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Interview :: Labor
VIDEO: Bush tax cuts suck
21 Jul 2010
Tax cuts do not pay for themselves, grow the economy or help balance the budget. George Bush Sr debunked Reagan's voodoo economics that pretended tax cuts would help balance the budget.
tax cuts-- don`t worry about paying for them because they`re free. They pay for themselves. They don`t add to the deficit. They actually reduce the deficit. The shock political development tonight is the way that this philosophy, this talking point, is being debunked and dismantled, complete with a peppy insulting phrase from within the Republican Party, a nationally known Republican sage. A public gray beard is taking his fellow Republicans apart on this one.
GEORGE H. W. BUSH, FORMER U.S. PRESIDENT: So, what I`m saying is that it`s -- it just isn`t going to work. And it`s very interesting that the man who invested this type of what I call a voodoo economic policy--
MADDOW: Voodoo economics. The idea that massive tax cuts can actually reduce the deficit and help balance the budget, it`s voodoo economics. Burn! That was, of course, George Herbert Walker Bush way back in the primary season before the 1980 election debunking fellow Republican Ronald Reagan`s promise -- his campaign promise that he would balance the budget while also giving massive tax cuts.

Rachel Maddow interviews Sen. Jeff Merkeley (OR).

to watch the 10-minute video from The Rachel Maddow Show July 19, 2010, click on
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