On the recordApril 21, 2010
I would like to slow you down just a minute because you are smart in this stuff, and what you're saying is historically accurate. But I would like to take that apart, slow it down just a little bit so people can see the logic of why this works the way it does. Because what we know from Henry Morgenthau--if nothing else, the Democrats should be able to learn from Democrats, but they're not. They refuse to, and the reason they refuse to is because they don't like the answer that Morgenthau said, which is they can spend money like it's going out of style. Now, what Democrat could you learn from? You just mentioned his name. It was JFK. He understood enough about economics to know that if you back off the taxes, you can actually get the economy going. Well, how does that work? Well, when you back off the taxes, it leaves more money out there for small businesses to hire people. And if small businesses have more money to invest, they invest in a new wing on a building and a new machine tool and they invest in their own business, and those people then, as they invest, create jobs. So what you've said is this isn't rocket science. This is something that JFK understood. Ronald Reagan did the same thing. He cut taxes, and the economy grew. And Bush did the same thing. But here's sort of a weird thing. They call that supply-side economy. Democrats call it trickle-down economics. Whatever you want to call it, it works.
