Steny Hoyer: “I knew we were on the precipice of triple-digit deficits, a national debt in the trillions, and destructive and profound…”

“I knew we were on the precipice of triple-digit deficits, a national debt in the trillions, and destructive and profound dislocations throughout the American economy. David Stockman, David Stockman, admitted the knowledge that he had as he presented the 1981 economic program to the Congress. As it was proposed and submitted to the Congress, it was the same rhetoric that we have heard about giving Americans back their money. That is good rhetoric. It is politically attractive rhetoric. But we are fiduciaries of that money. They collectively give us that money to apply to the needs of their country and of themselves and of their families. In the 1980s, the debt that we created was also theirs. As a result of the creation of that debt, they today pay billions, billions of their dollars in interest, and receive essentially nothing in return except what a previous generation bought with that money. This is a sad day, as was 1981, because, like David Stockman knew, it will be the result of profound dislocations in America in the days ahead. Defeat this rule. Defeat this bill.”