trillionplan to cut the deficit. reduce spending in iraq and afghanistan and higher taxes on the wealthiest american. republican leaders promptly dismissed it calling the plan class warfare. does the president s plan have a chance? joining me is gene sperling director of the national economic council. thank you for joining me. the president announced today he ll go after the rich. the republicans say that is a form of class warfare. the president says it s math. but the reality is it is class warfare. the rich are a class and he s going after them. it s the opposite. the president is asking for balance, for shared sacrifice. he s asking for everybody to contribute and getting our long-term deficit down. he wants a plan that will be strong and powerful. the american jobs act. but we come to fiscal discipline, we all have to be in this together. when the president put out as a principle that those who make over a million or 10 million shouldn t be paying lower taxes than midd
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their fair share. that brings me to what s being called the buffett rule, named for billionaire who says the super rich are undertaxed. the president is insisting people who earn is million a year or more pay as much in taxes or more as ordinary wage earners do. republicans are up in arms but the president says it is not class warfare it is math. gloria, does the president s math actually add up? well, what he did today really was lay down a political marker. this is a president who s been accused by his base of not participating enough in his own health care reform plan or of negotiating with himself too early. what he did this time he said, look, if this were a perfect world for me, this is what i would do, and you ll notice in here that there aren t real entitlement cuts to beneficiaries. there are some to providers in medicare. so he largely left social security untouched. medicare cut-backs to providers. so what he s saying is, i m leaving that off the table, let s
in spending that we ve already cut from the budget, our plan makes additional spending cuts that need to happen if we re to solve this problem. we reform agriculture subsidies. subsidies that a lot of times pay large farms for crops that they don t grow. we make modest adjustments to federal retirement programs. we reduce by tens of billions of dollars the tax money that goes to fannie mae and freddie mac. we also ask the largest financial firms, companies saved by tax dollars during financial crisis, to repay the american people for every dime that we ve spent. and we save an additional $1 trillion as we end the wars in iraq and afghanistan. these savings are not only counted as part of our plan but as part of the budget plan that nearly every republican on the house voted for. finally, this plan includes structural reforms to reduce the costs of health care and programs like medicare and medicaid. keep in mind we ve already included a number of reforms in the health care la
when i m at home and i have time i log on. so finally after all of the years of kids being bored in school and not learning math, that is over? i think is might be. hope so. if it happens it will be thanks to the online classes or the charter schools or other experiments that break out of the union dominated government monopoly. let a thousand flowers bloom. it s competition that has given us better medicine and transportation, technology, everything. don t your kids deserve that, too? that is our show. i m john stossel. captioned bso i takecaptnininii one a day men s 50+ advantage. as a manager, my team counts on me to stay focused. it s the only complete multivitamin with ginkgo to support memory and concentration. plus it supports heart health. [ bat cracks ] that s a hit. one a day men s. getting an amazing discount on a hotel