Transcripts of remarks worth remembering
Newt Gingrich’s assessment of the return to the failed Keynesian model
This [proposed] tax legislation would make it harder for Americans to compete in the world market and in effect is one more contribution from the Biden family to the victory of the Chinese Communist party. So let’s take a serious look at the most fun part of it which is towards the end when they finally get around to what they call the made in America tax plan. It actually should be called the tax plan guaranteed to reduce the amount of things made in America. When Reagan campaigned on supply-side economics cutting taxes creating economic incentives a model which worked so brilliantly that we left behind the stagflation of the 1970s, and literally within three years turned the entire economy around launching an economic boom which lasted basically up to about 2008 which is a pretty long boom and Republicans in particular learned that you should cut taxes, and we worked very hard at it when we got a majority in 1994 with the Contract with America we had the largest capital gains tax cut in history which launched an entire boom in the high-tech industry and led to a tremendous amount of new investments which created new jobs.
Well what we have with Biden is a reversion to the Keynesian pre-supply-side economic model, a reversion to a model that says if I raise your taxes enough then somehow magically good things will occur because I would have transferred money from these incompetent Business Leaders to these wonderfully competent bureaucrats and the competent bureaucrats are much smarter than the Business Leaders and therefore they’re going to do great things for us. You could consider the Baltimore school system as an example of great things. The fact is that what President Trump did with the tax cut of 2017 was create an enormous explosion of new wealth new productivity, such that liberals who you would think care about the poor, care about African Americans, care about Latinos, that at the peak of the Trump economy just before covid-19 we had a moment where you literally had the lowest African-American unemployment rate in American history you had the second lowest rate of unemployment for Latinos in American history, poor people were rising from poverty the old-fashioned way they actually got a job and worked you didn’t need as much welfare, you didn’t need as many food stamps because people were rising, they were doing better and why were they were doing better because the tax cuts had liberated entrepreneurs to go out and create jobs.
For the left this is a terrible thing because it took money away from the government employee unions and the various left-wing groups and they’re very straightforward here, they’re saying their tax quote reform will reverse this damage and fundamentally reform the way the tax code treats the largest corporations. I’d like to ask the president or whoever writes his talking points what was this damage is if you had the lowest black unemployment rate in history, what was the damage if you had the second lowest Latino unemployment rate in history, why wasn’t that something to celebrate rather than to feel bad about? Those who make this claim, this tells you how much they live in Alice in Wonderland. This will also make United States a leader again in the world. Well the United States economy before covid-19 was the leader in the world, we were beginning to pull away from China again….
