Forbes: Answer on Economy Is Not More Federal Money

"The key thing is not just pouring in more federal money. The key thing is reducing the tax burden, so people can rise up and do things in those areas," Forbes, editor of Forbes magazine and former presidential candidate, told Fox News' "America's Newsroom."


President Barack Obama unveiled a plan Wednesday to establish San Antonio, Philadelphia, Los Angeles, southeastern Kentucky and Oklahoma's Choctaw Nation as "Promise Zones." The areas could receive tax incentives and grants for job creation, education, housing and crime-reduction.

Forbes explained the "Promise Zones" sound similar to "Enterprise Zones," promoted 30 years ago by former Housing Secretary Jack Kemp. He said the president's proposal was also similar to a plan recently announced by Kentucky Republican Sen. Rand Paul.

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