Powerful stuff. Eviscerates the Republicans on economic issues and health care.
Now, the problem for advocates of this theory is that we’ve tried their approach -- on a massive scale. The results of their experiment are there for all to see. At the beginning of the last decade, the wealthiest Americans received a huge tax cut in 2001 and another huge tax cut in 2003. We were promised that these tax cuts would lead to faster job growth. They did not. The wealthy got wealthier -- we would expect that. The income of the top 1 percent has grown by more than 275 percent over the last few decades, to an average of $1.3 million a year. But prosperity sure didn't trickle down.
Instead, during the last decade, we had the slowest job growth in half a century. And the typical American family actually saw their incomes fall by about 6 percent, even as the economy was growing.Meanwhile, these proposed tax breaks would come on top of more than a trillion dollars in tax giveaways for people making more than $250,000 a year. That’s an average of at least $150,000 for every millionaire in this country -- $150,000.
Let’s just step back for a second and look at what $150,000 pays for: A year’s worth of prescription drug coverage for a senior citizen. Plus a new school computer lab. Plus a year of medical care for a returning veteran. Plus a medical research grant for a chronic disease. Plus a year’s salary for a firefighter or police officer. Plus a tax credit to make a year of college more affordable. Plus a year’s worth of financial aid. One hundred fifty thousand dollars could pay for all of these things combined -- investments in education and research that are essential to economic growth that benefits all of us. For $150,000, that would be going to each millionaire and billionaire in this country. This budget says we’d be better off as a country if that’s how we spend it.
This is supposed to be about paying down our deficit? It’s laughable.... there is a human element to this that everybody has to remember. This is not an abstract exercise. I get letters every day from people who are affected by the health care law right now, even though it’s not fully implemented. Young people who are 24, 25, who say, you know what, I just got diagnosed with a tumor. First of all, I would not have gone to get a check-up if I hadn’t had health insurance. Second of all, I wouldn’t have been able to afford to get it treated had I not been on my parent’s plan. Thank you and thank Congress for getting this done.
I get letters from folks who have just lost their job, their COBRA is running out. They’re in the middle of treatment for colon cancer or breast cancer, and they’re worried when their COBRA runs out, if they’re still sick, what are they going to be able to do because they’re not going to be able to get health insurance.