Cain: President Doesn't Get Basic Economics

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Cain: President Doesn't Get Basic Economics

2012 candidate on new jobs report, his plan for growth

This is a rush transcript from "Your World," September 2, 2011. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST OF, "YOUR WORLD": very good to have you here.

And we had a day where the market was kind of rocky today, in fact the first couple of days of this month, really rocky. This is again the scenario that one Herman Cain, the presidential candidate now in Florida today for some big Tea Party doings, has been warning for some time.

And, Herman, you’re saying this could be a preview of coming attractions if we continue the policies we have had in Washington, right?

HERMAN CAIN (R), PRESIDENTIAL CANDIDATE: That's exactly right, Neil.

Zero new jobs is another indication of zero understanding of basic economics. This is what’s wrong with this administration, unfortunately. And now we’re seeing it in these numbers. My heart goes out to the 14 million people, the people that are counted in that 9.1 percent unemployment rate, because it’s easy for them to give up, because there's nothing on the board.

Now, the president is going to give this highly publicized speech. But we’ve already seen a preview of what he's going to say in the remarks of Nancy Pelosi.

CAVUTO: So, what would you say? If you were in the same position, Herman, what -- we kind of have an idea of what the president might say.

(CROSSTALK)

CAIN: Right.

CAVUTO: And we just heard from Ed Henry, where they’re tamping down, don't expect the world, that sort of thing.

But if you were in that position, you would be dramatically cutting taxes, right?

CAIN: I would be dramatically cutting taxes.

I’ve already mentioned on your show my, ‘9-9-9 plan.’ I would immediately throw out the current tax code. It is costing Americans $430 billion a year just to comply -- 9 percent corporate tax, 9 percent income tax, and a 9 percent national sales tax, it's revenue-neutral and it would also provide a boost to growing this economy.

And the most important thing, certainty. The only certainty, Neil, coming out of the results today, as well as coming out of this administration, is that this economy is not going to get any better with more spending, more speeches, and more promises. This is what the American people are fed up with.

CAVUTO: You know this is a week Tea Partiers have really been a target of really some over-the-top remarks. And as a prominent African- American in your own right, what did you make of the racist charges, in other words, that those who are not seeing the wisdom of the Tea Party's nefarious ways are all but Uncle Toms?

CAIN: Well, as you know, I have been called racist. I have been called Uncle Tom.

I spoke today at the Republican National Hispanic Association. And I was in a room with other people who may not be in the majority, and I basically said, you know what? There are no minorities in this room. There are only patriots in this room.

And so, the Democrats have taken the race card to a new low, which is consistent with the new low in job creation. They have no plans. They are generating no results. So they’re desperate to basically call people names.

And even though I'm an active participant in the Tea Party, in the words of my grandfather, who didn't have a lot of education. They can call me racist. They can call me Uncle Tom. In my grandfather's vernacular, I does not care.

(LAUGHTER)

CAIN: I care about stimulating this economy. This is why I have already released my jobs plan, economic growth and jobs plan. I'm offering it to the president. All they have to do is take it and implement it, Neil. People are tired of waiting.

CAVUTO: All right, well, I wouldn't be holding your breath for the White House response.

(LAUGHTER)

CAVUTO: But, very quickly, Herman, you started out like a ball of thunder in this race. As more people entered, it got to be very crowded.

Do you feel like, especially given these latest polls, you’re getting lost in the sauce?

CAIN: Well, not really.

Yesterday, Rasmussen just released a new one. And you’ve been busy, because you are the pied piper of news. That's why you have all of these people around you, Neil. And so you have may have missed it.

CAVUTO: Well, they do all the thinking for me, as you know.

(LAUGHTER)

CAVUTO: But go ahead.

CAIN: Rasmussen released a poll yesterday showing how all of the candidates would fare up against President Obama if the election were held today. President Obama got 42 percent. I got 35 percent, within 7 percentage points.

CAVUTO: Wow, not too shabby.

(CROSSTALK)

CAIN: Now get this: He has 100 percent name I.D. My name I.D. is only 50 percent.

CAVUTO: All right.

CAIN: So, we may not have been sucked up in all of the latest hoopla. But I’ve got to tell you...

CAVUTO: All right.

CAIN: ... the thing about Cain supporters is that they don't defect. This campaign is doing just fine.

CAVUTO: All right. Be well. Continued good health, my friend.

Herman Cain in Florida...

CAIN: Thanks, Neil.

CAVUTO: ... still a very, very strong force in this race.

You have a lot of fans here, too, Herman, by the way.

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