk about that approach and get to the bottom Governor romney says he will not increase the deficit with his tax cuts. He's saying he will not increase taxes on the middle class, so is he saying that if he cannot come up with enough loopholes and deductions, closing the deductions to pay for the tax cuts, which amount to about $5 trillion, that he will scale them back? What he has said, george, he is going to cut tax rates across the board by 20% and offset those cuts with eliminating deductions and loopholes for the upper income families. But there aren't enough deductions to pay for that. For middle class families. You can pay for it. There are six studies that say that you can do that. You can broaden the base and lower the rates. That would foster economic growth, and we've done that in the past. There's one study that says that you can -- that uses the word "assume" or "assumption" 68 times by a liberal think tank and that's what gibbs and others point to. If it does turn out that the deductions do not make up for the cost of the tax cuts, does governor romney say that he will scale back the tax cuts? What he has said is it's going to be -- he's not going to increase the deficit in bringing down the rates and broadening -- so he won't scale back the tax cuts? We saw that done, by the way, as you know, when tip o'neill was the speaker of the house and ronald reagan was the president of the united states, and they worked together on a very important and significant tax reform. We believe that it's time for that again and that you can do that working across the aisle. Obviously governor romney, if he becomes president, would hope to have republican majorities in the house and the senate, but you would have to work across the aisle, and we believe it can be done and there are six studies that show it can. But the promise that takes precedence and I d to move on is about not increasing the deficit. You heard robert gibbs talk about big bird and the targeting of big bird by governor romney. Coming out of that pbs cited poll showing it's the most trusted public institution and it only takes about 0.01% of the federal budget and not seeing big bird show up. Was it a mistake to target him? George, it wasn't a targeting. It was a, you know, just pointing to one example. As you know, governor romney would move us toward a balanced budget with a 5% cut in nonsecurity discretionary spending and eliminate a number of perhaps and consolidate a number of others. I think with jim lehrer there from pbs, he made the point from a joking reference. Look, you have to borrow money from china to pay for these programs, is it worth it? That's the test that should be applied if we impose it on future generations. Big bird, I can tell you, as the father of three children grown now, but any father who's gone to a toy store knows that big bird is a pretty commercially successful entity and whether or not we should be subsidizing it, and you can cite, oh, it's not that big a percentage of the budget, that's true, but every penny that you raise as a potential cut seems to be sacred with this administration and you can't cut it, and they demagogue it, and I think the american people understand this is a big election and a big choice. Let's talk -- you have to make some tough decisions and have to find some things where it's not worth borrowing money and imposing debt on future generations, big bird would be pretty successful, I suspect, without a government federal subsidy and all that debt. Let's talk about friday's job numbers. It raised some suspicions among governor romney's allies. On friday morning, jack welch, the former chairman of ge said unbelievable job numbers. These chicago guys will do anything. Can't debate so change numbers. Steve forbes follows up and says welch is right. Does governor romney put any stock in those theories and have any suspicions at all about the bls numbers? George, the numbers themselves are very damning. When you look at it, we had fewer jobs created in september than were created in august, fewer jobs created in august than were created in july. Our unemployment rate has come down because for -- since president obama took office, for every new job created, more than six workers have left the labor force. If labor force participation was what it was when the president took office, unemployment would be around 10.7%. These jobs that were added in september were largely part-time jobs. So we still have 23 million americans -- that number has not changed at all -- who are either unemployed or out of work entirely or are underemployed working or out of the workforce entirely or underemployed working part time instead of full time or not in a job commensurate with their skills, half of the college students coming out of, you know, with degrees today are unable to find a job. This economy is not doing well and the fact that you have a white house celebrating an unemployment rate of 7.8% with 23 million americans out of work or unemployed or underemployed tells you a lot out the failure of this administration's policies, george. Final question, bottom line, did governor romney do what he needed to do on wednesday to take control of this race? Well, I think there was certainly a shift in the dynamic. People saw the real mitt romney. I think that's why you saw the reviews. I know, george, that you thought it was a tie, but most other objective viewers felt governor romney did do a very good job in making a case for his policies and that president obama was unable to defend his past policies nor put forward a vision for future policies in the way governor romney did but the most important thing is nearly 70 million americans saw the real mitt romney, not what they've been seeing in 30-second attack ads or in 12-second snippets on the evening news. They got to see and take a measure of him, and I think they saw someone, not only who could be president by virtue of his experience in being a leader with being able to reach across the aisle as govnor of massachusetts, but someone who has a plan to get this economy moving again, which the president clearly does not. Actually, ed. That's not what I said. You ought to look at the whole quote but thanks for coming in. We'll right back with our
This transcript has been automatically generated and may not be 100% accurate.