Can't wait to see her in the finals with Obama. What a moron! http://www.foxnews.com/on-air/fox-n...sive-sarah-palin-us-economy-national-bus-tour And hello again from Fox News in Washington. While the front-runner for the presidential Republican nomination got in the race this week, most of the focus was on a potential candidate who hasn't made her intentions known yet. We continue our "2012: One-on-One" interview series with former Governor Sarah Palin who joins us from Arizona. And, Governor, welcome back to "Fox News Sunday." FORMER GOV. SARAH PALIN, R-ALASKA: Thank you so much, Chris. WALLACE: Let's start with the economy and bad news on Friday -- just 54,000 jobs were added in May, the lowest number in eight months. Unemployment rose to 9.1 percent. When you add that to poor numbers on growth, on housing, on manufacturing, where are we in this recovery? PALIN: And you add, too, the fact that this quantitative easing, one and two, hasn't worked and we're talking about Q.E. 3 already and the devalued dollar is an addition to this problem. You know, President Obama tried to explain to the public the other day that this is just a bump in the road. But, you know, you try telling that bump in the road analogy to those families out there trying to keep their home, trying to keep their businesses afloat, trying to fund their child's college education and just fuel up their own vehicle. And the people will tell you it's not a bump in the road. We've hit a brick wall. So, we know what the problem is. You just run through some of the stats that explained what the problem is. Now, we really need to start talking about the solutions. We need to start ramping, grow industry, production in the private sector, or this sinking ship that we are on will soon be drowning in debt and in additional economic problems. We need to start talking about the solutions. WALLACE: Well, I'm going to get to the solutions in a minute. But President Obama and his advisors note that, in fact, the trend lines have been good. The economy, the private sector has added 1 million jobs in the last few months. Let's take look at what said. (BEGIN VIDEO CLIP) PRESIDENT BARACK OBAMA: We are facing some tough headwinds. Lately,it's high gas prices, the earthquake in Japan, and unease about European fiscal situation. That's going to happen from time to time. There are going to be bumps on the road to recovery. (END VIDEO CLIP) WALLACE: And while May was certainly a bad month, the president says that the trend line, the general trend of the economy has been positive. PALIN: The month of April was tough, too. There were jobs added to the marketplace, Chris, but remember, that was McDonald's out there with their big push to hire 50,000-some people. So, I think there were some numbers skewed last month, too. The point is this administration has got to be honest and candid with the American public. Bottom is their plan for bigger government, more federal control over our private sector, more regulations andburdensomemandates on the people and our businesses, it's not working and we do need to shift gears and change course. And it's very noble of President Obama to want to stay at the helm and maybe go down with this sinking ship. But I prefer, many Americans prefer, that we start plugging the hole, that we start powering the build pump and start getting rid of this unsustainable debt that is sinking our ship. We don't have to go the way of the Titanic and there are things that have to be put in place right now before this ship does sink. We don't have to keep going down the road that we're going on today. WALLACE: Well, let's talk about the debate because what Republicans are saying about what to do next -- Republicans are sounding a familiar refrain: cut spending, cut taxes, cut regulation. Democrats say, promote exports, targeted investment, and the big spending cuts, would actually draw (ph) more people out of work. Question, what would President Palin do? Specifically, to boost the economy. PALIN: I would go the opposite direction of what these Democrats and President Obama have already tried in his two-and-a-half years. They're already tried the nearly $1 trillion stimulus package. Andwestill have 9.1 percent unemployment. We still have about a 17 percentunderemployment rate. And we are incurring more and more debt -- as we speak, Chris. So, it's just not working. What President Palin would do is cut the federal budget, making sure that we're crowding out private sector investment. We will cut that spending. We have no choice. We're going broke. We're going bankrupt. We have absolutely no choice. And cut the burdensome regulations and mandates that really quash an entrepreneurial spirit in America and do burden our businesses, and create uncertainly. And that's why we kind of stuck in neutral now, why businesses can't expand. I would taxes. The second highest corporate tax rate in the world we are burden with. No, we need to cut that to incentivize businesses to stay here on our shores, in America. And not outsource all these jobs and opportunities. And then one of the most important things, Chris, that we have to engage is unleashing our domestic energy production opportunities. It does come down to "drill, baby, drill," in addition to an "all of the above" energy policy that really is non-existent in the Obama administration. Energy is the key to prosperity, to security. Anduntilwestart tapping our domestic, conventional and alternative sources to energy, we're never going to get there. WALLACE: You talked about the fact we're going broke. AndI thinkeverybody would agree with that. Let's turn to the issue of the national debt, because you say you don't believe Treasury Secretary Geithner when he talks about this drop-dead date of catastrophe if will to raise the debt limit by August 2nd. But, Governor, this week, Moody's said that they are going to lower our credit rating for our debt unless we raise the limit, the debt limit, by August 2nd, also they said they may lower our rating if we fail to come up with a serious reduction plan. So, the question is, wouldn't that be a financial disaster? PALIN: I don't believe Tim Geithner as cries wolf for the fourth time now, telling us that there is a drop-dead date and crisis will ensue, and economic woes will befall us even greater than they already are if we don't increase the debt limit. He's told us this a couple of times now. In fact,I believe it's four times now where there's a -- WALLACE: What about Moody's saying that what they're saying? PALIN: Moody's message is very powerful and that should be the warning the American public to make sure that are electing congressmen and women who hold the purse strings in this nation to quit incurring the debt. We rake in $58 billion a day, our federal government, via payrolltaxes and or other revenue sources. If we prioritize and took that $68 billion a day and service our debt, we don't have to raise that debt ceiling. We can make sure that we are funding the debt service and our highest priorities first. And other things are going to have to wait, Chris. Again, we have no choice. It's common sense. WALLACE: I just want to make sure I'm clear. So, you're saying no deal for deficit reduction. Don't raise the debt limit. PALIN:I have-- I knowthatthedebt ceiling will be raised, whether I want it to be raised or not. There is a majority in Congress, both sides of the aisle, that will raise the debt ceiling. If I were in Congress, though, I would be a "no" vote to raising that debt ceiling. I would send that message that it is failed leadership in the White House and with our elected officials when they have allowed to us to get this breaking point, if you will, that Moody's is warning about.