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Fiscal Cliff

Floor Speech

Location: Unknown

Mr. ELLISON. Madam Speaker, many years ago our friends on the conservative side of the political aisle told us that if we cut taxes for the wealthiest among us, what would happen is that they would get more money which they would use to invest in plant and equipment, and then all the rest of us working class and middle class folks would benefit by rich people having more money because then they would hire us and we'd have a stronger economy. They put this plan into implementation in 2001 and into 2003, and what followed was the most anemic decade of job growth that we have seen in many, many, many decades. If you can contrast it with the 1990s when the tax rates were actually higher, we had a much more robust economy. In fact, when President Clinton handed President Bush the reins to the government, he handed him, also, a surplus.

The fact is the conservative experiment based on the ideas of a guy named Arthur Laffer and others has failed. They don't work. They're wrong for this country. It's time for us to have some balance and to pay the bills of this country, and that means taxes.

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