Hank Johnson: “``Ryanomics,'' the House Republican budget, the so-called path to prosperity, is based upon a fanciful theory of…”

“``Ryanomics,'' the House Republican budget, the so-called path to prosperity, is based upon a fanciful theory of trickle-down economics. This is a well-worn idea that belies the facts that we've seen proven time and time again. That truth is that giving tax breaks and hollowing out the Tax Code with loopholes for the wealthy, while cutting spending for the social safety net and the poor, while cutting everything else that makes America great, that somehow this is going to create prosperity for all. Indeed, the Republicans have played from this same playbook before, and it has failed. {time} 1020 It has failed again, and it continues to fail. This was an economic theory first proposed by the American hero, Ronald Reagan. They called it Reaganomics. Trickle-down economics is what they liked to say: it would trickle down to the poor. George Herbert Walker Bush called it ``voodoo economics.'' I think he was right on with that because in practicing voodoo, they just ask you to believe. And that's what Ryanomics is proposing for us to do. The numbers just don't add up. Today, we only have to look at Europe to see the terrible effects of severe austerity. The Republican prescription of cut, cut, cut has been tried, tried, tried repeatedly across Europe and has only exacerbated the problems over there. Now, under the guise of balancing the budget in 10 years, we've got Ryanomics II, or Turbo Ryanomics.…”