Political Quotes

“Well, because tax cuts, particularly at the upper income levels, don't equate to economic growth. You are quite correct, the George W. Bush tax cuts in 2001 and 2003 helped create the extraordinary deficit that we currently have. There were a couple of other things, two wars, Iraq and Afghanistan, that were not paid for by American money but rather by borrowed Chinese money and the tax cuts and the ultimate near collapse of the economy in 2007 and 2008. Those all added to the huge deficit. But it's also, just as you have pointed out, clear by the employment statistics that following the tax cuts in 2001 and 2003 that the number of people employed actually reduced by nearly 600,000 people over the period of the next 5 years. So, you know, it doesn't equate. Now, we need to provide the current tax cuts for those in the middle class that are earning less than $250,000. And, really, for every American earning $250,000 or less--if they make more, they're going to pay a little more--it's very, very clear that if we continue to provide the tax cuts for the very wealthy, it's not going to create more jobs. For those who need the money, they're going to pay their mortgage, they're going to make that car payment, they're going to buy food, they're going to buy clothing, they're going to invest that tax money into the economy, stimulating the economy. For those that are wealthy, I guess they will go buy another Mercedes-Benz, which I think is manufactured overseas.”