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Guest: Representative Paul Ryan

By Fox News Sunday, Fox News Sunday - May 20, 2012

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Special Guests: Rep. Paul Ryan, Austan Goolsbee

This is a rush transcript from "Fox News Sunday," May 20, 2012. This copy may not be in its final form and may be updated.

CHRIS WALLACE, HOST: I'm Chris Wallace.

It's the key issue in raise for the White House: getting America back to work. And both sides are hitting it hard.

We'll have a debate over the Obama and Romney record on jobs and their ideas to get the country back on track. Republican House Budget Chair Paul Ryan faces off against Austan Goolsbee, former head of the president's Council of Economic Advisors.

Ryan versus Goolsbee, only on "Fox News Sunday."

And, there are faces of financial crisis. We'll ask our Sunday panel if President Obama can use the summits this weekend to find a solution.

And our Power Player of the Week. A star figure skater making a name for herself off of the ice.

All right now on "Fox News Sunday."

(MUSIC)

WALLACE: And hello, again, from Fox News in Washington.

The Obama and Romney campaigns battle this week over who has the better plan to get Americans back to work. We want to continue that debate today with top advisers from both candidates.

From Wisconsin, Republican Paul Ryan as chairman of the House Budget Committee. From Chicago, Austan Goolsbee is former chairman of the president's Council of Economic Advisors.

And, gentlemen, welcome back to "Fox News Sunday."

REP. PAUL RYAN, R-WIS.: Thank you.

AUSTAN GOOLSBEE, FORMER CHAIRMAN OF THE PRESIDENT'S COUNCIL OF ECONOMIC ADVISORS: Thank you.

WALLACE: This week, the Obama campaign launched the attack on Mitt Romney's record at Bain Capitol and told the story of a steel mill in Kansas City that went bankrupt in 2001, laying off 750 workers. Let's take a look.

(BEGIN VIDEO CLIP)

JACK COBB, STEELWORKER: They came in and sucked the life out of us.

UNIDENTIFIED MALE: It was like watching an old friend bleed to death.

UNIDENTIFIED MALE: Bain Capital walked away with a lot of money that they made off of this planet. We view Mitt Romney as a job destroyer.

(END VIDEO CLIP)

WALLACE: And Obama deputy campaign manager Stephanie Cutter followed up with this, "The goal of Romney economics has always been about wealth creation, not job creation. It's wealth creation for a handful of investors, like Mitt Romney, not about creating jobs for everyone else."

Mr. Goolsbee, can you tell me a major CEO in this country that doesn't see the main job as creator wealth for his investors?

GOOLSBEE: I don't know the answer to that. I think that when I saw Stephanie Cutter's statement, it was in response to one of the Bain Capital partners who that said, our was job creation for the investors.

WALLACE: That is for every CEO?

GOOLSBEE: Well, this business is slightly different. And I would refer to this ad not so much as an attack, as a response. I mean, Governor Mitt Romney has been running for president really for six years and over the last six years consistently said that his main qualification to be president is his business experience. And then when there starts to be some examination of what did he do when he was running that business, they get very defensive and don't want to discuss. And I don't think --

WALLACE: But do you see anything --

(CROSSTALK)

GOOLSBEE: They ought to open the records and --

WALLACE: But let me just ask you, sir, do you see anything wrong with what Bain Capital did, and what lots of money, millions of dollars into this steel industry, the time when the steel was in trouble, what's wrong with that?

GOOLSBEE: Well, it depends on how they did it. And as I say, they ought to turn over the annual records of the company.

If you want to establish they did not have kind of a leverage buy out mentality of pulling the resources out of the company -- turn over the records and let the people see what the business record was. Don't just pick two or three companies that are the success stories and say look at these because that invites the ones that went wrong.

In this case, the company did horribly but the investors did great. So, I think it's a little bit different than a normal investor philosophy which if we can turn the company around in a positive way, we benefit. This was the case where they canceled the pension, they drove the company into the ground but the investors from Bain actually profited a great deal.

WALLACE: Let me follow up with Congressman Paul Ryan.

Because the Obama campaign says the point of Romney economics is to make money for Bain, to make money for their investors, even if all of the workers get wiped out. And in this particular case, with the steel mill in Kansas City, the workers and that plant went bankrupt. The 750 workers were laid off and Bain did make millions of dollars in profits.

RYAN: You know what's ironic about this, Chris, Mitt Romney was running the Olympics during this time. He wasn't even running Bain during the time period in question.

I think the individual if I'm not mistaken who was running Bain is a big Obama contributor.

But for the point, Chris, what Bain did was they used private capital to help struggling businesses. What President Obama is doing is he's gambling with taxpayer money and giving money to corporate contributors, to campaign contributors like Solyndra and he's losing taxpayer money.

So, what we have in the Obama administration is this crony capitalism, this corporate welfare where President Obama thinks it's right that we taxpayer dollars to give to private companies and take bets on these private companies. That's wrong.

What is right is a private sector that you have risked that capital. You put capital in businesses whether they're struggling or not to try and grow those businesses, some succeed, some don't. On the net, when on Mitt Romney ran Bain, they were very successful. They created thousands of jobs, great success stories.  Print  Email  Share    Recommend Tweet

continued...

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