In 1981 we had similar supply-side economics as the majority is projecting today. In 1981 we were told that by 1984 the budget would be in balance. Instead, we had a deficit of $175 billion. When we were told we should cut taxes and something good would happen to the deficit, instead it exploded. Spending exploded under the Reagan program and the deficit went to $175 billion, under the same theory that the majority leadership has today.
Discussing the impact of supply-side economics and budget deficits during a committee meeting.
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let me just make a few comments. First, let me be clear. I have great appreciation for the work of the chairman of our committee, Mr. Rogers, and what he has done in this subcommittee. The work of his subcommittee has significantly…
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