Carlos Slim

Article excerpt

Byline: Lloyd Grove

The Mexican telecom tycoon, who's the world's richest man, says what's wrong with the economy and why he's bullish on 'The New York Times'.

How do we fix this recession?

Aside from lowering taxes, we should be directing more money to the real economy, not to the financial economy. The volatility of the markets is so great that more is won or lost in a single day than in five years of accumulated interest. That's nota good thing.

Do you agree with President Obama's so-called Buffett rule?

I don't know what Warren Buffett pays, but I think that the fiscal policy should be fair. You don't need to raise taxes on rich people, because they create capitalization and investment. But you need to tax speculation--meaning capital gains. Why should it be just 15 percent? Salaried people pay 35 percent. Why shouldn't that be paid on capital gains?

Anything else?

You cannot have people retiring at 60 years old, and you cannot provide universal health care the way you do. The focus should be the support of small- and middle-sized business. That is where the employment is. There should be investment in the real economy. Infrastructure is an example. …