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Kucinich: We can't cut jobs to pay off the debt

This is a rush transcript from "Hannity," February 12, 2013. This copy may not be in its final form and may be updated.

SEAN HANNITY, HOST: I want to go back to our other big news of the night and that is the president's State of the Union address. Here with reaction, Fox News contributor, former Congressman Dennis Kucinich is with us.

DENNIS KUCINICH, FOX NEWS CONTRIBUTOR: Hi, Sean.

HANNITY: Congressman, first of all, your thoughts. I know you stand a little slightly left of me, but we also have the great comparison with Marco Rubio's response, which I thought was one of the best responses for the state of Union Address I had seen. But, your reaction, your overall thoughts?

KUCINICH: Well, first of all we have a debt-based economic system and when you considered the exponential growth of the debt due to compounded interest, no amount of cutting is going to solve that. We need to look at changing our monetary policy.

And, you know, the other thing is, does government waste money? You bet it does. And, should we have a tax increase to cover that? Absolutely not. I am opposed to any tax increases.

We have to start thinking about -- we can't cut jobs to pay off the debt. We need to create jobs, so that there is more tax revenue coming in. So, you know, these are things -- you know, no to tax increases. No to austerity.

The other thing I want to add, no means testing to Social Security, that will undermine Social Security. And, Social Security is not part of the deficit problem. It's rock solid through the year 2032 without any changes whatsoever.

HANNITY: Wow. Am I hearing you correctly or is my earpiece off here, Congressman. Because I think I agree with almost everything you said. You are against the tax increases. The president has called for more tax increases. He just got one. He did talk about going after what he -- his words, not mine -- wealthy seniors. And, when he said deficit reduction is not an economic plan -- well, certainly, debt accumulation is robbing from our children. That scares me, and he really didn't addresses it in a big way.

KUCINICH: Well, Sean, our economic system, money equals debt. This is the problem. People don't always think about this. And, as long as money equals debt and we're borrowing money -- we borrowed money from China to pursue the war with Iraq -- we're going to keep having more debt. The compounded interest on the debt is growing exponentially.

So, what are we going to do? You got to go back to 1913 when the Federal Reserve was created, private ties and money supply. Put the debt on the government. We've got to take back article 1, section 8 in the constitution, which gave the government the power to be able to move the economy forward. And spur the private sector. I don't believe in increased taxation to get the economy going. That takes it in the opposite direction. You have to look at the structure of our monetary system, Sean, in order to have a sane discussion about this.

HANNITY: You know, why did I miss this Dennis Kucinich out on the campaign trail? I might have been a bigger supporter, Congressman.

Let me ask you what you thought of what I think is going to be a big story of the night. That was the republican response by Marco Rubio. What were your thoughts?

KUCINICH: You know, I was on my way to the studio when Rubio spoke.

HANNITY: OK. You miss that part.

KUCINICH: So, I am sorry, I didn't hear it.

HANNITY: No, that's fair. But, Congressman, I know it's late. Thank you so much for being with us. We appreciate it.

KUCINICH: It's good to be with you, Sean. Thank you.

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