The following is a completed transcript of President Obama and Mitt Romney's remarks at the first presidential debate in Denver on Oct. 3, 2012.
This debate and the next three -- two presidential, one vice- presidential -- are sponsored by the Commission on Presidential Debates.
Tonight's 90 minutes will be about domestic issues, and will follow a format designed by the commission. There will be six roughly 15-minute segments, with two-minute answers for the first question, then open discussion for the remainder of each segment.
Let's start the economy, segment one. And let's begin with jobs. What are the major differences between the two of you about how you would go about creating new jobs? You have two minutes -- each of you have two minutes to start. The coin toss has determined, Mr. President, you go first.
You know, four years ago we went through the worst financial crisis since the Great Depression. Millions of jobs were lost. The auto industry was on the brink of collapse. The financial system had frozen up. And because of the resilience and the determination of the American people, we've begun to fight our way back.
Over the last 30 months, we've seen 5 million jobs in the private sector created. The auto industry has come roaring back and housing has begun to rise. But we all know that we've still got a lot of work to do. And so the question here tonight is not where we've been but where we're going. Governor Romney has a perspective that says if we cut taxes, skewed towards the wealthy, and roll back regulations that we'll be better off.
MR. ROMNEY: Thank you, Jim. It's an honor to be here with you, and I appreciate the chance to be with the president. I am pleased to be at the University of Denver, appreciate their welcome and also the presidential commission on these debates.
And congratulations to you, Mr. President, on your anniversary. I'm sure this was the most romantic place you could imagine here -- here with me, so I -- (laughter) -- congratulations.
This is obviously a very tender topic. I've had the occasion over the last couple of years of meeting people across the country. I was in Dayton, Ohio, and a woman grabbed my arm, and she said, I've been out of work since May. Can you help me?
Ann yesterday was a rally in Denver, and a woman came up to her with a baby in her arms and said, Ann, my husband has had four jobs in three years, part-time jobs. He's lost his most recent job, and we've now just lost our home. Can you help us?
And the answer is yes, we can help, but it's going to take a different path, not the one we've been on, not the one the president describes as a top-down, cut taxes for the rich. That's not what I'm going to do.
Now, I'm concerned that the path that we're on has just been unsuccessful. The president has a view very similar to the view he had when he ran four years ago, that a bigger government, spending more, taxing more, regulating more -- if you will, trickle-down government would work. That's not the right answer for America. I'll restore the vitality that gets America working again.
MR. LEHRER: Mr. President, please respond directly to what the governor just said about trickle-down -- his trickle-down approach. He's -- as he said yours is.
First, we've got to improve our education system. And we've made enormous progress drawing on ideas both from Democrats and Republicans that are already starting to show gains in some of the toughest-to- deal-with schools. We've got a program called Race to the Top that has prompted reforms in 46 states around the country, raising standards, improving how we train teachers. So now I want to hire another hundred thousand new math and science teachers and create 2 million more slots in our community colleges so that people can get trained for the jobs that are out there right now. And I want to make sure that we keep tuition low for our young people.
So, all of this is possible. Now, in order for us to do it, we do have to close our deficit, and one of the things I'm sure we'll be discussing tonight is, how do we deal with our tax code, and how do we make sure that we are reducing spending in a responsible way, but also how do we have enough revenue to make those investments? And this is where there's a difference because Governor Romney's central economic plan calls for a $5 trillion tax cut, on top of the extension of the Bush tax cuts, so that's another $2 trillion, and $2 trillion in additional military spending that the military hasn't asked for. That's $8 trillion. How we pay for that, reduce the deficit and make the investments that we need to make without dumping those costs on the middle-class Americans I think is one of the central questions of this campaign.
MR. LEHRER: Both of you have spoken about a lot of different things, and we're going to try to get through them in as specific a way as we possibly can.
But first, Governor Romney, do you have a question that you'd like to ask the president directly about something he just said?
MR. ROMNEY: Well, sure. I'd like to clear up the record and go through it piece by piece. First of all, I don't have a $5 trillion tax cut. I don't have a tax cut of a scale that you're talking about. My view is that we ought to provide tax relief to people in the middle class. But I'm not going to reduce the share of taxes paid by high- income people. High-income people are doing just fine in this economy. They'll do fine whether you're president or I am.
The people who are having the hard time right now are middle- income Americans. Under the president's policies, middle-income Americans have been buried. They're -- they're just being crushed. Middle-income Americans have seen their income come down by $4,300. This is a -- this is a tax in and of itself. I'll call it the economy tax. It's been crushing. The same time, gasoline prices have doubled under the president, electric rates are up, food prices are up, health care costs have gone up by $2,500 a family.
Middle-income families are being crushed. And so the question is how to get them going again, and I've described it. It's energy and trade, the right kind of training programs, balancing our budget and helping small business. Those are the -- the cornerstones of my plan.
But the president mentioned a couple of other ideas, and I'll just note: first, education. I agree, education is key, particularly the future of our economy. But our training programs right now, we got 47 of them housed in the federal government, reporting to eight different agencies. Overhead is overwhelming. We got to get those dollars back to the states and go to the workers so they can create their own pathways to getting the training they need for jobs that will really help them.
The third area: energy. Energy is critical, and the president pointed out correctly that production of oil and gas in the U.S. is up. But not due to his policies. In spite of his policies. Mr. President, all of the increase in natural gas and oil has happened on private land, not on government land. On government land, your administration has cut the number of permits and license in half. If I'm president, I'll double them. And also get the -- the oil from offshore and Alaska. And I'll bring that pipeline in from Canada.
And by the way, I like coal. I'm going to make sure we continue to burn clean coal. People in the coal industry feel like it's getting crushed by your policies. I want to get America and North America energy independent, so we can create those jobs.
And finally, with regards to that tax cut, look, I'm not looking to cut massive taxes and to reduce the -- the revenues going to the government. My -- my number one principle is there'll be no tax cut that adds to the deficit.
I want to underline that -- no tax cut that adds to the deficit. But I do want to reduce the burden being paid by middle-income Americans. And I -- and to do that that also means that I cannot reduce the burden paid by high-income Americans. So any -- any language to the contrary is simply not accurate.
PRESIDENT OBAMA: Well, I think -- let's talk about taxes because I think it's instructive. Now, four years ago when I stood on this stage I said that I would cut taxes for middle-class families. And that's exactly what I did. We cut taxes for middle-class families by about $3,600. And the reason is because I believe we do best when the middle class is doing well.
Now, Governor Romney's proposal that he has been promoting for 18 months calls for a $5 trillion tax cut on top of $2 trillion of additional spending for our military. And he is saying that he is going to pay for it by closing loopholes and deductions. The problem is that he's been asked a -- over a hundred times how you would close those deductions and loopholes and he hasn't been able to identify them.
PRESIDENT OBAMA: When you add up all the loopholes and deductions that upper income individuals can -- are currently taking advantage of -- if you take those all away -- you don't come close to paying for $5 trillion in tax cuts and $2 trillion in additional military spending. And that's why independent studies looking at this said the only way to meet Governor Romney's pledge of not reducing the deficit -- or -- or -- or not adding to the deficit, is by burdening middle-class families.
The average middle-class family with children would pay about $2,000 more. Now, that's not my analysis; that's the analysis of economists who have looked at this. And -- and that kind of top -- top-down economics, where folks at the top are doing well so the average person making 3 million bucks is getting a $250,000 tax break while middle- class families are burdened further, that's not what I believe is a recipe for economic growth.
MR. ROMNEY: But I -- but I -- right, right.
MR. LEHRER: OK. Yeah, just -- let's just stay on taxes for a moment.
MR. ROMNEY: -- virtually every -- virtually everything he just said about my tax plan is inaccurate.
MR. ROMNEY: So -- so if -- if the tax plan he described were a tax plan I was asked to support, I'd say absolutely not. I'm not looking for a $5 trillion tax cut. What I've said is I won't put in place a tax cut that adds to the deficit. That's part one. So there's no economist can say Mitt Romney's tax plan adds 5 trillion (dollars) if I say I will not add to the deficit with my tax plan.
Number two, I will not reduce the share paid by high-income individuals. I -- I know that you and your running mate keep saying that, and I know it's a popular things to say with a lot of people, but it's just not the case. Look, I got five boys. I'm used to people saying something that's not always true, but just keep on repeating it and ultimately hoping I'll believe it -- (scattered laughter) -- but that -- that is not the case, all right? I will not reduce the taxes paid by high-income Americans.
And number three, I will not, under any circumstances, raise taxes on middle-income families. I will lower taxes on middle-income families. Now, you cite a study. There are six other studies that looked at the study you describe and say it's completely wrong. I saw a study that came out today that said you're going to raise taxes by 3(,000 dollars) to $4,000 on -- on middle-income families. There are all these studies out there.
But let's get to the bottom line. That is, I want to bring down rates. I want to bring down the rates down, at the same time lower deductions and exemptions and credits and so forth so we keep getting the revenue we need.
MR. LEHRER: All right. That's where we started.
PRESIDENT OBAMA: Well, for 18 months he's been running on this tax plan. And now, five weeks before the election, he's saying that his big, bold idea is "never mind." And the fact is that if you are lowering the rates the way you describe, Governor, then it is not possible to come up with enough deductions and loopholes that only affect high-income individuals to avoid either raising the deficit or burdening the middle class. It's -- it's math. It's arithmetic.
Now, Governor Romney and I do share a deep interest in encouraging small-business growth. So at the same time that my tax plan has already lowered taxes for 98 percent of families, I also lowered taxes for small businesses 18 times. And what I want to do is continue the tax rates -- the tax cuts that we put into place for small businesses and families.
And we do have a difference, though, when it comes to definitions of small business. Now, under -- under my plan, 97 percent of small businesses would not see their income taxes go up. Governor Romney says, well, those top 3 percent, they're the job creators. They'd be burdened.
But under Governor Romney's definition, there are a whole bunch of millionaires and billionaires who are small businesses. Donald Trump is a small business. And I know Donald Trump doesn't like to think of himself as small anything, but -- but that's how you define small businesses if you're getting business income. And that kind of approach, I believe, will not grow our economy because the only way to pay for it without either burdening the middle class or blowing up our deficit is to make drastic cuts in things like education, making sure that we are continuing to invest in basic science and research, all the things that are helping America grow. And I think that would be a mistake.
MR. ROMNEY: Jim, let me just come back on that -- on that point.
MR. LEHRER: -- we're way over our first 15 minutes.
MR. ROMNEY: It's fun, isn't it?
MR. LEHRER: It's OK. It's great.
MR. LEHRER: No problem. No, you don't have -- you don't have a problem, I don't have a problem, because we're still on the economy, but we're going to come back to taxes and we're going to move on to the deficit and a lot of other things, too.
Well, President, you're -- Mr. President, you're absolutely right, which is that with regards to 97 percent of the businesses are not -- not taxed at the 35 percent tax rate, they're taxed at a lower rate. But those businesses that are in the last 3 percent of businesses happen to employ half -- half -- of all of the people who work in small business. Those are the businesses that employ one quarter of all the workers in America. And your plan is take their tax rate from 35 percent to 40 percent.
Now, I talked to a guy who has a very small business. He's in the electronics business in -- in St. Louis. He has four employees.
He said he and his son calculated how much they pay in taxes. Federal income tax, federal payroll tax, state income tax, state sales tax, state property tax, gasoline tax -- it added up to well over 50 percent of what they earned.
And your plan is to take the tax rate on successful small businesses from 35 percent to 40 percent. The National Federation of Independent Businesses has said that will cost 700,000 jobs. I don't want to cost jobs. My priority is jobs. And so what I do is I bring down the tax rates, lower deductions and exemptions -- the same idea behind Bowles-Simpson, by the way. Get the rates down, lower deductions and exemptions to create more jobs, because there's nothing better for getting us to a balanced budget than having more people working, earning more money, paying -- (chuckles) -- more taxes. That's by far the most effective and efficient way to get this budget balanced.
PRESIDENT OBAMA: Jim, I -- you may want to move on to another topic, but I would just say this to the American people. If you believe that we can cut taxes by $5 trillion and add $2 trillion in additional spending that the military is not asking for -- $7 trillion, just to give you a sense, over 10 years that's more than our entire defense budget -- and you think that by closing loopholes and deductions for the well-to-do, somehow you will not end up picking up the tab, then Governor Romney's plan may work for you.
But I think math, common sense and our history shows us that's not a recipe for job growth.
Look, we've tried this -- we've tried both approaches. The approach that Governor Romney's talking about is the same sales pitch that was made in 2001 and 2003. And we ended up with the slowest job growth in 50 years. We ended up moving from surplus to deficits. And it all culminated in the worst financial crisis since the Great Depression.
Bill Clinton tried the approach that I'm talking about. We created 23 million new jobs. We went from deficit to surplus, and businesses did very well.
So in some ways, we've got some data on which approach is more likely to create jobs and opportunity for Americans, and I believe that the economy works best when middle-class families are getting tax breaks so that they've got some money in their pockets and those of us who have done extraordinarily well because of this magnificent country that we live in, that we can afford to do a little bit more to make sure we're not blowing up the deficit.
MR. LEHRER: Well, you're going to get the first word in the next segment.
MR. ROMNEY: Well, but -- but he gets the first word of that segment. I get the last word of that segment, I hope. Let me just make this comment.
MR. LEHRER: That's not how it works.
MR. ROMNEY: Let me -- let me repeat -- let me repeat what I said -- (inaudible). I'm not in favor of a $5 trillion tax cut. That's not my plan. My plan is not to put in place any tax cut that will add to the deficit. That's point one. So you may keep referring to it as a $5 trillion tax cut, but that's not my plan.
MR. ROMNEY: Number two, let's look at history. My plan is not like anything that's been tried before. My plan is to bring down rates but also bring down deductions and exemptions and credits at the same time so the revenue stays in, but that we bring down rates to get more people working. My priority is putting people back to work in America. They're suffering in this country. And we talk about evidence -- look at the evidence of the last four years. It's absolutely extraordinary. We've got 23 million people out of work or stop looking for work in this country.
MR. ROMNEY: It's just -- it's -- we've got -- we got -- when the president took office, 32 million people on food stamps; 47 million on food stamps today. Economic growth this year slower than last year, and last year slower than the year before. Going forward with the status quo is not going to cut it for the American people who are struggling today.
MR. LEHRER: All right. Let's talk -- we're still on the economy. This is, theoretically now, a second segment still on the economy, and specifically on what do about the federal deficit, the federal debt. And the question -- you each have two minutes on this -- and, Governor Romney you go first because the president went first on segment one. And the question is this: What are the differences between the two of you as to how you would go about tackling the deficit problem in this country?
MR. ROMNEY: Well, good. I'm glad you raised that. And it's a -- it's a critical issue. I think it's not just an economic issue. I think it's a moral issue. I think it's, frankly, not moral for my generation to keep spending massively more than we take in, knowing those burdens are going to be passed on to the next generation. And they're going to be paying the interest and the principle all their lives. And the amount of debt we're adding, at a trillion a year, is simply not moral.
So how do we deal with it? Well, mathematically there are -- there are three ways that you can cut a deficit. One, of course, is to raise taxes. Number two is to cut spending. And number three is to grow the economy because if more people work in a growing economy they're paying taxes and you can get the job done that way.
The presidents would -- president would prefer raising taxes. I understand. The problem with raising taxes is that it slows down the rate of growth and you could never quite get the job done. I want to lower spending and encourage economic growth at the same time.
What things would I cut from spending? Well, first of all, I will eliminate all programs by this test -- if they don't pass it: Is the program so critical it's worth borrowing money from China to pay for it? And if not, I'll get rid of it. "Obamacare" is on my list. I apologize, Mr. President. I use that term with all respect.
MR. ROMNEY: Good. OK, good. (Laughter.) So I'll get rid of that. I'm sorry, Jim. I'm going to stop the subsidy to PBS. I'm going to stop other things. I like PBS. I love Big Bird. I actually like you too. But I'm not going to -- I'm not going to keep on spending money on things to borrow money from China to pay for it. That's number one.
Number two, I'll take programs that are currently good programs but I think could be run more efficiently at the state level and send them to state.
This is the approach we have to take to get America to a balanced budget. The president said he'd cut the deficit in half. Unfortunately, he doubled it. Trillion-dollar deficits for the last four years. The president's put it in place as much public debt -- almost as much debt held by by the public as all prior presidents combined.
And despite that, what we've said is, yes, we had to take some initial emergency measures to make sure we didn't slip into a Great Depression. But what we've also said is, let's make sure that we are cutting out those things that are not helping us grow.
So, 77 government programs -- everything from aircrafts that the Air Force had ordered but weren't working very well. Eighteen government -- 18 government programs for education that were well- intentioned but weren't helping kids learn. We went after medical fraud in Medicare and Medicaid very aggressively -- more aggressively than ever before, and have saved tens of billions of dollars. Fifty billion dollars of waste taken out of the system.
Now, we all know that we've got to do more. And so I've put forward a specific $4 trillion deficit-reduction plan.
It's on a website. You can look at all the numbers, what cuts we make and what revenue we raise.
And Governor Romney earlier mentioned the Bowles-Simpson commission. Well, that's how the commission -- bipartisan commission that talked about how we should move forward suggested we have to do it -- in a balanced way with some revenue and some spending cuts. And this is a major difference that Governor Romney and I have.
MR. ROMNEY: I have my own plan. It's not the same as Simpson- Bowles. But in my view, the president should have grabbed it. If you wanted to make some adjustments to it, take it, go to Congress, fight for it.
MR. ROMNEY: But you've been -- but you've been president four years. You've been president four years. You said you'd cut the deficit in half. It's now four years later. We still have trillion- dollar deficits.
The CBO says we'll have a trillion-dollar deficit each of the next four years. If you're re-elected, we'll get to a trillion-dollar debt. You have said before you'd cut the deficit in half. And this four -- I love this idea of 4 trillion (dollars) in cuts. You've found $4 trillion of ways to reduce or to get closer to a balanced budget, except we still show trillion dollar deficits every year. That doesn't get the job done.
Let me come back and say, why is that I don't want to raise taxes? Why don't I want to raise taxes on people? And actually, you said it back in 2010. You said, look, I'm going to extend the tax policies that we have. Now, I'm not going to raise taxes on anyone because when the economy's growing slow like this, when we're in recession you shouldn't raise taxes on anyone.
Well, the economy is still growing slow. As a matter of fact, it's growing much more slowly now than when you made that statement. And so if you believe the same thing, you just don't want to raise taxes on people. And the reality is it's not just wealthy people -- you mentioned Donald Trump -- it's not just Donald Trump you're taxing; it's all those businesses that employ one-quarter of the workers in America. These small businesses that are taxed as individuals. You raise taxes and you kill jobs. That's why the National Federation of Independent Businesses said your plan will kill 700,000 jobs. I don't want to kill jobs in this environment.
MR. LEHRER: Let's let him answer the taxes thing for a moment, OK?
PRESIDENT OBAMA: Well, we've had this discussion before.
PRESIDENT OBAMA: There has to be revenue in addition to cuts. Now, Governor Romney has ruled out revenue. He's -- he's ruled out revenue.
MR. LEHRER: That's true, right?
MR. ROMNEY: I -- look, the revenue I get is by more people working, getting higher pay, paying more taxes. That's how we get growth and how we balance the budget. But the idea of taxing people more, putting more people out of work -- you'll never get there. You never balance the budget by raising taxes.
Spain -- Spain spends 42 percent of their total economy on government. We're now spending 42 percent of our economy on government.
I don't want to go down the path to Spain. I want to go down the path of growth that puts Americans to work, with more money coming in because they're working.
PRESIDENT OBAMA: If we're serious, we've got to take a balanced, responsible approach. And by the way, this is not just when it comes to individual taxes.
Let's talk about corporate taxes. Now, I've identified areas where we can, right away, make a change that I believe would actually help the economy. The -- the oil industry gets $4 billion a year in corporate welfare. Basically, they get deductions that those small businesses that Governor Romney refers to, they don't get. Now, does anybody think that ExxonMobil needs some extra money when they're making money every time you go to the pump? Why wouldn't we want to eliminate that?
Why wouldn't we eliminate tax breaks for corporate jets? My attitude is if you got a corporate jet, you can probably afford to pay full freight, not get a special break for it.
When it comes to corporate taxes, Governor Romney has said he wants to, in a revenue-neutral way, close loopholes, deductions -- he hasn't identified which ones they are -- but thereby bring down the corporate rate. Well, I want to do the same thing, but I've actually identified how we can do that.
And part of the way to do it is to not give tax breaks to companies that are shipping jobs overseas. Right now you can actually take a deduction for moving a plant overseas. I think most Americans would say that doesn't make sense. And all that raises revenue.
And so if we take a balanced approach, what that then allows us to do is also to help young people, the way we already have during my administration, make sure that they can afford to go to college. It means that the teacher that I met in Las Vegas, wonderful young lady, who describes to me -- she's got 42 kids in her class.
The first two weeks, she's got them -- some of them sitting on the floor until finally they get reassigned. They're using textbooks that are 10 years old. That is not a recipe for growth; that's not how America was built.
And so budgets reflect choices. Ultimately we're going to have to make some decisions. And if we're asking for no revenue, then that means that we've got to get rid of a whole bunch of stuff, and the magnitude of the tax cuts that you're talking about, Governor, would end up resulting in severe hardship for people, but more importantly, would not help us grow.
As I indicated before, when you talk about shifting Medicaid to states, we're talking about potentially a -- a 30 -- a 30 percent cut in Medicaid over time. Now, you know, that may not seem like a big deal when it just is -- you know, numbers on a sheet of paper, but if we're talking about a family who's got an autistic kid and is depending on that Medicaid, that's a big problem. And governors are creative. There's no doubt about it. But they're not creative enough to make up for 30 percent of revenue on something like Medicaid. What ends up happening is some people end up not getting help.
PRESIDENT OBAMA: It's time to end it.
MR. ROMNEY: And -- and in one year, you provided $90 billion in breaks to the green energy world. Now, I like green energy as well, but that's about 50 years' worth of what oil and gas receives, and you say Exxon and Mobil -- actually, this $2.8 billion goes largely to small companies, to drilling operators and so forth.
But you know, if we get that tax rate from 35 percent down to 25 percent, why, that $2.8 billion is on the table. Of course it's on the table. That's probably not going to survive, you get that rate down to 25 percent.
But -- but don't forget, you put $90 billion -- like 50 years worth of breaks -- into solar and wind, to -- to Solyndra and Fisker and Tesla and Ener1. I mean, I -- I had a friend who said, you don't just pick the winners and losers; you pick the losers. All right? So -- so this is not -- this is not the kind of policy you want to have if you want to get America energy-secure.
The second topic, which is you said you get a deduction for getting a plant overseas. Look, I've been in business for 25 years. I have no idea what you're talking about. I maybe need to get a new accountant.
MR. ROMNEY: But the -- the idea that you get a break for shipping jobs overseas is simply not the case.
MR. ROMNEY: -- where I'd like to bring money from overseas back to this country.
And finally, Medicaid to states, I'm not quite sure where that came in, except this, which is, I would like to take the Medicaid dollars that go to states and say to a state, you're going to get what you got last year plus inflation -- inflation -- plus 1 percent. And then you're going to manage your care for your poor in the way you think best.
So let states -- one of the magnificent things about this country is the whole idea that states are the laboratories of democracy. Don't have the federal government tell everybody what kind of training programs they have to have and what kind of Medicaid they have to have. Let states do this.
MR. ROMNEY: -- of our people and states, not the federal government.
MR. LEHRER: Two seconds and we're going on, still on the economy on another -- but another part of it.
First answer goes to you. It's two minutes. Mr. President, do you see a major difference between the two of you on Social Security?
MR. LEHRER: Sure -- it -- you bet.
PRESIDENT OBAMA: -- of our deficits right now.
And that's the perspective I bring when I think about what's called entitlements. You know, the name itself implies some sense of dependency on the part of these folks. These are folks who've worked hard, like my grandmother. And there are millions of people out there who are counting on this.
So my approach is to say, how do we strengthen the system over the long term? And in Medicare, what we did was we said, we are going to have to bring down the costs if we're going to deal with our long- term deficits, but to do that, let's look where some of the money is going. Seven hundred and sixteen billion dollars we were able to save from the Medicare program by no longer overpaying insurance companies, by making sure that we weren't overpaying providers.
And using that money, we were actually able to lower prescription drug costs for seniors by an average of $600, and we were also able to make a -- make a significant dent in providing them the kind of preventive care that will ultimately save money through the -- throughout the system.
So the way for us to deal with Medicare in particular is to lower health care costs. But when it comes to Social Security, as I said, you don't need a major structural change in order to make sure that Social Security is there for the future.
MR. LEHRER: We'll follow up on this.
MR. ROMNEY: Well, Jim, our seniors depend on these programs. And I know any time we talk about entitlements, people become concerned that something's going to happen that's going to change their life for the worst, and the answer is, neither the president nor I are proposing any changes for any current retirees or near retirees, either to Social Security or Medicare. So if you're 60 or around 60 or older, you don't need to listen any further.
Oh, I just thought about one, and that is in fact I was wrong when I said the president isn't proposing any changes for current retirees. In fact, he is on Medicare. On Social Security, he's not.
But on Medicare, for current retirees he's cutting $716 billion from the program. Now, he says by not overpaying hospitals and providers, actually just going to them and saying we're going to reduce the rates you get paid across the board, everybody's going to get a lower rate. That's not just going after places where there's abuse, that's saying we're cutting the rates. Some 15 percent of hospitals and nursing homes say they won't take anymore Medicare patients under that scenario.
We also have 50 percent of doctors who say they won't take more Medicare patients. This -- we have 4 million people on Medicare Advantage that will lose Medicare Advantage because of those $716 billion in cuts. I can't understand how you can cut Medicare $716 billion for current recipients of Medicare.
Now, you point out, well, we're putting some back; we're going to give a better prescription program. That's one -- that's $1 for every 15 (dollars) you've cut. They're smart enough to know that's not a good trade.
I want to take that $716 billion you've cut and put it back into Medicare. By the way, we can include a prescription program if we need to improve it, but the idea of cutting $716 billion from Medicare to be able to balance the additional cost of "Obamacare" is, in my opinion, a mistake. And with regards to young people coming along, I've got proposals to make sure Medicare and Social Security are there for them without any question.
MR. LEHRER: And you -- and you don't support that?
PRESIDENT OBAMA: I don't. And -- and let me explain why.
MR. ROMNEY: -- right, not for current retirees.
PRESIDENT OBAMA: For -- for -- so if you're -- if you -- you're 54 or 55, you might want to listen, because this -- this will affect you. The idea, which was originally presented by Congressman Ryan, your running mate, is that we would give a voucher to seniors, and they could go out in the private marketplace and buy their own health insurance. The problem is that because the voucher wouldn't necessarily keep up with health care inflation, it was estimated that this would cost the average senior about $6,000 a year.
Now, in fairness, what Governor Romney has now said is he'll maintain traditional Medicare alongside it. But there's still a problem, because what happens is those insurance companies are pretty clever at figuring out who are the younger and healthier seniors.
They recruit them leaving the older, sicker seniors in Medicare. And every health care economist who looks at it says over time what'll happen is the traditional Medicare system will collapse. And then what you've got is folks like my grandmother at the mercy of the private insurance system, precisely at the time when they are most in need of decent health care.
So I don't think vouchers are the right way to go. And this is not my own -- only my opinion. AARP thinks that the -- the savings that we obtained from Medicare bolster the system, lengthen the Medicare trust fund by 8 years. Benefits were not affected at all and ironically if you repeal "Obamacare" -- and I have become fond of this term, "Obamacare" -- (laughter) -- if you repeal it, what happens is those seniors right away are going to be paying $600 more in prescription care. They're now going to have to be paying copays for basic check-ups that can keep them healthier.
And the primary beneficiary of that repeal are insurance companies that are estimated to gain billions of dollars back when they aren't making seniors any healthier. And I -- I don't think that's right approach when it comes to making sure that Medicare is stronger over the long term.
MR. LEHRER: We'll talk about -- specifically about health care in a moment, but what is -- do you support the voucher system, Governor?
MR. ROMNEY: So that's -- that's number one.
MR. ROMNEY: Number two is for people coming along that are young. What I'd do to make sure that we can keep Medicare in place for them is to allow them either to choose the current Medicare program or a private plan -- their choice. They get to -- and they'll have at least two plans that will be entirely at no cost to them. So they don't have to pay additional money, no additional $6,000. That's not going to happen.
They'll have at least two plans.
And by the way, if the government can be as efficient as the private sector and offer premiums that are as low as the private sector, people will be happy to get traditional Medicare, or they'll be able to get a private plan. I know my own view is I'd rather have a private plan. I -- I'd just as soon not have the government telling me what kind of health care I get. I'd rather be able to have an insurance company. If I don't like them, I can get rid of them and find a different insurance company. But people will make their own choice.
And by the way, the idea came not even from Paul Ryan or -- or Senator Wyden, who's a co-author of the bill with -- with Paul Ryan in the Senate, but also it came from Bill Clinton's -- Bill Clinton's chief of staff. This is an idea that's been around a long time, which is saying, hey, let's see if we can't get competition into the Medicare world so that people can get the choice of different plans at lower cost, better quality. I believe in competition.
PRESIDENT OBAMA: Jim, if I -- if I can just respond very quickly, first of all, every study has shown that Medicare has lower administrative cost than private insurance does, which is why seniors are generally pretty happy with it. And private insurers have to make a profit. Nothing wrong with that; that's what they do. And so you've got higher administrative costs, plus profit on top of that, and if you are going to save any money through what Governor Romney's proposing, what has to happen is is that the money has to come from somewhere.
MR. LEHRER: We'll talk about that in a minute.
PRESIDENT OBAMA: -- but -- but overall.
MR. ROMNEY: That's -- that's a big topic. Could we -- could we stay on Medicare?
PRESIDENT OBAMA: Is that a -- is that a separate topic? I'm sorry.
MR. ROMNEY: Let's get back to Medicare.
MR. ROMNEY: -- cost and without a profit.
MR. LEHRER: -- on Medicare?
MR. LEHRER: All right. So, to finish quickly, briefly, on the economy, what is your view about the level of federal regulation of the economy right now? Is there too much, and in your case, Mr. President, is there -- should there be more? Beginning with you -- this is not a new two-minute segment -- to start, and we'll go for a few minutes and then we're going to go to health care. OK?
MR. ROMNEY: Regulation is essential. You can't have a free market work if you don't have regulation. As a business person, I had to have -- I needed to know the regulations. I needed them there. You couldn't have people opening up banks in their -- in their garage and making loans. I mean, you have to have regulations so that you can have an economy work. Every free economy has good regulation.
MR. ROMNEY: It can become out of date. And what's happened in -- with some of the legislation that's been passed during the president's term, you've seen regulation become excessive and it's hurt the -- it's hurt the economy. Let me give you an example. Dodd- Frank was passed, and it includes within it a number of provisions that I think have some unintended consequences that are harmful to the economy. One is it designates a number of banks as too big to fail, and they're effectively guaranteed by the federal government.
This is the biggest kiss that's been given to -- to New York banks I've ever seen. This is an enormous boon for them. There's been -- 122 community and small banks have closed since Dodd-Frank. So there's one example.
MR. LEHRER: No, no, let's do -- right now, let's not. Let's let him respond.
MR. LEHRER: Let's let him respond to this specific on Dodd-Frank and what the governor just said.
PRESIDENT OBAMA: Well, I think this is a great example. The reason we have been in such a enormous economic crisis was prompted by reckless behavior across the board. Now, it wasn't just on Wall Street. You had -- loan officers were -- they were giving loans and mortgages that really shouldn't have been given, because they're -- the folks didn't qualify. You had people who were borrowing money to buy a house that they couldn't afford. You had credit agencies that were stamping these as A-1 (ph) great investments when they weren't. But you also had banks making money hand-over-fist, churning out products that the bankers themselves didn't even understand in order to make big profits, but knowing that it made the entire system vulnerable.
So what did we do? We stepped in and had the toughest reforms on Wall Street since the 1930s. We said you've got -- banks, you've got to raise your capital requirements. You can't engage in some of this risky behavior that is putting Main Street at risk. We're going to make sure that you've got to have a living will, so -- so we can know how you're going to wind things down if you make a bad bet so we don't have other taxpayer bailouts.
Now, Governor Romney has said he wants to repeal Dodd-Frank, and, you know, I appreciate, and it appears we've got some agreement that a marketplace to work has to have some regulation, but in the past, Governor Romney has said he just wants to repeal Dodd-Frank, roll it back. And so the question is does anybody out there think that the big problem we had is that there was too much oversight and regulation of Wall Street? Because if you do, then Governor Romney is your candidate. But that's not what I believe.
MR. ROMNEY: (Inaudible) -- sorry, Jim. That -- that's just not -- that's just not the facts. Look, we have to have regulation of Wall Street.
MR. ROMNEY: That -- that's why I'd have regulation. But I wouldn't designate five banks as too big to fail and give them a blank check. That's one of the unintended consequences of Dodd-Frank. It wasn't thought through properly. We need to get rid of that provision, because it's killing regional and small banks. They're getting hurt.
MR. ROMNEY: -- have qualified mortgages, and if you give a mortgage that's not qualified, there are big penalties. Except they didn't ever go on to define what a qualified mortgage was.
MR. ROMNEY: -- because Dodd-Frank didn't anticipate putting in place the kinds of regulations you have to have. It's not that Dodd- Frank always was wrong with too much regulation. Sometimes they didn't come out with a clear regulation.
MR. ROMNEY: I will make sure we don't hurt the functioning of our -- of our marketplace and our businesses, because I want to bring back housing and get good jobs.
And it's a two-minute new segment, and it's -- that means two minutes each. And you go first, Governor Romney. You wanted repeal. You want the Affordable Care Act repealed. Why?
MR. ROMNEY: I sure do. Well, in part, it comes, again, from my experience. I was in New Hampshire. A woman came to me, and she said, look, I can't afford insurance for myself or my son. I met a couple in Appleton, Wisconsin, and they said, we're thinking of dropping our insurance; we can't afford it. And the number of small businesses I've gone to that are saying they're dropping insurance because they can't afford it -- the cost of health care is just prohibitive. And -- and we've got to deal with cost.
And unfortunately, when -- when you look at "Obamacare," the Congressional Budget Office has said it will cost $2,500 a year more than traditional insurance. So it's adding to cost. And as a matter of fact, when the president ran for office, he said that by this year he would have brought down the cost of insurance for each family by $2,500 a family. Instead, it's gone up by that amount. So it's expensive. Expensive things hurt families. So that's one reason I don't want it.
Number three, it puts in place an unelected board that's going to tell people, ultimately, what kind of treatments they can have. I don't like that idea.
Fourth, there was a survey done of small businesses across the country. It said, what's been the effect of "Obamacare" on your hiring plans? And three-quarters of them said, it makes us less likely to hire people. I just don't know how the president could have come into office, facing 23 million people out of work, rising unemployment, an economic crisis at the -- at the kitchen table and spent his energy and passion for two years fighting for "Obamacare" instead of fighting for jobs for the American people.
It has killed jobs. And the best course for health care is to do what we did in my state, craft a plan at the state level that fits the needs of the state. And then let's focus on getting the costs down for people rather than raising it with the $2,500 additional premium.
PRESIDENT OBAMA: Well, four years ago when I was running for office I was traveling around and having those same conversations that Governor Romney talks about. And it wasn't just that small businesses were seeing costs skyrocket and they couldn't get affordable coverage even if they wanted to provide it to their employees; it wasn't just that this was the biggest driver of our federal deficit, our overall health care costs. But it was families who were worried about going bankrupt if they got sick -- millions of families, all across the country.
If they had a pre-existing condition they might not be able to get coverage at all. If they did have coverage, insurance companies might impose an arbitrary limit. And so as a consequence, they're paying their premiums, somebody gets really sick, lo and behold they don't have enough money to pay the bills because the insurance companies say that they've hit the limit. So we did work on this alongside working on jobs, because this is part of making sure that middle-class families are secure in this country.
And let me tell you exactly what "Obamacare" did. Number one, if you've got health insurance it doesn't mean a government take over. You keep your own insurance. You keep your own doctor. But it does say insurance companies can't jerk you around. They can't impose arbitrary lifetime limits. They have to let you keep your kid on their insurance -- your insurance plan till you're 26 years old. And it also says that they're -- you're going to have to get rebates if insurance companies are spending more on administrative costs and profits than they are on actual care.
PRESIDENT OBAMA: -- leaving millions of people out in the cold.
MR. ROMNEY: But I'll go on.
First of all, I like the way we did it in Massachusetts. I like the fact that in my state, we had Republicans and Democrats come together and work together. What you did instead was to push through a plan without a single Republican vote. As a matter of fact, when Massachusetts did something quite extraordinary, elected a Republican senator to stop "Obamacare," you pushed it through anyway. So entirely on a partisan basis, instead of bringing America together and having a discussion on this important topic, you pushed through something that you and Nancy Pelosi and Harry Reid thought was the best answer and drove it through.
What we did, in a legislature 87 percent Democrat, we worked together. Two hundred legislators in my legislature -- only two voted against the plan by the time we were finished.
We didn't raise taxes. You've raised them by a trillion dollars under "Obamacare." We didn't cut Medicare. Of course, we don't have Medicare, but we didn't cut Medicare by $716 billion. We didn't put in place a board that can tell people ultimately what treatments they're going to receive.
We didn't -- we didn't also do something that I think a number of people across this country recognize, which is put -- put people in a position where they're going to lose the insurance they had and they wanted. Right now, the CBO says up to 20 million people will lose their insurance as "Obamacare" goes into effect next year. And likewise, a study by McKinsey & Company of American businesses said 30 percent of them are anticipating dropping people from coverage. So for those reasons, for the tax, for Medicare, for this board and for people losing their insurance, this is why the American people don't want -- don't want "Obamacare." It's why Republicans said, do not do this.
And the Republicans had a -- had a plan. They put a plan out. They put out a plan, a bipartisan plan. It was swept aside. I think something this big, this important has to be done in a bipartisan basis. And we have to have a president who can reach across the aisle and fashion important legislation with the input from both parties.
And Governor Romney, at the beginning of this debate, wrote and said, what we did in Massachusetts could be a model for the nation. And I agree that the Democratic legislators in Massachusetts might have given some advice to Republicans in Congress about how to cooperate, but the fact of the matter is, we used the same advisers, and they say it's the same plan.
It -- when Governor Romney talks about this board, for example -- unelected board that we've created -- what this is, is a group of health care experts, doctors, et cetera, to figure out how can we reduce the cost of care in the system overall, because the -- there are two ways of dealing with our health care crisis.
One is to simply leave a whole bunch of people uninsured and let them fend for themselves, to let businesses figure out how long they can continue to pay premiums until finally they just give up and their workers are no longer getting insured, and that's been the trend line. Or, alternatively, we can figure out how do we make the cost of care more effective. And there are ways of doing it.
So at -- at Cleveland Clinic, one of the best health care systems in the world, they actually provide great care cheaper than average. And the reason they do is because they do some smart things. They -- they say, if a patient's coming in, let's get all the doctors together at once, do one test instead of having the patient run around with 10 tests. Let's make sure that we're providing preventive care so we're catching the onset of something like diabetes. Let's -- let's pay providers on the basis of performance as opposed to on the basis of how many procedures they've -- they've engaged in. Now, so what this board does is basically identifies best practices and says, let's use the purchasing power of Medicare and Medicaid to help to institutionalize all these good things that we do.
And the fact of the matter is that when "Obamacare" is fully implemented, we're going to be in a position to show that costs are going down. And over the last two years, health care premiums have gone up, it's true, but they've gone up slower than any time in the last 50 years. So we're already beginning to see progress. In the meantime, folks out there with insurance, you're already getting a rebate.
Let me make one last point. Governor Romney says we should replace it. I'm just going to repeal it, but we can replace it with something. But the problem is he hasn't described what exactly we'd replace it with other than saying we're going to leave it to the states.
But the fact of the matter is that some of the prescriptions that he's offered, like letting you buy insurance across state lines, there's no indication that that somehow is going to help somebody who's got a pre-existing condition be able to finally buy insurance. In fact, it's estimated that by repealing "Obamacare," you're looking at 50 million people losing health insurance at a time when it's vitally important.
MR. LEHRER: Let's let the governor explain what you would do if "Obamacare" is repealed. How would you replace it? What do you have in mind?
MR. ROMNEY: Let -- well, actually -- actually it's -- it's -- it's a lengthy description, but number one, pre-existing conditions are covered under my plan. Number two, young people are able to stay on their family plan. That's already offered in the private marketplace; you don't have -- have the government mandate that for that to occur.
But let's come back to something the president -- I agree on, which is the -- the key task we have in health care is to get the costs down so it's more affordable for families, and -- and then he has as a model for doing that a board of people at the government, an unelected board, appointed board, who are going to decide what kind of treatment you ought to have.
PRESIDENT OBAMA: No, it isn't.
MR. ROMNEY: In my opinion, the government is not effective in -- in bringing down the cost of almost anything. As a matter of fact, free people and free enterprises trying to find ways to do things better are able to be more effective in bringing down the costs than the government will ever be. Your example of the Cleveland clinic is my case in point, along with several others I could describe. This is the private market. These are small -- these are enterprises competing with each other, learning how to do better and better jobs.
I used to consult to businesses -- excuse me, to hospitals and to health care providers. I was astonished at the creativity and innovation that exists in the American people. In order to bring the cost of health care down, we don't need to have a -- an -- a board of 15 people telling us what kinds of treatments we should have. We instead need to put insurance plans, providers, hospitals, doctors on targets such that they have an incentive, as you say, performance pay, for doing an excellent job, for keeping costs down, and that's happening.
MR. ROMNEY: Mayo Clinic is doing it superbly well, Cleveland Clinic, others. But the right answer is not to have the federal government take over health care and start mandating to the providers across America, telling a patient and a doctor what kind of treatment they can have. That's the wrong way to go. The private market and individual responsibility always work best.
PRESIDENT OBAMA: Let me just point out, first of all, this board that we're talking about can't make decisions about what treatments are given. That's explicitly prohibited in the law.
But let's go back to what Governor Romney indicated, that under his plan he would be able to cover people with pre-existing conditions. Well, actually, Governor, that isn't what your plan does. What your plan does is to duplicate what's already the law, which says if you are out of health insurance for three months then you can end up getting continuous coverage and an insurance company can't deny you if you've -- if it's been under 90 days.
But that's already the law. And that doesn't help the millions of people out there with pre-existing conditions. There's a reason why Governor Romney set up the plan that he did in Massachusetts. It wasn't a government takeover of health care. It was the largest expansion of private insurance. But what it does say is that insurers, you've got to take everybody. Now, that also means that you've got more customers.
But when Governor Romney says that he'll replace it with something but can't detail how it will be in fact replaced, and the reason he set up the system he did in Massachusetts is because there isn't a better way of dealing with the pre-existing conditions problem, it -- it just reminds me of -- you know, he says that he's going to close deductions and loopholes for his tax plan.
That's how it's going to be paid for. But we don't know the details. He says that he's going to replace Dodd-Frank, Wall Street reform. But we don't know exactly which ones. He won't tell us. He now says hes going to replace "Obamacare" and assure that all the good things that are in it are going to be in there and you don't have to worry.
And at some point, I think the American people have to ask themselves, is the reason that Governor Romney is keeping all these plans to replace secret because they're too good? Is -- is it because that somehow middle-class families are going to benefit too much from them? No, the -- the reason is because when we reform Wall Street, when we tackle the problem of pre-existing conditions, then, you know, these are tough problems, and we've got to make choices. And the choices we've made have been ones that ultimately are benefiting middle-class families all across the country.
MR. ROMNEY: -- which is -- which is my experience as a governor is if I come in and -- and lay down a piece of legislation and say it's my way or the highway, I don't get a lot done. What I do is the same way that Tip O'Neill and Ronald Reagan worked together some years ago. When Ronald Reagan ran for office, he laid out the principles that he was going to foster. He said he was going to lower tax rates. He said he was going to broaden the base. You've said the same thing: You're going to simplify the tax code, broaden the base. Those are my principles.
I want to bring down the tax burden on middle-income families. And I'm going to work together with Congress to say, OK, what are the various ways we could bring down deductions, for instance? One way, for instance, would be to have a single number. Make up a number -- 25,000 (dollars), $50,000. Anybody can have deductions up to that amount. And then that number disappears for high-income people. That's one way one could do it. One could follow Bowles-Simpson as a model and take deduction by deduction and make differences that way.
And with regards to health care, you had remarkable details with regards to my pre-existing condition plan. You obviously studied up on -- on my plan. In fact, I do have a plan that deals with people with pre-existing conditions. That's part of my health care plan. And what we did in Massachusetts is a model for the nation, state by state. And I said that at that time. The federal government taking over health care for the entire nation and whisking aside the 10th Amendment, which gives states the rights for these kinds of things, is not the course for America to have a stronger, more vibrant economy.
MR. LEHRER: That is a terrific segue to our next segment, and is the role of government. And let's see, role of government and it is -- you are first on this, Mr. President. The question is this. Do you believe -- both of you -- but you have the first two minutes on this, Mr. President -- do you believe there's a fundamental difference between the two of you as to how you view the mission of the federal government?
MR. LEHRER: And -- yeah.
PRESIDENT OBAMA: The first role of the federal government is to keep the American people safe. That's its most basic function. And as commander in chief, that is something that I've worked on and thought about every single day that I've been in the Oval Office.
But I also believe that government has the capacity -- the federal government has the capacity to help open up opportunity and create ladders of opportunity and to create frameworks where the American people can succeed. Look, the genius of America is the free enterprise system, and freedom, and the fact that people can go out there and start a business, work on an idea, make their own decisions.
So in the middle of the Civil War, Abraham Lincoln said, let's help to finance the Transcontinental Railroad. Let's start the National Academy of Sciences. Let's start land grant colleges, because we want to give these gateways of opportunity for all Americans, because if all Americans are getting opportunity, we're all going to be better off. That doesn't restrict people's freedom; that enhances it.
And so what I've tried to do as president is to apply those same principles. And when it comes to education, what I've said is we've got to reform schools that are not working. We use something called Race to the Top. Wasn't a top-down approach, Governor. What we've said is to states, we'll give you more money if you initiate reforms. And as a consequence, you had 46 states around the country who have made a real difference.
But what I've also said is let's hire another hundred thousand math and science teachers to make sure we maintain our technological lead and our people are skilled and able to succeed. And hard-pressed states right now can't all do that. In fact, we've seen layoffs of hundreds of thousands of teachers over the last several years, and Governor Romney doesn't think we need more teachers. I do, because I think that that is the kind of investment where the federal government can help. It can't do it all, but it can make a difference, and as a consequence, we'll have a better-trained workforce, and that will create jobs, because companies want to locate in places where we've got a skilled workforce.
MR. ROMNEY: Well, first, I love great schools. Massachusetts, our schools are ranked number one of all 50 states. And the key to great schools: great teachers. So I reject the idea that I don't believe in great teachers or more teachers. Every school district, every state should make that decision on their own.
The role of government -- look behind us: the Constitution and the Declaration of Independence.
The role of government is to promote and protect the principles of those documents. First, life and liberty. We have a responsibility to protect the lives and liberties of our people, and that means the military, second to none. I do not believe in cutting our military. I believe in maintaining the strength of America's military.
Second, in that line that says, we are endowed by our Creator with our rights -- I believe we must maintain our commitment to religious tolerance and freedom in this country. That statement also says that we are endowed by our Creator with the right to pursue happiness as we choose. I interpret that as, one, making sure that those people who are less fortunate and can't care for themselves are cared by -- by one another.
We're a nation that believes we're all children of the same God. And we care for those that have difficulties -- those that are elderly and have problems and challenges, those that disabled, we care for them. And we look for discovery and innovation, all these thing desired out of the American heart to provide the pursuit of happiness for our citizens.
But we also believe in maintaining for individuals the right to pursue their dreams, and not to have the government substitute itself for the rights of free individuals. And what we're seeing right now is, in my view, a -- a trickle-down government approach which has government thinking it can do a better job than free people pursuing their dreams. And it's not working.
And the proof of that is 23 million people out of work. The proof of that is one out of six people in poverty. The proof of that is we've gone from 32 million on food stamps to 47 million on food stamps. The proof of that is that 50 percent of college graduates this year can't find work.
MR. ROMNEY: We know that the path we're taking is not working. It's time for a new path.
MR. LEHRER: All right, let's go through some specifics in terms of what -- how each of you views the role of government. How do -- education. Does the federal government have a responsibility to improve the quality of public education in America?
MR. ROMNEY: Well, the primary responsibility for education is -- is of course at the state and local level. But the federal government also can play a very important role. And I -- and I agree with Secretary Arne Duncan. He's -- there's some ideas he's put forward on Race to the Top -- not all of them but some of them I agree with, and congratulate him for pursuing that. The federal government can get local and -- and state schools to do a better job.
My own view, by the way, is I've added to that. I happen to believe -- I want the kids that are getting federal dollars from IDEA or -- or Title I -- these are disabled kids or -- or poor kids or -- or lower-income kids, rather. I want them to be able to go to the school of their choice. So all federal funds, instead of going to the -- to the state or to the school district, I'd have go -- if you will, follow the child and let the parent and the child decide where to send their -- their -- their student.
MR. LEHRER: How do you see the federal government's responsibility to -- as I say, to improve the quality of public education in this country?
PRESIDENT OBAMA: Well, as I've indicated, I think that it has a significant role to play. Through our Race to the Top program, we've worked with Republican and Democratic governors to initiate major reforms, and they're having an impact right now.
MR. LEHRER: Do you think you have a difference with your views and those of Governor Romney on -- about education and the federal government?
PRESIDENT OBAMA: You know, this is where budgets matter because budgets reflect choices. So when Governor Romney indicates that he wants to cut taxes and potentially benefit folks like me and him, and to pay for it, we're having to initiate significant cuts in federal support for education, that makes a difference.
You know, his running mate, Congressman Ryan, put forward a budget that reflects many of the principles that Governor Romney's talked about. And it wasn't very detailed. This seems to be a trend. But -- but what it did do is to -- if you extrapolated how much money we're talking about, you'd look at cutting the education budget by up to 20 percent.
PRESIDENT OBAMA: Let -- let -- let me just finish the point.
PRESIDENT OBAMA: I suspect it'll be a small agreement.
MR. ROMNEY: It's going over well in my state, by the way, yeah.
PRESIDENT OBAMA: The -- where their partnering so that -- they're designing training programs, and people who are going through them know that there's a job waiting for them if they complete them. That makes a big difference. But that requires some federal support.
Let me just say one final example. When it comes to making college affordable -- whether it's two-year or four-year -- one of the things that I did as president was we were sending $60 billion to banks and lenders as middle men for the student loan program, even though the loans were guaranteed. So there was no risk for the banks or the lenders but they were taking billions out of the system.
And we said, why not cut out the middle man? And as a consequence, what we've been able to do is to provide millions more students assistance, lower or keep low interest rates on student loans. And this is an example of where our priorities make a difference. Governor Romney, I genuinely believe, cares about education. But when he tells a student that, you know, you should borrow money from your parents to go to college, you know, that indicates the degree to which, you know, there may not be as much of a focus on the fact that folks like myself, folks like Michelle, kids probably who attend University of Denver just don't have that option.
And for us to be able to make sure that they've got that opportunity and they can walk through that door, that is vitally important -- not just to those kids. It's how we're going to grow this economy over the long term.
MR. LEHRER: We're running out of time.
MR. LEHRER: I'm certainly going give you a chance to respond to that. Yes, sir, Governor.
MR. ROMNEY: Mr. -- Mr. President, you're entitled, as the president, to your own airplane and to your own house, but not to your own facts -- (laughter) -- all right? I'm -- I'm not going to cut education funding. I don't have any plan to cut education funding and grants that go to people going to college. I'm planning on continuing to grow, so I'm not planning on making changes there.
But you make a very good point, which is that the -- the place you put your money makes a pretty clear indication of where your heart is. You put $90 billion into -- into green jobs. And -- and I -- look, I'm all in favor of green energy. Ninety billion (dollars) -- that -- that would have -- that would have hired 2 million teachers. Ninety billion dollars. And these businesses -- many of them have gone out of business. I think about half of them, of the ones have been invested in, they've gone out of business. A number of them happened to be owned by -- by people who were contributors to your campaigns.
Look, the right course for -- for America's government -- we were talking about the role of government -- is not to become the economic player picking winners and losers, telling people what kind of health treatment they can receive, taking over the health care system that -- that has existed in this country for -- for a long, long time and has produced the best health records in the world. The right answer for government is to say, how do we make the private sector become more efficient and more effective?
How do we get schools to be more competitive? Let's grade them. I propose we grade our schools so parents know which schools are succeeding and failing, so they can take their child to a -- to a school that's being more successful. I don't -- I don't want to cut our commitment to education; I wanted to make it more effective and efficient.
And by the way, I've had that experience. I don't just talk about it. I've been there. Massachusetts schools are ranked number one in the nation. This is not because I didn't have commitment to education. It's because I care about education for all of our kids.
PRESIDENT OBAMA: You've done a great job, Jim.
MR. LEHRER: Oh, well, no. But the fact is, government -- the role of government and governing, we've lost a (pod ?), in other words, so we only have three minutes left in the -- in the debate before we go to your closing statements. And so I want to ask finally here -- and remember, we've got three minutes total time here.
MR. ROMNEY: Jim, I had the great experience -- it didn't seem like it at the time -- of being elected in a state where my legislature was 87 percent Democrat, and that meant I figured out from day one I had to get along and I had to work across the aisle to get anything done. We drove our schools to be number one in the nation. We cut taxes 19 times.
MR. ROMNEY: We -- as president, I will sit down on day one -- actually the day after I get elected, I'll sit down with leaders -- the Democratic leaders as well as Republican leaders and -- as we did in my state. We met every Monday for a couple hours, talked about the issues and the challenges in the -- in the -- in our state, in that case. We have to work on a collaborative basis -- not because we're going to compromise our principle(s), but because there's common ground.
And the challenges America faces right now -- look, the reason I'm in this race is there are people that are really hurting today in this country, and we face -- this deficit could crush the future generations. What's happening in the Middle East? There are developments around the world that are of real concern. And Republicans and Democrats both love America, but we need to have leadership -- leadership in Washington that will actually bring people together and get the job done and could not care less if it's a Republican or a Democrat. I've done it before. I'll do it again.
PRESIDENT OBAMA: Well, first of all, I think Governor Romney's going to have a busy first day, because he's also going to repeal "Obamacare," which will not be very popular among Democrats as you're sitting down with them.
But look, my philosophy has been I will take ideas from anybody, Democrat or Republican, as long as they're advancing the cause of making middle-class families stronger and giving ladders of opportunity into the middle class. That's how we cut taxes for middle-class families and small businesses. That's how we cut a trillion dollars of spending that wasn't advancing that cause. That's how we signed three trade deals into law that are helping us to double our exports and sell more American products around the world. That's how we repealed "don't ask, don't tell." That's how we ended the war in Iraq, as I promised, and that's how we're going to wind down the war in Afghanistan. That's how we went after al-Qaida and bin Laden.
So we've -- we've seen progress even under Republican control of the House or Representatives. But ultimately, part of being principled, part of being a leader is, A, being able to describe exactly what it is that you intend to do, not just saying, I'll sit down, but you have to have a plan.
Number two, what's important is occasionally you've got to say now to -- to -- to folks both in your own party and in the other party. And you know, yes, have we had some fights between me and the Republicans when they fought back against us, reining in the excesses of Wall Street? Absolutely, because that was a fight that needed to be had. When -- when we were fighting about whether or not we were going to make sure that Americans had more security with their health insurance and they said no, yes, that was a fight that we needed to have. And so part of leadership and governing is both saying what it is that you are for, but also being willing to say no to some things.
And I've got to tell you, Governor Romney, when it comes to his own party during the course of this campaign, has not displayed that willingness to say no to some of the more extreme parts of his party.
You know, four years ago we were going through a major crisis, and yet my faith and confidence in the American future is undiminished. And the reason is because of its people. Because of the woman I met in North Carolina who decided at 55 to go back to school because she wanted to inspire her daughter, and now has a new job from that new training that she's gotten. Because of the company in Minnesota who was willing to give up salaries and perks for their executives to make sure that they didn't lay off workers during a recession. The auto workers that you meet in Toledo or Detroit take such pride in building the best cars in the world -- not just because of a paycheck, but because it gives them that sense of pride, that they're helping to build America.
And so the question now is, how do we build on those strengths? And everything that I've tried to do and everything that I'm now proposing for the next four years in terms of improving our education system, or developing American energy, or making sure that we're closing loopholes for companies that are shipping jobs overseas and focusing on small businesses and companies that are creating jobs here in the United States, or -- or closing our deficit in a responsible, balanced way that allows us to invest in our future -- all those things are designed to make sure that the American people, their genius, their grit, their determination is -- is channeled, and -- and -- and they have an opportunity to succeed.
And everybody's getting a fair shot and everybody's getting a fair share. Everybody's doing a fair share and everybody's playing by the same rules.
You know, four years ago I said that I'm not a perfect man and I wouldn't be a perfect president. And that's probably a promise that Governor Romney thinks I've kept. But I also promised that I'd fight every single day on behalf of the American people and the middle class and all those who are striving to get in the middle class.
I've kept that promise and if you'll vote for me, then I promise I'll fight just as hard in a second term.
MR. ROMNEY: Thank you, Jim and Mr. President. And thank you for tuning in this evening. This is a -- this is an important election. And I'm concerned about America. I'm concerned about the direction America has been taking over the last four years. I know this is bigger than election about the two of us as individuals. It's bigger than our respective parties. It's an election about the course of America -- what kind of America do you want to have for yourself and for your children.


text:
Pop PHP Framework
=================

Documentation : Form
--------------------

Home

The Form component is a powerful component that extends the Dom
component. It provides robust functionality to create, render and
validate HTML forms and form elements.

    use Pop\Form\Form,
        Pop\Form\Element,
        Pop\Validator;

    $form = new Form($_SERVER['PHP_SELF'], 'post', null, '    ');

    $username = new Element('text', 'username', 'Username here...');
    $username->setLabel('Username:')
             ->setRequired(true)
             ->setAttributes('size', 40)
             ->addValidator(new Validator\AlphaNumeric());

    $email = new Element('text', 'email');
    $email->setLabel('Email:')
          ->setRequired(true)
          ->setAttributes('size', 40)
          ->addValidator(new Validator\Email());

    $password = new Element('password', 'password');
    $password->setLabel('Password:')
             ->setRequired(true)
             ->setAttributes('size', 40)
             ->addValidator(new Validator\LengthGt(6));

    $checkbox = new Element\Checkbox('colors', array('Red' => 'Red', 'Green' => 'Green', 'Blue' => 'Blue'));
    $checkbox->setLabel('Colors:');

    $radio = new Element\Radio('answer', array('Yes' => 'Yes', 'No' => 'No', 'Maybe' => 'Maybe'));
    $radio->setLabel('Answer:');

    $select = new Element\Select('days', Element\Select::DAYS_OF_WEEK);
    $select->setLabel('Day:');

    $textarea = new Element\Textarea('comments', 'Please type a comment...');
    $textarea->setAttributes('rows', '5')
             ->setAttributes('cols', '40')
             ->setLabel('Comments:');

    $submit = new Element('submit', 'submit', 'SUBMIT');
    $submit->setAttributes('style', 'padding: 5px; border: solid 2px #000;');

    $form->addElements(array(
        $username,
        $email,
        $password,
        $checkbox,
        $radio,
        $select,
        $textarea,
        $submit
    ));

    if ($_POST) {
        $form->setFieldValues($_POST);
        if (!$form->isValid()) {
            $form->render();
        } else {
            echo 'Form is valid.';
        }
    } else {
        $form->render();
    }

Or, you can create form elements via a structured array of values.

    use Pop\Form\Form,
        Pop\Form\Element,
        Pop\Validator;

    $fields = array(
        'username' => array(
            'type'       => 'text',
            'value'      => 'Username here...',
            'label'      => 'Username:',
            'required'   => true,
            'attributes' => array('size' => 40),
            'validators' => new Validator\AlphaNumeric()
        ),
        'email' => array(
            'type'       => 'text',
            'label'      => 'Email:',
            'required'   => true,
            'attributes' => array('size' => 40),
            'validators' => new Validator\Email()
        ),
        'password' => array(
            'type'       => 'password',
            'label'      => 'Password:',
            'required'   => true,
            'attributes' => array('size' => 40),
            'validators' => new Validator\LengthGt(6)
        ),
        'colors' => array(
            'type'       => 'checkbox',
            'label'      => 'Colors:',
            'value'      => array('Red' => 'Red', 'Green' => 'Green', 'Blue' => 'Blue')
        ),
        'submit' => array(
            'type'       => 'submit',
            'value'      => 'SUBMIT',
            'attributes' => array('style' => 'padding: 5px; border: solid 2px #000;')
        )
    );

    $form = new Form($_SERVER['PHP_SELF'], 'post', $fields, '    ');
    $form->setTemplate('form.phtml');

    if ($_POST) {
        $form->setFieldValues($_POST);
        if (!$form->isValid()) {
            $form->render();
        } else {
            echo 'Form is valid.';
        }
    } else {
        $form->render();
    }

With the Fields class, you can use a database table via the Record
component to access and build the initial fields of the form.

    use Pop\Form\Form,
        Pop\Form\Fields,
        Pop\Form\Element,
        Pop\Record\Record;

    class Users extends Record { }

    class User extends Form { }

    $attribs = array(
        'text'     => array('size' => 40),
        'password' => array('size' => 20),
        'textarea' => array('rows' => 5, 'cols' => 80)
    );

    $values = array(
        'id' => array(
            'type' => 'hidden'
        )
    );

    // The last parameter is an array of fields from the DB table to omit
    $fields = Fields::factory(
        new Users(),
        $attribs,
        $values,
        array('last_login', 'last_ua', 'last_ip', 'failed_attempts')
    );

    $fields->addFields(array(
        'submit' => array(
            'type'  => 'submit',
            'label' => ' ',
            'value' => 'SUBMIT',
        )
    );

    $form = new User($_SERVER['REQUEST_URI'], 'post', $fields->getFields());

    if ($_POST) {
        $form->setFieldValues($_POST);
        if ($form->isValid()) {
            echo 'Form is valid!';
        } else {
            $form->render();
        }
    } else {
        $form->render();
    }

\(c) 2009-2014 [Moc 10 Media, LLC.](http://www.moc10media.com) All
Rights Reserved.

redpajama_set_name: RedPajamaGithub


text:
Impact Voices | January 20, 2021
Local project developers are key to ensuring a just energy transition
Pollution and climate change disproportionately affect communities of color. In the U.S., decades of systemic racism and economic disadvantages mean Black and Hispanic …
October 7, 2020 | The Brief
The Brief: Health clinic electrification, insect protein, India's soil health, corporate energy retrofits, stakeholder capitalism tools, JPMorgan's climate vow
Greetings, Agents of Impact!
Complete our five-minute survey. We want to hear from you to help us deliver even more value for your ImpactAlpha subscription. Complete our short survey by Thursday, Oct. 15 to win one of five free tickets to this month's SOCAP Virtual, a $499 value. Take the survey.
Featured: ImpactAlpha Original
Inside the scramble for solar financing as frontline public health clinics confront COVID. It is unacceptable verging on unfathomable that the majority of frontline public health clinics in sub-Saharan Africa don't have electricity for refrigerators and medical devices, to charge phones and laptops, or even to provide lighting so doctors, midwives and other health workers can see at night. Power has long been essential to efforts to meet Sustainable Development Goal No. 3, ensuring healthy lives, but the COVID crisis is spurring a scramble to bring reliable, renewable power to frontline clinics. To help sustain the momentum, this week's Agents of Impact Call No. 24 is bringing together practitioners around an innovative finance challenge: light every clinic. "There is a real urgency around leveraging the awareness that COVID has raised around the importance of power to the provision of healthcare," says Sustainable Energy for All's Jem Porcaro. "When COVID-19 disappears, we are at risk of finding ourselves back in the same position we were in."
The new health clinic financing initiatives borrow elements already working in adjacent sectors. Power Africa, through USAID, awarded grants to companies using service models to turn high initial capital costs into affordable operating expenses. GreenStreet Africa, recently added to the portfolio of the Global Innovation Lab for Climate Finance, is developing a model to aggregate small healthcare-related solar projects into portfolios that can attract local investors in commercial bonds. Norway-based Differ Group adds provisions for operations and maintenance to ensure that systems continue to generate power for the life of the financing. The UNDP's Solar for Health initiative is seeking to leverage donor funding to create guarantees and other mechanisms to backstop commitments from country-level health ministries. "The business case for health clinic electrification is tough," says USAID's David Stonehill. With blended capital, new technology and energy-as-a-service, he says, "we can start to move the needle and make a difference."
Keep reading, "Inside the scramble for solar financing as frontline public health clinics confront COVID," by David Bank on ImpactAlpha.
Agents of Impact Call No. 24: Solar financing for frontline health clinics. The World Bank's Raihan Elahi, Sustainable Energy for All's Jem Porcaro, UBS's Phyllis Costanza and Liebreich Associates' Michael Liebreich join We Care Solar's Laura Stachel and ImpactAlpha's David Bank and special guests to explore financing solutions for clean, affordable and reliable solar power for frontline public health clinics, this Thursday, Oct. 8, at 9am PT/ 12pm ET/ 7pm Kampala. RSVP now.
Ÿnsect raises $372 million for carbon negative, vertical insect farming. The France-based agtech company represents a trifecta of agrifood tech trends: alternative proteins, carbon offsets and novel farming systems. Ÿnsect is expanding its high-tech vertical farm in Amiens, which recycles waste streams to raise mealworms for sustainable fish and animal feed (see, "These insects feed fish that feed people"). The company says its facility is carbon-negative, sequestering more carbon than it emits. At full capacity, the farm will produce 100,000 tons of insect products annually.
Series C. Ÿnsect extended its fundraising round after raising $125 million last February. Among the new investors: Upfront Ventures, Happiness Capital, Supernova Invest, Armat Group and actor Robert Downey Jr.'s FootPrint Coalition. Astanor Ventures led the round.
Krishitantra secures seed funding to monitor India's soil health. Krishitantra's Sandeep Kondaji was frustrated in getting timely soil data to help his uncle make decisions around fertilizer use on his farm. Kondaji launched Krishitantra in 2017 to develop a portable device to enable farmers to do rapid soil testing and avoid costly overuse of chemical treatments. The Mangalore-based company has raised $1 million from NAB Ventures and Omnivore to grow sales of its testing equipment and data analysis for farming collectives, agribusiness companies and other labs.
Living soil. Most soil tests measure only inorganic compounds like boron and sulfur. Krishitantra provides data on organic soil composition as well. "If you want to protect the soil, you have to protect the living things in the soil," Kondaji told ImpactAlpha. He says he sent a soil sample from his uncle's farm to a government-run laboratory 2016. "I still have not received the results," he adds. Krishitantra's device can return soil analysis results within 30 minutes.
Dig in.
Redaptive raises $156.5 million to meet corporate demand for energy efficiency. The San Francisco-based startup helps corporations meet climate commitments without upfront capital for lighting replacements, air conditioning and appliance retrofits and other energy efficiency measures. CarVal Investors led the round with existing investors CBRE, Engie, New Ventures, Evergy Ventures and Linse Capital.
Helping companies make good on their commitments to stakeholders. COVID-19, racial justice protests, and the climate emergency are putting corporate commitments to "purpose" to the test. An analysis of corporate behavior finds that signatories of the Business Roundtable's pledge last year performed no better on social measures than non-signatories. "Companies are really struggling right now to understand what's expected of them and what sustainable leadership looks like," Ceres' Kristen Lang told ImpactAlpha. The nonprofit is releasing a roadmap to help managers prioritize actions for the next decade. It's part of a range of new initiatives to help corporations live up to their promises to value employees, suppliers, communities and the planet, along with shareholders.
Worker wellness. Even before COVID, half of workers at America's 1,000 largest public companies did not make enough to support a family of three, even with a part-time working spouse, according to the nonprofit JUST Capital, co-founded by hedge fund billionaire Paul Tudor Jones. JUST's new tool, developed with PayPal, will help companies assess whether employees can cover basic necessities. A broader Worker Financial Wellness Initiative aims to "make workers' financial security and health a C-suite and investor imperative." Companies that prioritize workers outperform, JUST's research has shown. JUST and PayPal will host a webinar Oct. 28.
Stakeholder metrics. A reporting framework released by the World Economic Forum and the Big Four accounting firms Deloitte, EY, KPMG and PwC aligns corporate financial reporting with environmental, social and governance, or ESG, indicators. Harvard's George Serafeim and Sir Ronald Cohen are working on impact-weighted accounts that enable companies to account for benefits and costs to society and the environment (see, "Weighting accounts for impact").
Roadmap 2030. Ceres' tool helps companies develop plans for climate action, sustainability in business operations, and "systems change," such as public policy engagement and multi-stakeholder collaboration. It's also a roadmap for investor expectations. "There are critical things that need to happen in the next five years," said Lang.
Get moving.
JPMorgan Chase will align financing strategy with Paris Agreement. The bank said it will reduce the emissions it finances in line with Paris goals. The world's largest fossil fuel funder, long a target of climate activists, will set emissions targets for the oil and gas, electric power, and automotive manufacturing sectors, and advocate for carbon pricing. JPMorgan will work "to transition our economy and turn the goals of Paris into a reality," said co-president Daniel Pinto, who announced a new Center for Carbon Transition. But the bank won't drop fossil fuels clients, arguing that "adequate commercially-available solutions to replace oil and natural gas" are lacking. A shareholder proposal asking JPMorgan to explain how its activities align with the Paris accord drew nearly 50% of votes this spring.
Half empty. "A promissory note for 2030 or 2050 isn't worth the paper it's printed on unless it is matched by action in 2020," said Paddy McCully of Rainforest Action Network, which pegs the bank's fossil fuel funding since 2015 at more than $268 billion. The bank, McCulley said, should "immediately stop financing expansion of fossil fuels and deforestation." JPMorgan's move follows Morgan Stanley's commitment last month to zero out emissions facilitated by its loans, underwriting and other financial activities by 2050 (see, "The new North Star for corporate sustainability: Net zero").
Share this.
Lorenzo Bernasconi steps down as managing director of innovative finance at Rockefeller Foundation… Sarah Stremlau, ex- of Arabella Advisors, is the new president of LOCUS Impact Investing… Jessie Duncan, ex- of Boston Consulting Group, has joined the Tipping Point Fund on Impact Investing as a program officer… ISF Advisors is looking for a manager in Abidjan, Côte d'Ivoire… The Investment Integration Project and Moving the Market are hosting a preview of "Understanding systemic social risk: A roadmap for financial industry action," featuring Chloe Bailey of The Freedom Fund, SEIU Pension's Renaye Manley, consultant Michael Musuraca and TIIP's William Burckart on Thursday, Oct. 15.
Join the conversation in our subscriber-only Slack channel
Email [email protected] for an invite

redpajama_set_name: RedPajamaCommonCrawl


We all have ideas of who we are meant to be, whether they are ideas from others close to us or ideas built on experiences and interests we hold. Most of the time it is an accumulation of all of the above.
But if we are what we believe we are, can we reach our highest potential? What if we believe there is no limit? We can keep growing and changing until we pass away from this earth!
Over the years I have come to believe that we are each put here for a specific reason. Every one of us has different talents and abilities, strengths and weaknesses. We compliment each other through the things we are and do. I believe we all have a special purpose that we grow into during our lives. But I believe that in order to find our purpose, we must keep our eyes focused Heavenward and our minds positive.
Everything around us is a sign; a marker showing us the path that we should choose. Each situation that happens to us is a potential for growth and maturity to lead us on that path.
It is my thought that we are all meant to be happy. For some, happiness is elusive because they haven't noticed the signs along the way. My hope for each one of us is that we will keep our minds open and responsive to the signals of life. What a wonderful world it would be if everyone was content and accomplishing their goals and dreams. It would be a world where pain slowly dissolves away and is replaced by peace and goodwill for all.
Take the time to enjoy the things around you; your family, your friends, the place that you live and the beautiful things that you find there. Everything is a stepping stone to a new beginning. And each of us has our own unique destination and contribution to offer!


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