On the recordJuly 21, 2010
And I appreciate that. I think if you keep--I don't know if they can keep the cameras on that particular chart, but it is a telling chart. And it's one of the things that I think you are trying to say, that we have yet to learn lessons from history. It is very clear that we are trying with the stimulus bill, a few of the other bills, right now, creating jobs by having tax-funded jobs being created. Unfortunately, that's a sector that's growing, but that's not a sector that will continue and build and has a multiplier effect in the economy. To do that, you have to have the private sector involved. I hate to say this, but when we went into the Great Depression, there was the history. We'd already learned after the end of World War I how lowering tax rates actually increased the amount of revenue and spurred the economy. Same thing you mentioned also that took place in the 1960s that President Kennedy clearly understood, and it's happened several other times in the history of this country. But at the beginning of the Depression, there were many people within the business community who had money to invest in business that could have spurred the economy, created jobs, and grown our economy out of the Depression. But they did not invest that money, primarily because they were afraid of what the tax and regulatory policies of the government would do, and, therefore, they simply sat on it. That's what happened as part of the problems we had in the Depression.
