AL HUNT (Bloomberg): Why under those pre-Bush tax cut tax rates did the economy do so well in the ‘90s? And why under the Bush tax rates, less for the wealthy, to do so poorly in this decade?
FRED UPTON (R-MI): Well, a couple things. One, spending went up, Al, the wars. I mean, that’s trillions of dollars. And also there was no change in the entitlements. And we also know -
HUNT: But that shouldn’t hurt the economy. That shouldn’t hurt economic growth.
UPTON: Yeah, but that impacts the debt and the deficit.
HUNT: But I’m asking, why did the economy grow a lot? Why were more jobs created in the previous decade under higher taxes than in this decade under lower taxes?
UPTON: I don't know specifically the answer to that question. I can – I can maybe merit a guess. But, I mean, in large part is because our job – we lost jobs. I mean, look at the jobs report that came out this last week, three-hundred- some-thousand people actually stopped looking for jobs.
Tax cuts for the rich and the transnational corporation don't create jobs (unless you mean in China and in India). In fact, by creating a disincentive to reinvest operating profits, they cost us jobs. That's not an opinion, that's the historical record. Confront Republicans with the historical record and all they can do is stutter and spew nonsensical jibberish. They've been lying to us on this point for 30 years, using it to enrich their cronies, and killing the country as a result.
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