Vice Presidential Debate 2012: Joe Biden to Romney-Ryan on Economy

RADDATZ: 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 home is jobs. The percentage of unemployed just fell below 8 percent for the first time in 43 months. The Obama administration had projected that it would fall below 6 percent now after the addition of close to a trillion dollars in stimulus money. So will both of you level with the American people: Can you get unemployment to under 6 percent and how long will it take? BIDEN: I don't know how long it will take. We can and we will get it under 6 percent. Let's look at -- let's take a look at the facts. Let's look at where we were when we came to office. The economy was in free fall. We had -- the great recession hit; 9 million people lost their job; $1.7 -- $1.6 trillion in wealth lost in equity in your homes, in retirement accounts for the middle class. We knew we had to act for the middle class. We immediately went out and rescued General Motors. We went ahead and made sure that we cut taxes for the middle class. And in addition to that, when that -- when that occurred, what did Romney do? Romney said, "No, let Detroit go bankrupt." We moved in and helped people refinance their homes. Governor Romney said, "No, let foreclosures hit the bottom." But it shouldn't be surprising for a guy who says 47 percent of the American people are unwilling to take responsibility for their own lives. My friend recently in a speech in Washington said "30 percent of the American people are takers." These people are my mom and dad -- the people I grew up with, my neighbors. They pay more effective tax than Governor Romney pays in his federal income tax. They are elderly people who in fact are living off of Social Security. They are veterans and people fighting in Afghanistan right now who are, quote, "not paying any tax." I've had it up to here with this notion that 47 percent -- it's about time they take some responsibility here. And instead of 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 the middle class we're going to level the playing field; we're going to give you a fair shot again; we are going to 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. BIDEN: They're pushing the continuation of a tax cut that will give an additional $500 billion in tax cuts to 120,000 families. And they're holding hostage the middle class tax cut because they say we won't pass -- we won't continue the middle class tax cut unless you give the tax cut for the super wealthy. It's about time they take some responsibility. RADDATZ: Mr. Ryan? RYAN: Joe and I are from similar towns. He's from Scranton, Pennsylvania. I'm from Janesville, Wisconsin. You know what the unemployment rate in Scranton is today? BIDEN: I sure do. RYAN: It's 10 percent. BIDEN: Yeah. RYAN: You know what it was the day you guys came in -- 8.5 percent. BIDEN: Yeah. RYAN: That's how it's going all around America. Look... BIDEN: You don't read the statistics. That's not how it's going. It's going down. RADDATZ: (inaudible) two-minute answer (inaudible) RYAN: Look, did they come in and inherit a tough situation? Absolutely. But we're going in the wrong direction. Look at where we are. The economy is barely limping along. It's growing a 1.3 percent. That's slower than it grew last year and last year was slower than the year before. Job growth in September was slower than it was in 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 percent of Americans are living in poverty today. This is not what a real recovery looks like. We need real reforms for real recovery and that's exactly what Mitt Romney and I are proposing. It's a five-point plan. Get America energy independent in North America by the end of the decade. Help people who are hurting get the skills they need to get the jobs they want. Get this deficit and debt under control to prevent a debt crisis. Make trade work for America so we can make more things in America and sell them overseas, and champion small businesses. Don't raise taxes on small businesses because they're our job creators. RYAN: He talks about Detroit. Mitt Romney's a car guy. They keep misquoting him, but let me tell you about the Mitt Romney I know. This is a guy who I was talking to a family in Northborough, Massachusetts the other day, Sheryl and Mark Nixon. Their kids were hit in a car crash, four of them. Two of them, Rob and Reed, were paralyzed. The Romneys didn't know them. They went to the same church; they never met before. Mitt asked if he could come over on Christmas. He brought his boys, his wife, and gifts. Later on, he said, "I know you're struggling, Mark. Don't worry about their college. I'll pay for it." When Mark told me this story, because, you know what, Mitt Romney doesn't tell these stories. The Nixons told this story. When he told me this story, he said it wasn't the help, the cash help. It's that he gave his time, and he has consistently. This is a man who gave 30 percent of his income to charity, more than the two of us combined. Mitt Romney's a good man. He cares about 100 percent of Americans in this country. And with respect to that quote, I think the vice president very well knows that sometimes the words don't come out of your mouth the right way. (LAUGHTER) BIDEN: But I always say what I mean. And so does Romney. RYAN: We want everybody to succeed. We want to get people out of poverty, in the middle class, onto a life of self-sufficiently. We believe in opportunity and upward mobility. That's what we're going to push for in a Romney administration. RADDATZ: Vice president? I have a feeling you have a few things to say here. BIDEN: The idea -- if you heard that -- that little soliloquy on 47 percent and you think he just made a mistake, then I think you're -- I -- I think -- I got a bridge to sell you. Look, I don't doubt his personal generosity. And I understand what it's like. When I was a little younger than the congressman, my wife was in an accident, killed my daughter and my wife, and my two sons survived. I have sat in the homes of many people who've gone through what I get through, because the one thing you can give people solace is to know if they know you've been through it, that they can make it. So I don't doubt his personal commitment to individuals. But you know what? I know he had no commitment to the automobile industry. He just -- he said, let it go bankrupt, period. Let it drop out. All this talk -- we saved a million jobs. Two hundred thousand people are working today. And I've never met two guys who're more down on America across the board. We're told everything's going bad. There are 5.2 million new jobs, private-sector jobs. We need more, but 5.2 million -- if they'd get out of the way, if they'd get out of the way and let us pass the tax cut for the middle class, make it permanent, if they get out of the way and pass the -- pass the jobs bill, if they get out of the way and let us allow 14 million people who are struggling to stay in their homes because their mortgages are upside down, but they never missed a mortgage payment, just get out of the way. Stop talking about how you care about people. Show me something. Show me a policy. Show me a policy where you take responsibility. And, by the way, they talk about this Great Recession if it fell out of the sky, like, "Oh, my goodness, where did it come from?" It came from this man voting to put two wars on a credit card, to at the same time put a prescription drug benefit on the credit card, a trillion-dollar tax cut for the very wealthy. I was there. I voted against them. I said, no, we can't afford that. And now, all of a sudden, these guys are so seized with the concern about the debt that they created. RADDATZ: Congressman Ryan? RYAN: Let's not forget that they came in with one-party control. When Barack Obama was elected, his party controlled everything. They had the ability to do everything of their choosing. And look at where we are right now. They passed the stimulus. The idea that we could borrow $831 billion, spend it on all of these special interest groups, and that it would work out just fine, that unemployment would never get to 8 percent -- it went up above 8 percent for 43 months. They said that, right now, if we just passed this stimulus, the economy would grow at 4 percent. It's growing at 1.3. RADDATZ: When could you get it below 6 percent? RYAN: That's what our entire premise of our pro-growth plan for a stronger middle class is all about: getting the economy growing at 4 percent, creating 12 million jobs over the next four years. Look at just the $90 billion in stimulus. The vice president was in charge of overseeing this. $90 billion in green pork to campaign contributors and special interest groups. There are just at the Department of Energy over 100 criminal investigations that have been launched into just how stimulus... (CROSSTALK) BIDEN: Martha... RADDATZ: Go ahead. Go ahead. BIDEN: Martha, look. His colleague... RYAN: Crony capitalism and corporate welfare. BIDEN: ... runs an investigative committee, spent months and months and months going into this. RYAN: This is the -- this is the inspector general. BIDEN: Months and months. They found no evidence of cronyism. And I love my friend here. I -- I'm not allowed to show letters but go on our website, he sent me two letters saying, "By the way, can you send me some stimulus money for companies here in the state of Wisconsin?" We sent millions of dollars. You know... (CROSSTALK) RADDATZ: You did ask for stimulus money, correct? BIDEN: Sure he did. By the way... RYAN: On two occasions we -- we -- we advocated for constituents who were applying for grants. That's what we do. We do that for all constituents who are... (CROSSTALK) BIDEN: I love that. I love that. This was such a bad program and he writes me a letter saying -- writes the Department of Energy a letter saying, "The reason we need this stimulus, it will create growth and jobs." His words. And now he's sitting here looking at me. And by the way, that program, again, investigated. What the Congress said was it was a model. Less than four-tenths of 1 percent waste or fraud in the program. And all this talk about cronyism. They investigated and investigated, did not find one single piece of evidence. I wish he would just tell -- be a little more candid. RYAN: Was it a good idea to spend taxpayer dollars on electric cars in Finland, or on windmills in China? BIDEN: Look... RYAN: Was it a good idea to borrow all this money from countries like China and spend it on all these various different interest groups? BIDEN: Let me tell you what was a good idea. It was a good idea, Moody's and others said that this was exactly what we needed to stop this from going off the cliff. It set the conditions to be able to grow again. We have, in fact, 4 percent of those green jobs didn't go under -- went under, didn't work. It's a better batting average than investment bankers have. They have about a 40 percent...