We’ve been told by Republicans for at least the last 30 years, since Reagan became President and even before that, that cutting taxes will create jobs, so I have a history lesson for you. Which Republican made the following statement:
“Nothing is more important than balancing the budget with the least increase in taxes. The Federal Government should be in such position that it will need issue no securities which increase the public debt after the beginning of the next fiscal year, July 1. That is vital to the still further promotion of employment and agriculture. It gives positive assurance to business and industry that the Government will keep out of the money market and allow industry and agriculture to borrow the monies required for the conduct of business.”
Not John Boehner or Mitch McConnell
Not Michele Bachmann or Paul Ryan
Hell, not even the demagogue of the trickle-down economics theory, Ronald Reagan, is the person who made this statement.
This statement was made by President Herbert Hoover, less than 5 months before Franklin Delano Roosevelt defeated him in the 1932 election.
At the time approximately 1 in 4 Americans was unemployed, with the unemployment rate officially at 23.6%. In rural farm areas and the most poverty stricken areas people were driving what was referred to as a “Hoover cart”, named after President Hoover, which was essentially a car pulled by a horse or mule.
Americans are constantly told by Republicans that the best way to balance the budget and stimulate job growth is to lower taxes, but looking at history it is not hard to see that their theory doesn’t work.
Hopefully Republicans will learn before the next time the unemployment rate gets to over 20%.