Bill Bradley's truth: Savings, taxes must rise

Former New Jersey Sen. Bill Bradley was known for big plays during his time with the NBA's New York Knicks in the '60s and '70s.

Now, the 2000 presidential candidate is on the rubber chicken circuit telling his audience both savings and taxes need to go up. He spoke Jan. 18 at Town Hall 2010 in Sarasota benefitting the Ringling College Library Association.

After railing against the “red-blue divide” and the “vitriol” in American politics,” Bradley says two things need to happen: “Number one — put country ahead of party.
Number two — tell people the truth.”

According to Bradley, “In the long run, there is no question we have to have greater national savings.” Yet in his next breath he advocates that the national government also needs to save, though not necessarily by spending less. “You're probably going to have to raise some taxes. And that's the truth.”

Bradley also noted that the country would have to create 250,000 jobs a month for five years to move the national unemployment rate down from 10.2% to 5%.

Coffee Talk wonders if those taxes are on business, on top of rising unemployment compensation taxes, how possible will it be to reduce unemployment? And if those taxes are on individuals, how much can the savings rate can go up?