[Congressional Record Volume 156, Number 107 (Tuesday, July 20, 2010)]
[House]
[Page H5725]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     TRICKLE DOWN ECONOMICS IS BACK

  (Mr. DeFAZIO asked and was given permission to address the House for 
1 minute.)
  Mr. DeFAZIO. Well, trickle down economics is back. It worked so well 
before.
  We just heard the minority leader: Tax cuts will solve everything. 
Tax cuts targeted toward the wealthiest among us, the super rich, will 
have a trickle down effect that will put people back to work and lower 
the deficit.
  That's kind of magic, isn't it?
  The Republicans forget that one-half of the so-called stimulus, 
nearly one-half, was tax cuts. Didn't put anybody back to work. Most 
people don't know they got them. Eight bucks a week out of your lower 
withholding.
  And guess what?
  We borrowed all that money. It will be paid back for 30 years. Now 
they want to borrow more.
  There's two sides to solving the deficit problem in this country. Cut 
unnecessary spending and, yes, the wealthiest among us are going to 
have to pay a little bit of their fair share by repealing the Bush tax 
cuts on those folks.
  They want to deny that. They want to say, oh, we can have the cake 
and eat it too. We'll lower revenues and we'll balance the budget.
  Now, if you eliminated the entire Federal Government, except for 
about 60 percent of the Pentagon, no justice, no prisons, no border 
patrol, nothing, you still wouldn't get to balance. You have to deal 
with revenue.

                          ____________________