Let me be clear: John Kerry is as dumb as a box of rocks.
[MTP full transcript]
The Republicans are fighting to keep in place a tax policy that has failed over the last eight years. It has failed. We have had a net loss of jobs, and what we've seen is a Republican Party that's absolutely prepared to deny unemployment insurance to people who have been laid off, who can't pay their bills, who want to, you know, put food on the table for their families.
Much is made of the horrible economy Obama inherited, but nobody much talks about the economy Bush inherited, except insofar as they say it was fantastic. Well, it wasn’t fantastic, it was deteriorating. The dot-com bubble was bursting... then we had 9/11, and subsequent invasions of Afghanistan and Iraq. And through all that, we had an extremely shallow recession, followed by 40 months of continuous job growth. As for the later housing bubble/bust, tax policy is not even a blip on the radar of the list of causes of that catastrophe.
They've said, "No, we're willing to hold that hostage so that we can give the wealthiest people in the country a bonus tax cut." And what I mean by that is, you know, people aren't focused on the fact that, under the Democratic proposal, everybody in America got a tax cut. The wealthiest people in America got a tax cut, up to the $250,000 of income. What they're fighting for is to give those people who earned more than a million dollars a year a bonus tax cut above that, even though it's the least effective way of creating jobs and, and putting impact into the economy.
So in the Kerry universe, increasing taxes for some = a tax cut for all. Just so we’re clear on that.
You talk about uncertainty of the economy, how much uncertainty is there to our economy when you add $800 billion to the deficit.
The total “cost” of extending all the Bush tax cuts is in the neighborhood of 3.7 to 4 trillion over 10 years. Kerry’s drawing the line at the point-seven or point-eight.
You know, people talk about American exceptionalism and how there's sort of this automatic for America. Yes, we are exceptional, but we're exceptional when we do exceptional things, when we behave exceptionally. We're not doing that today. We're locked down into a gridlock status where other countries are racing by us. I'll give you an example. Over the next 20 years, $600 billion is going to be invested in green technology and green energy. New jobs. New jobs that could be for Americans. Ninety percent of that investment's going to be in other countries, David.
Kerry’s idea of making America exceptional seems to be having us do what others are doing. How is that exceptional again? Green tech? Oh brother...
...By the Chinese and by a lot of other people. You know, two years ago China produced 5 percent of the world's solar panels. Today they produce 60 percent. We're not even in the game. We, we invented this technology at the Bell Laboratories 50 years ago. We don't have one company in the top 10 companies of the world. Shame on us. The point I'm making is that you can't just talk about American exceptionalism and then sit around and feed the frenzy of this tax cut at the upper end. You've got to invest in America's future.
This green jobs malarkey is a colossal waste. Spain tried the “green jobs” bit and it was proven to be a magnificent failure. Germany and France are likely to cut solar subsidies. It makes no sense to subsidize current-tech-generation alternatives that have no hope of becoming economical (as Al Gore recently admitted with respect to corn ethanol). It actually hurts the development of more advanced technologies that might actually be worthwhile. (Why develop new technology when the government will force the public to buy your inefficient technology at inflated rates?)
I mean, if you're earning more than $1 million a year, you--you're--that investment, when, when you give that tax cut, you get about a 30 cent return on the dollar given. If you give unemployment insurance, you get $1.60 back on the dollar that you put in. There are multiplier effects that are a reality of our economic laws. The Republicans are ignoring them...
Those are laughably made-up figures. And to reiterate, Kerry is taking the stance that paying people to not work is economically stimulative. Really.
The president of the United States came into office with a president who'd left him with a $5 trillion add-on to the debt of this country, an unprecedented financial crisis. The fact is that the TARP that we passed that everybody hates--they hate the word, they hate the concept--it saved, it saved countless numbers of jobs in this country. The Recovery Act saved millions of jobs in this country and brought our financial system back from the brink. Wall Street ought to be singing this president's praises. We've had a 60 percent increase in the stock market in two years. How often does that happen? You have a $3 trillion increase in the net value of the Fortune 500 companies, $3 trillion increase in two years. Under George Bush, in eight years, it only increased by several hundred billion. You've had the Hire Act, the Republicans opposed it. It created hundreds of thousands of jobs. The Recovery Act, the Small Business Act.
I wont defend Bush deficits, but the debt-to-GDP ratio didn’t start going gangbusters until the housing crisis set in. (Let’s not forget that Bush was also trying to maintain support for Iraq and Afghanistan with both houses of Congress controlled by Democrats as of January 2007.) The TARP, which was a Bush administration plan, originally billed as $700bn, will end up costing about $25bn when everything is said and done. The Obama stimulus, originally billed as $787bn to $862bn, will be at least a trillion after interest, and could cost something on the order of $ 3.2 trillion in the end. And for what?! An empirically failed policy.
The Republican agenda is tax cut and cut spending. We cannot cut our way to competition with these other countries.
Why not? We certainly can’t tax and spend our way to prosperity...
Thank heavens this dolt never got to be President.