Video archive of the US Congress

House Proceeding 03-18-09 on Mar 18th, 2009 :: 2:08:15 to 2:11:05
Total video length: 4 hours 20 minutes Stream Tools: Stream Overview | Edit Time

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W. Todd Akin

2:08:11 to 2:08:34( Edit History Discussion )

W. Todd Akin: what we do h economic consequences on the market and job formation. mr. akin: we claiming my time, there are two general theer ryes going back in our past about what do you do when you start into a recession. one of the theories started back in f.d.r.'s day in the 1930's, we started into a recession and

W. Todd Akin

2:08:15 to 2:11:05( Edit History Discussion )
Speech By: W. Todd Akin

W. Todd Akin

2:08:35 to 2:08:55( Edit History Discussion )

W. Todd Akin: there was a guy, henry morgenthau, he was the secretary of treasury under f.d.r. he had the idea to spend a lot of government money, which will stimulate demand and get the economy going. still people talk about stimulating demand by government spending.

W. Todd Akin

2:08:56 to 2:09:16( Edit History Discussion )

W. Todd Akin: how well did it work? he was joined in that theory by a littleellow by the name of lord keynes, a strange fellow, who came up with the basically because of his name we called it keynesian economics. at the end of eight years of tremendous level of government spending, now this guy henry

W. Todd Akin

2:09:17 to 2:09:37( Edit History Discussion )

W. Todd Akin: more again thaw, meets in the u.s. congress, in the ways and means committee, there's a quotation i have on a flip chart which we can show up later which says, we tried spending. we spent and spent. it doesn't work. this is a guy whose theory it was you've got to spend a lot of money. he said, it didn't work and unemployment is as bad as it was

W. Todd Akin

2:09:38 to 2:09:59( Edit History Discussion )

W. Todd Akin: eight years ago. what's more, we're tremendously in debt. the japanese tried it in the 1970's, it didn't work for them. what is the other theory than this keynesian idea? the theory you're talking about, it's sometimes called supply side, but it was in a way j.f.k., who is obviously a

W. Todd Akin

2:10:00 to 2:10:22( Edit History Discussion )

W. Todd Akin: democrat, did a significant tax cut and the economy improved. ronald reagan, another 10, 20 years beyond him did the same thing. got this big kick. what you're showing there is president bush. this has been done a number of times. and the one thing i regret is people, and you could have assumed from your chart, was

W. Todd Akin

2:10:23 to 2:10:43( Edit History Discussion )

W. Todd Akin: at every tax cut is goi to produce this improvement to the economy. i think the facts of the matter are, it's not every tax cut, but certain specific tax cuts, particularly targeted as the gentleman that was our guest before, toward what is going to affect the small business. so the tax cuts that really work are things like dividends,

W. Todd Akin

2:10:44 to 2:11:05( Edit History Discussion )

W. Todd Akin: capital gains tax and death tax and things along those lines. those allow the small businessman to have the liquidity to invest in his own company. that's what really works. it's not like republicans are all just say no. what we're saying no is to the is an absolute runaway train of government spending.

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