Political Quotes

“Madam President, today I would like to add a little context to the discussion of the fiscal cliff our Nation approaches, a reference to the combination of the largest tax increase in history, new taxes under ObamaCare, sequestration, and the expiration of the payroll tax holiday, all of which take effect in January of 2013 unless the President and the Congress act. This is a key discussion to have because how we view this so-called fiscal cliff defines our perspective on how an economy grows and prospers. Edward Lazear, who is a former Chairman of the President's Council of Economic Advisers, recently wrote an op-ep that outlines the various perspectives. I will focus on the two most prominent: the Keynesian view and the view of supply-side economics. The Keynesian theory holds that spending is the key to growth-- government spending. Keynesians believe that in recessionary times, increased government spending can take the place of private sector activity. That is why they present a false choice between government spending cuts--in other words, austerity--and growth. Their perspective holds that growth is contingent on government spending. This was the thinking behind the President's 2009 stimulus spending package, the so-called Cash for Clunkers, and a litany of other recent government spending programs, transfer payments, and temporary tax credits.…”