Mark Neumann: “I just want to bring up another point here because that party in the White House tonight celebrating these tax…”

“I just want to bring up another point here because that party in the White House tonight celebrating these tax increases; the gasoline tax increase, the increase on seniors, increase on small business owners, it is so incredible that they would hold a party to celebrate this. I wanted to point out what happened after they raised taxes in 1993, and what this chart shows is exactly what happened to interest rates as soon as they raised those taxes. You see on the far side of this chart is September of 1993; that is when they passed the tax increase. What you see, this climb right straight up, as soon as they raised taxes, interest rates started climbing. And they climbed right straight through until November of 1994, when we elected a Republican Congress. And why did it change in November of 1994? It changed because the people understood that we became committed to controlling Washington spending, and we were not going to go out and raise more taxes on the hard-working people of this country. So what happened when we got here is they slowly, gradually started to understand that we were serious about getting Washington spending under control because here is what happened next. Those interest rates started tumbling. The reason they started tumbling is because when Washington spends less money, they borrow less money out of the private sector.”