Biden to Romney-Ryan on Economy: 'Just Get Out of the Way'

Vice president, Rep. Paul Ryan debate White House response to economic crisis.
3:00 | 10/11/12

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Transcript for Biden to Romney-Ryan on Economy: 'Just Get Out of the Way'
Gentlemen I want to bring the conversation to a different kind of national security issue the state of our economy. The number one issue here at Holmes is jobs. The percentage of unemployed just fell below 8% for the first time. In 43 months. The Obama administration had projected that it would fall below 6%. Now after the addition of close to a trillion dollars in stimulus money. So we'll both of -- level with the American people can and you get unemployment to under 6%. And how Long Will it take I don't. How much it we can we will get in under 6% let's look at that let's take a look at tax. Let's look at where -- where we -- office the economy was in free fall. We had the Great Recession nine million people lost her job one point seven. One point six trillion dollars in wealth lost. Equity homes and retirement accounts for middle class. We knew we had -- middle class we immediately went out and rescue General Motors. We went ahead and made sure that we cut taxes for middle class and initiative that when that happened when that occurred what did Romney do. Romney said -- let -- -- go bankrupt we moved in and help. People refinance their homes governor Romney said now let foreclosures hit the bottom. But it shouldn't be surprising for a guy who says 47%. Of the American people are unwilling to take responsibility -- allies my friend recently in his speech from Washington -- 30% of the American people are tankers. These people are my mom and dad the people I grew up in my neighbors. They pay more effective tax the governor Romney -- federal income tax. There elderly people who in fact -- live in all -- -- Social Security or veterans and people fighting in Afghanistan right now for quote not paying any tax it's. I've had -- up to here with us notion that 47%. It's about time. They take some responsibility here Aniston signing pledges to Grover Norquist not to ask the wealthiest among us to contribute to bring back. The middle class they should be signing a pledge saying to middle class -- a leveled the playing field. We're gonna give you a fair shot again. We are going did not repeat the mistakes we made in the past by having a different set of rules for Wall Street and main street. Making sure that we continue to hemorrhage these tax cuts for the super wealthy. They're pushing a continuation of a tax cut that will give an additional 500. Billion dollars in tax cuts to a 120. Thousand -- and are holding hostage the middle class tax cut. Because they say we won't pass we will continue to middle class tax cut unless you -- -- the tax cut for the super wealthy. It's about time -- take some responsibility. Mr. right. -- -- from similar counts he's from Scranton Pennsylvania I'm from Janesville Wisconsin. You know the unemployment rate in Scranton is today should do 10%. It was the day guys came in eight point 5%. That's how it's going all around America. Look you know Regis look innocent that's not how it's -- -- as -- minute -- look. Did they come in and -- a -- situation absolutely. We're going in the wrong direction. Look at where we are. The economy is barely limping along it's going at one point 3% but slower than -- grew last year and last year was slower than the year before. Job growth in September was slower than it was -- August and August was slower than it was in July. We're heading in the wrong direction. 23 million Americans. Are struggling for work today 15% of Americans. Are living in poverty today this. Is not what a real recovery looks like. We need real reforms. For real recovery that's exactly what -- Ron in -- -- proposed. To five point plan get America energy independent in North America by the end of the decade. Help people are hurting -- the skills they need to get the jobs they want. -- -- deficit and debt under control to prevent a debt crisis make trade work for America's wouldn't make more things America. And sell them overseas and champion small businesses don't raise taxes on small businesses because there are job creators. He talks about Detroit. But -- -- cargo. They -- was quoting him but he let me tell you about the Mitt Romney -- -- This is a guy. Who I was talking to a family in Northborough Massachusetts in the day Sherlund mark -- Their kids were hit my car crash four of them two of them Robin Reid for paralyzed. Probably didn't know -- they went to the same church they never met before. Mitt -- you can come over Christmas. He brought his -- His wife and gifts. Later on he said I -- -- struggling mark don't worry about -- college I'll pay for. When mark -- the story because you know what Mitt Romney doesn't tell these stories the Nixon's told the story when he told me this story. He said it wasn't the help the cash help it's that he gave us time and he has consistently. As a man who gave 30% of income to charity more than the two of us combined. He's a good -- He cares about a 100%. Of Americans in this country and -- with respect and I quote. I think the vice president very well knows but sometimes the words don't -- out of your -- the right way. -- I always say what I -- is it. -- not want rob everybody succeed. We will get people out of poverty in the middle class until like the self sufficient we believe in opportunity and upper mobility that's what we're gonna push for a Romney administration. Vice president. I have a feeling and a few things. The idea if -- heard that that. Will slow accretion 47%. Think he just made a mistake and I think here. I -- Bridget selling. -- look I don't doubt his personal generosity and I understand what it's like. Home. When I was a little younger than the congressman. My wife. -- -- -- -- Daughter. And my wife and my two sons survive. I've sat in the homes of many people of god through and I get through because when -- get people's policies. -- they know you've been through it. They can make so I don't doubt his personal. Commitment individuals. But you know what. I know he had no commitment on -- and automobile industry. He just let -- should let -- go bankrupt. Period -- to drop out all this talk we saved a million jobs 200000 people working. And I never meant to guys -- were down -- America across the board we're told everything's going back five point two million. New jobs private sector jobs we need more but five point two if they get out of the way. If they get out of the way and let us pass this tax cut for middle class make it permanent. They get out of the way it passed that test -- jobs who have figured out where you let us allow fourteen million people are struggling. To stay in their homes because their -- upside down when they never missed a mortgage payment. Just get out of the way stop talking about how you care about people should only so. Shall -- a policy. Shall we -- policy where you take responsibility. And by the way they talk about this Great Recession of its. A lot of the -- like oh my goodness where -- come from it came from. This -- voting to put two wars and credit cards to -- the same time from the prescription drug benefit in the credit card had. Trillion dollar tax -- -- very -- I was there. I voted against -- -- -- we can't afford that and now all of a sudden these guys are so seized. The concern about the debt. The -- -- when Ryan. Let's not forget that they came in with one party control. When Barack Obama was elected his party controlled everything they have the ability to do everything of their choosing and look at where we are right now. They pass the stimulus. The idea that we could borrowing earned 31 billion dollars spend it on all the special interest groups that would work out just fine. That unemployment would never get to 8% it went up above 8% from 43 months they said that right now we just pass the stimulus. Economy would grow at 4%. It's going of one point 31 could you get it 6% that's what our entire premise of our pro growth plan for -- middle class is all about. Getting the economy growing at 4% treating twelve million jobs over the next four years look at just. The ninety billion dollars in stimulus and the vice president was in charge of overseeing this. Ninety billion dollars in green -- The campaign contributors and special interest groups there are just at the Department of Energy. Over 100 criminal investigations and have been Lawrence his house the go ahead and I had asked. -- -- His column -- Karen and investigative committee. Spent months and money and months -- to the inspector general and months and months they found no evidence of cronyism. And I love my friend here. I have a lot I'm Michelle letters but -- our website and send it to letters saying by the way. Can you send -- some stimulus money for companies here in the state of Wisconsin we sent millions of dollars. You know is -- -- -- for stimulus -- -- but he could -- -- we -- we advocated for constituents were applying for grants as we do. We do that all constituents -- I love that I love that this is such a bad programming -- via letters saying -- department of letters and the reason we need. The estimates it will create growth and jobs. His words and -- -- -- look at the big by the way. That program again investigated what the congress said was it was a model. Lesson four tenths of 1% waste or fraud in the program. And all this talk about cronyism and investigate. -- did not find one single piece of evidence I wish he would chests out. -- a little more camp was -- a good idea. To spend taxpayer dollars. Electric cars and it. Normally -- in China. Was it a good idea to borrow all this money from countries like China. And spend it on all these various different interest -- -- -- -- a good idea was a good idea Moody's and others said that this was exactly what we needed to stop to some -- off the cliff -- set the conditions to be able to grow again. We have in fact 4% of those green jobs didn't go under. The article one went 100 -- working to better batting average investment bankers had they about a 40%. Right where --

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

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