Clinton: Tax rates like Romney's won't help economy

Former President Bill Clinton doesn't think the economy can rebound as long as people making millions of dollars annually pay tax rates as low as Mitt Romney's.

“I don’t think we can get out of this hole we’re in if people at that income level only pay 13, 14 percent,” he said Sunday on CBS's “Face the Nation.”

The Republican presidential nominee's 2011 tax return, released Friday, showed him paying 14.1 percent on $13.7 million, much of which was investment income that can be taxed at a maximum rate of 15 percent.

"It’d be interesting, I think, for the American people to see how the ordinary income years were treated, but apparently we’re not going to get to see that," he said. "So the voters are just going to have to their judgments about that."

Clinton also defended President Barack Obama's handling of the economy, saying that no president could have "magically" brought the economy back from the depths it was at in 2008 during one term.

And Romney offers no better plans, Clinton said. There's "no evidence" that the Republican candidate's "militant anti-government approach will work."