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Jim Gilmore: Uncertainty Hurting U.S. Economy

Friday, 24 Aug 2012 | 10:28 PM ET

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Uncertainty about the future is to blame for the country’s economic woes, and Republicans have the magic bullet to turn things around, former Virginia Gov. Jim Gilmore told CNBC on Friday.

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“It’s because there is a lack of confidence in the future. People out there that want to invest money are sure the taxes will be increased. That’s the only litany we have heard out of the Democrats for the last four years,” he said on “The Kudlow Report.” “If you reduce investment, you reduce employment. instead of getting the appropriate growth — and it ought to be 4 percent — we are lagging at 2 percent or less.

“We Republicans think we have some programs that can be put into place that can turn this around. We don’t think Americans ought to wait any longer.”

Gilmore did not get into specifics of what those programs were, but he did blame “excessive spending.”

“If you don’t have the revenue coming in, and you’re not going to put policies in place to bring new revenue in, you’ve got to control spending,” he said. “hey’ve been doing business as usual. It’s the same old, same old. That’s why it’s time for a change.”

WATCH the entire interview with former Virginia Gov. Jim Gilmore.

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"Another target for watering down is the amount of money the reform bill would require firms to pay upfront as part of a bailout fund for too-big-to-fail firms that might need financial help." -Credit, Writer

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  • Lawrence Kudlow is a CNBC senior contributor. Previously, Kudlow was anchor of CNBC's prime-time program "The Kudlow Report"