Fox Business "Cavuto" - Transcript


Date: Oct. 13, 2011
Issues: Taxes

NEIL CAVUTO, HOST: If you can't beat them, scare them. With the jobs bill shot down, democrats going all out.


PRES. BARACK OBAMA: The American people are desperate.

UNIDENTIFIED MALE: What we've witnessed across America in the last several weeks are our citizens taking to the streets borne out of frustration.

UNIDENTIFIED MALE: This is a perfect storm, man, and what a perfect storm is reduced budgets, reduced manpower, decimated neighborhoods, and a rise in crime. That is a witch's brew. That is a mixture for cancer in the city.


CAVUTO: So voting the president's plan down causing the crime rate to shoot up? Maybe they're right? 19 people were arrested this week trying to break into my next guest's Wisconsin office. They were angry republican senator Ron Johnson voted against the jobs bill. He joins me right now.

What did you think, Senator - I do want to get into the break-in at your office - about what the vice president particularly saying there?

That's a little fiery, don't you think?

SEN. RON JOHNSON (R), WISCONSIN: Well, there's - I mean, the sad fact of the matter, Neil, is that their policies haven't worked and let's face it - their policies have certainly been scaring the business community.

That's why people aren't willing to invest, why we aren't creating jobs.

So now they're just resorting to the tired old scare tactics and hoping to get Americans to vote for them in November by scaring them. It's very sad.

It's very unfortunate.

CAVUTO: But maybe it's resonating? I've raised it with a couple of my guests already that the president and others siding with these demonstrators, trying to look at them as the left's tea party, if you will, is a way to sort of checkmate you. What do you say to that?

JOHNSON: Certainly, I understand the demonstrators' frustration. I mean, their policies haven't worked. And what's sad about it is this administration isn't willing to recognize that their policies haven't worked and aren't willing to reverse course. But for, as a job creator, as a manufacturer, it's pretty obvious to me why the policies aren't working.

N When we - when you impose a $1.75 trillion a year cost of compliance in terms of regulations on businesses, when you have the highest tax rate in the world on businesses, it's not much of a mystery why global investment isn't coming to the United States expanding our economy and creating jobs.

It's just not a mystery.

CAVUTO: What do you make of the fact that among some democrats, particularly the blue dog democrats who have - are unanimous in looking for another way, not the president's jobs bill which I guess is deader than dead. They could pick apart and pick the features that they like, what have you, but a lot of them have been telling me what they favor is a way to bring that money that's sitting offshore home - the 1/2 to 2 trillion



CAVUTO: --by giving a temporary tax holiday to businesses. How do you feel about that?

JOHNSON: I think that's a good idea. To me, it just makes perfect sense. If you give people a reduced tax or a tax holiday, you'll get the money back here for reinvestment in the economy. If you don't do that, the money's just going to stay overseas, you'll not get any revenue from it anyway.

CAVUTO: But what it they don't reinvest into the economy and they

just give it back to shareholders or they don't hire - much is the criticism what happened last time? Not that these guys should have an edict to what they do with their money, social or otherwise, but that that's the criticism and that's why the president has had a sort of a hands-off approach.

JOHNSON: Well, Neil, if the money comes back to U.S. whether the businesses reinvest it or they send it to their shareholders or even pay their executives--

CAVUTO: They'll spend it, yes.

JOHNSON: --in some way, in some way, shape or form, those dollars will get recycled back into the economy and they'll help economic growth.

It's not going to harm economic growth. It has a good chance of aiding economic growth and that in the end is the number one component of a solution. We have got to drive our economy forward. Without economic growth, we're not going to solve this problem. We're not going to be able to create jobs.

CAVUTO: What happened in your offices? Who broke in? What happened?

JOHNSON: Well, I wasn't there but it's people that are highly frustrated that they can't find a job. And I understand their frustration.

So we're more than willing to meet with these folks, but they do have to realize I'm in Washington D.C. right now and not in Milwaukee and they've got to kind of go through the standard order of making an appointment.

CAVUTO: Well, did they steal anything? What did they take? Anything?

JOHNSON: No, my state director offered to bring them up in groups - not as a large group because our office is relatively small - and he was willing to sit down and talk with them. They had an attorney there. They really just wanted to get arrested. But again, we reached out to these folks. I'm happy to meet with anybody. I meet with hundreds of constituents on a monthly basis and happy to meet with those folks as well.

CAVUTO: All right. Senator, weird stuff. Good seeing you again. Thank you.

JOHNSON: Thanks for having me on.