On the recordMarch 16, 2011
Here is the story. I agree with you. I find it hard to understand that there are people who get up here--and we hear the speeches every day. They say we have a serious deficit crisis. It is unfair to leave that burden to our kids and our grandkids. We agree with that. We say, OK, let's address the deficit crisis. But let's do it in a way that is not on the backs of the sick, the elderly, the children, the most vulnerable people in the country. So what this Senator is pointing out is that in the last number of years what we have seen is that the people on top have been doing very well--the top 1 percent now earns about 23 percent of all income, which is more than the bottom 50 percent. The effective tax rate for the very wealthiest people in this country is about 16 percent, which is the lowest in recent history. We have given huge amounts of tax breaks in recent years to these very same people. So what I think the Senator from Louisiana is saying, and I agree with her, is, if we are going to go forward with deficit reduction, which you and I agree we should, let's do it in a way that calls for shared sacrifices. The Senator from Louisiana knows that H.R. 1, the Republican House- passed bill, would throw over 200,000 kids off of Head Start. Millions of students who are trying to get through college would either get lower Pell grants or no Pell grants at all. It is an attack, a devastating attack, a cruel attack, against some of the most vulnerable people in this country.…





