On the Fox News Sunday Economic Roundtable show, Steve Wynn, the billionaire Las Vegas mogul shared some simple truths about the economy and role of Government.

(Partial video segments:
http://www.youtube.com/watch?v=T7cW9ujow5E
http://www.youtube.com/watch?v=VdrxfFFeMbc )

WARNING: This post is very long. You have been warned.

Okay, on to Steve Wynn.

"I think that the priorities of the administration should have been more directly focused on job creation. From the day of the inauguration forward, the priority should have been job creation. And the most powerful weapon and tool that the government has for that is its tax policy. If the government had used its power to restrain its tax collection they would have given everybody who runs small businesses, large businesses, a chance to hire more people and that could have been done an entirely different way. With eight or $900 billion we could have created four or five million jobs, which would have made a big difference."

It gets better, though. Chris Wallace later asked, "Where do you draw the line between the proper role of government in all this and the proper role of the private sector?"

Steve Wynn replied,

"Government has never increased the standard of living of one single human being in civilization's history. For some reason that simple truth has evaded everybody. The only thing that creates an increased standard of living is giving someone a job, the demand for their labor -- whether it's you and I, Chris, or anybody else. The people that are paying the price for this juggernaut of federal spending are the middle class and the working class of America. And soaring rhetoric and great speeches with or without a teleprompter aren't going to change the truth, and the truth is: The biggest enemy, the biggest obstacle that working middle-class America has is government spending."

But Governor Granholm, D-Michigan, had some words for Wynn.

"It's just so simplistic to say that! With all due respect, I mean, to say that government has never created a job or increased the standard of living. You know, I mean there -- there are a lot of people who are grateful that in this country we have a minimum wage. There are a lot of people who are grateful that they have access to Medicare and Medicaid. And I hope that we get access further to additional health care for those who are un- -- right now uninsured. I mean, there is a balance here. To say that government is all evil... This is a democracy. It's the greatest country in the world."

Steve Wynn then responds,

"I didn't say that at all. I'm saying that the source of government revenue, the source of well-being in this country is employment. That allows companies to pay taxes, employees to pay taxes. That's the source here and it's gotten out of focus. That's my point, Governor. I'm not making any other point. And, believe me, ma'am, I've got 20,000 employees. I've had as many as 150,000 families that I've been self-insuring. There's nothing "simplistic" about my approach to this problem."

"Health Care, something I know about, is a complicated, technical issue for which practically everybody in this administration has absolutely zero experience. It was not a priority. Job creation was the priority from the day this President was inaugurated. It has been eclipsed by a technical, confusing conversation in which hardly anybody has read the small print on a thing called Health Care. That's a proper subject, along with infrastructure, for a healthy economy. But health care and infrastructure are things that come later. Right now our concentration should be on job creation."

"I've never laid off anybody in 40 years. But if this president, and this administration, and Nancy Pelosi get their way, I, and all other employers like myself, will be hit, with my employees, with a barrage of taxes that will result in more layoffs, that will not be helpful, and will be counter-productive to the very goal we should have as a nation."

"The economists have had their moment, really everyone who has had absolutely no experience in insuring people, creating jobs, have had their moment. The housing market will improve when pepole have a job so the can buy a home that they can afford or a car that they can afford. The stimulus package which is antithetical and counter-intuitive to Washington is to restrain government power. The most powerful tool is tax policy. Had the president stood up the day after he was inaugurated and said we're going to pass a bill that say if you can prove to the IRS that you've increased your permanent employees with health insurance we will subsidize $30 thousand or $40 thousand dollars of that in the form of a tax credit, there would have been jobs created in this economy within 60 days in every corner of the economy, not just in civil construction, no not at all; there would have been jobs created everywhere because businesses, as you have pointed out, have cut back out of fear, they're suffering from a lack of consumer confidence. The day that the unemployment figure goes from 9.6 and climbing to 8.9 is the day that consumer confidence will return, and this country will be on its way out of the recession."

"I think these are complicated subjects. Job creation. The chance to build more cars comes from people having a job. Focus on that simple truth. Simple truths hold institutions together. We've lost our focus. And that's my opinion."

If you want to know how to fix the economy, take the advice of a billionaire who who has 30+ years of business experience.