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Public Statements

Repeating Our Mistakes

Floor Speech

Location: Washington D.C.

Mr. McCLINTOCK. Mr. Speaker, today's unemployment rate of 9.8 percent last reached that level in 1983. President Ronald Reagan responded by cutting taxes and by reducing regulatory burdens on the economy, and he produced the biggest peacetime economic expansion in our Nation's history.

Today, President Obama is doing exactly the opposite. ObamaCare, cap-and-trade and the other measures promise the biggest tax increases and the heaviest regulations that we've ever seen.

Three Presidents within the last 100 years have responded to recessions by reducing taxes and regulations. Warren Harding, John F. Kennedy and Ronald Reagan all produced rapid and dramatic economic recoveries.

We've had two Presidents in those 100 years who reacted to recessions by doing the opposite--Herbert Hoover in the early 1930s, who radically increased taxes and spending and who imposed unprecedented burdens on trade, and the other is Barack Obama.

As they say, those who refuse to learn from history are condemned to repeat it.

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