James Hill: “I would like at this time to take a little history lesson about how we have gotten to the point where we are right now…”

“I would like at this time to take a little history lesson about how we have gotten to the point where we are right now with a $9 trillion deficit. That figure is hard to believe, $9 trillion, our Nation's government is in debt. Back during the 1980s, there was a Republican President who came up with an idea called supply-side economics. During the campaign of the 1980s, that candidate was criticized for this economic policy. It was claimed to be very risky. As a matter of fact, one of the candidates that was running on the Republican side called it voodoo economics. Basically, what it was in the 1980s was a policy that would dramatically cut taxes with the idea that if we cut taxes dramatically, there would be more money that would come to the coffers of the United States Government and deficits would no longer be around. The trouble with that is that it did not work in the 1980s. I have to say that the Democrats who were in the majority in the House and the Senate that time endorsed this concept and passed this piece of legislation into law. So taxes were dramatically decreased, military spending went dramatically up, and deficits went dramatically up during the 1980s.”