By Vicki Needham - 09/16/11 04:40 PM EDT
He cited General Electric as an example — $13 billion in profits and “zero taxes paid.”
Norquist and Rendell also hit on infrastructure spending, which has been a top agenda issue for the former governor; tax rates; and the federal budget during a “Battle for the Future” debate hosted by the National Journal.
The 2009 economic stimulus created more than 25,000 jobs in Pennsylvania from $1 billion in infrastructure spending, Rendell said, according to a report in the Journal.
He called the funding a short-term fix and called for the private sector to join with government to invest in long-term infrastructure investments.
He said $200 billion invested over 10 years would create 5 million jobs.
“Our economy would take off again,” he said.
Norquist likened the stimulus to a sharing-the-wealth policy that won’t create economic growth.
“It doesn’t work,” Norquist said.