Sen. Bernie Sanders (I-Vt.) talks to Eliot Spitzer about the Bring Jobs Home Act, which was blocked by Senate Republicans today. The proposed legislation would eliminate a tax deduction companies can use when they move jobs overseas and would create a new tax break for companies that bring jobs back to America.
Sanders describes the bill as a “no-brainer.”
“We are hemorrhaging decent-paying manufacturing jobs in this country. In fact, people don’t know this, in the last 10 years … we have lost 60,000 factories. … And anyone who goes shopping knows how difficult it is to buy a product manufactured in the United States of America,” he says.
Spitzer goes on to ask Sanders for his take on the impending “fiscal cliff” — the term used to describe a collection of tax raises and spending cuts that will seriously harm the recovering economy if Congress fails to act at the end of the year, before they go into effect.
Sanders says the deficit must be dealt with but notes that we shouldn’t forget who caused the problem: “Our friend in the White House, George W. Bush, and his Republican deficit hawk friends, went into two wars. And the great deficit hawks, … they forgot to pay for the wars. And then they gave huge tax breaks to billionaires. And then Wall Street brought about this recession, which significantly lowered the revenue coming into the Treasury.”