Martin Sabo: “we have heard lots of predictions today. Just let me remind Members that in August 1993, the now Speaker, Mr. Gingrich…”

“we have heard lots of predictions today. Just let me remind Members that in August 1993, the now Speaker, Mr. Gingrich, had this to say when we passed the President's economic program. ``I believe this will lead to a recession next year.'' Newt Gingrich, August 1993. What has happened? Employment is up. Unemployment is down. Inflation is low. Growth is strong. Productivity is improving. Factories are operating at high rates. Investment is booming. The Members who bring this bill to us today were dead wrong in August of 1993 in foreseeing the future. And what they bring to us today is deeply flawed. I am sure you will hear how this bill is amazing. Well, I find it amazing also. We hear the new speaker, Speaker Gingrich, talk of renewing American civilization. Members, if this is renewing American civilization and the values impressed in this bill, I get nervous about this country. Because the values in this bill represent not the best of American ideals but some of the worst. It is, indeed, a unique Robinhood bill that takes from the poorest to give primarily tax benefits to the rich. Over half the benefits go to people with incomes over $100,000. We hear a great deal about the children's tax credit. By 2005, that is less than 25 percent of this bill. All the other things for the most affluent in this country explode in cost. And who pays?…”