Ron Kind: “You are taking all the fiscal tools away from us, so when there is another recession, and there will be, unless somehow…”

“You are taking all the fiscal tools away from us, so when there is another recession, and there will be, unless somehow we repeal the economic cycle in this country, the Federal Reserve will be the only institution standing that can actually take corrective action, probably with extraordinary measures, which we all hated in 2008 and 2009. But this bill, and the three bills this week that are before us are here for three reasons and three reasons only: Because of the election calendar, with the midterms coming up in early November, and vulnerable Members' names being attached to these bills, so that they can do their ads and they can do their press releases back home, knowing that it is not going to go anywhere in the Senate. Then finally, we are here this week because tax cut 1.0 went over like a wet blanket with the American people because they know what that was about; where 83 percent of that tax cut is going to large corporations and the wealthiest 1 percent of our Nation. The American people get that. And what did these corporations do with their huge tax windfall? They are doing exactly what they said they would do, share buybacks, dividend distribution, executive compensation salaries. They are all buying private jets because of the additional money that they have for their executives right now. Very little has gone into increased wages or salary increases, and this is what corporate America said they would do, so no one should be surprised by that.…”