On the recordJuly 31, 2011
I would like to respond to my colleague from Arizona, through the Chair. Does he recall what happened with the Reagan tax cuts? Because what happened was we tripled the national debt during that period of time, and President Reagan came to Congress 18 times to extend the debt ceiling. He holds the record. So to argue the Reagan tax cuts led to great long-term prosperity is seriously in doubt, if we are going to use the deficit as a measure. Mr. McCAIN. If I could say we believed and Reagan believed that cutting tax cuts would restore our economy, which was in the tank, thanks to the practice of the previous administration before him. Reagan presided over probably one of the greatest job-creation periods in the history of this country. Those are numbers that I would be glad to insert into the Record. Compare that with what has happened since this administration took office, with the promise that if we passed ObamaCare, if we passed TARP, if we passed all these others, the economy would then be restored and grow. Again, it is hard for my dear friend from Illinois to refute the fact that it was categorically stated that if we passed the stimulus package, unemployment would be at a maximum of 8 percent. Unemployment today is 9.2 percent, and if we look at any indicator, whether it be housing starts, whether it be the deficit, whether it be unemployed, whatever it is, it has gotten worse since the stimulus package was passed rather than better.
