Tom Harkin: “7 years ago we ended a failed economic policy of trickle down economics. It brought ballooning deficits, a quadrupling…”

“7 years ago we ended a failed economic policy of trickle down economics. It brought ballooning deficits, a quadrupling of the national debt, high interest rates, and low growth. But we made some tough decisions and tough votes. We changed the course of the new economic policies that invested in people and imposed needed fiscal discipline. The results are in: 21 million new jobs, 4 percent unemployment rate, the lowest in 30 years, the fastest growth rate in 30 years, and the lowest crime and welfare rate in 30 years. There is the highest home ownership ever, 108 months of straight economic growth, productivity- breaking records, and inflation outside of energy is tame. Why do we want to change this? Why return to the days of risky tax schemes, the days of trickle down economics, and fiscal irresponsibility? That is exactly what the conference report budget before the Senate does. This budget resolution before the Senate provides $175 billion to tax cuts, skewed to the wealthiest of Americans. The Congressional Budget Office, however, projects $171 billion in non-Social Security surpluses over the next 5 years. Add the higher interest we have to pay on the public debt because we did tax cuts instead of paying down the debt, and what does that add up to? This budget conference report before the Senate means we will have to tap into the Social Security surplus in order to pay for these tax cuts. It is fiscally irresponsible.”