Political Quotes

“The Republicans have been offering an alternative to this $800 billion stimulus. The Republican plan includes, among other things, decreasing the lowest two income tax brackets by 5 percent, which results in a $3,300 income tax cut for married couples, money that you can use for any purpose that you want. And it includes a 20 percent tax deduction for small business income and a home buyers tax credit of $7,500. A real stimulus means that the country needs to be able to present something to the American people and say, look, here is what you can do in order to restart the lines of production to get the economy going again. Mostly what we see is a trickle-down economy. And people from the other side of the aisle don't like me to mention it because that was associated with Reagan. But the trickle-down stimulus means you pour money in from the top, and you use it as a bandage in hoping that sometime the economy will recover and people will start buying again. It doesn't work that way. Let me give you an example of a trickle-up economy, an economic stimulus, that is so simple. Two years ago, this Nation sold 17 million new cars. Then that dropped to 10 million new automobiles. And at an average price of $25,000 per vehicle, that means that there was $175 billion in direct sales of motor vehicles that simply vanished. If you take that by any economic factor, three or seven, whatever it is, that is $1 trillion that was deleted from our economy.”