Political Quotes

“The reason we are not creating many jobs is that by the time we have run up all the deficit and we are worse off than we started, it is because the tax cut was not targeted to those who will actually spend it. It was not targeted and the spending was not done in such a way that it would actually stimulate the economy. It would just help those in the upper-income brackets. There were a number of other alternative ways of stimulating the economy. The gentleman from South Carolina (Mr. Spratt) indicated if we continue the unemployment benefits, those people what are used to a paycheck, no longer having a paycheck, will spend that money before the check clears. As soon as they get the check, they will deposit it and the money will be spent. They have overdue bills and they have things they have to buy. It is the only income they have. They will spend that money. If we give a few thousand to a millionaire, if they wanted a television they would have bought a television. If they wanted a car, they would have bought a car already. They are much less likely to spend the money and help stimulate the economy. One study was done on the dividend tax decrease; that for every dollar we lose in tax revenue, the economy is stimulated by 7 cents. Every dollar we put into unemployment compensation, the economy is stimulated $1.73.”