Al Franken blows Republican economic policy all to

[Bennyboy]

Hell!!!

Senator Al Franken, speaking to AFL-CIO on Monday, points out the glaringly contradictory schools of thought that define the Republican economic theory:

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Franken goes on:

“But there is no evidence that that works. In 1993, when we had something called the Deficit Reduction Package, President Clinton said, ‘let’s raise the top two levels’ [a 2% tax increase for the top earning 1% of Americans]. Every Republican voted against it, every single one. It passed by one vote in the House and one vote in the Senate. Every Republican, well not every Republican, but every Republican who said anything said this will cause a recession.”

After taking a jab at Newt Gingrich, who said this would be the “Democrat recession”, Franken continues:

“It worked. We had the longest period of uninterrupted expansion of our economy in our history when we increased the marginal rate on the people at the top. So it worked. And not only that, but it turned a record deficit into a record surplus, which he took from one Bush, a record deficit, and turned it over to the next Bush, a record surplus.”

And then it gets interesting:

“Five days after George W. Bush became president, Alan Greenspan testified to the Senate Budget Committee, and said ‘we are in danger of paying off our national debt too fast. We have a projected $5 trillion surplus going into the next ten years and we very well may pay off the debt too fast, the federal government is in danger of having too much money.’ He said, what would happen as a result of that is, we will have to take our excess money and invest it into private equities and that could disrupt the market.”

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http://progressivetoo.com/2011/07/14/sen-al-franken-shreds-the-republican-economic-theory/