Political Quotes

“I thank the distinguished gentleman. As you have pointed out--I think this was very important--in terms of the explosion of the public debt that has taken place over the last decade or so, the most significant factor, as this chart illustrates, is the Bush-era tax cuts. And so the question, then, that many people back home in my district are asking is, What was it all for? Because now we know that income inequality has exploded out of control. The middle class is being left behind. What was it all for? Well, we were told, based on a very stale, old philosophy, that these type of tax cuts help to generate economic activity. They create jobs. Okay. In the previous 8 years prior to the Bush administration, during the 8 years of the Presidency of Bill Clinton, the tax rate for the highest income bracket was 39.6 percent, and 20.3 million jobs were created during those 8 years. And then we have a new President who comes in and, by the way, he inherits a surplus. And then immediately, as a result of these reckless policies, foreign and domestic, creates deficit after deficit after deficit. That didn't happen under this President. It happened under the previous President. But the American people, the people whom I represent back at home, say, What was it all for? A tax rate of 39.6 percent under the administration of President Clinton and 20.3 million jobs created.…”