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Sun Dec 9, 2012, 12:08 PM

Lawrence O’Donnell to Newt: APOLOGIZE For Predicting Clinton Tax Increases Would Lead to Downturn





On Sunday, during an appearance on Meet The Press, MSNBC’s Lawrence O’Donnell confronted Newt Gingrich for falsely predicting in 1993 that the economy would suffer if then-President Bill Clinton raised marginal tax rates.

Republican are making a similar argument against President Obama’s call to raise marginal tax rates on the richest Americans, even though the economy and jobs grew exponentially during the Clinton years when the top marginal tax rate was at 39.6 percent for the top income earners.

O’Donnell read off Gingrich’s false prediction and asked him to apologize to Americans:



O’DONNELL: Who said this? ‘The tax increase will kill jobs and lead to a recession, and the recession will force people out of work and onto unemployment, and actually increase the deficit.’ That’s Newt Gingrich, in 1993, on the Clinton tax increase, and those of us who were working on the other side of that tax increase, Newt, have been waiting for your apology for 20 years for being completely wrong about that.

GINGRICH: I don’t agree with you.

O’DONNELL: But the economy soared. Noone lost a job because of that tax increase.
GINGRICH: Baloney.

O’DONNELL: There was no recession, you said there would be a recession. There was no recession.

GINGRICH: The fact is, if you look at all the indicators when I was elected Speaker, virtually all of the economic growth occurs after the Republicans take control. Virtually all of the increase in the stock market, in fact all of the increase in the stock market is after the Republicans take control.

O’DONNELL: You did not reduce the rates, Newt. You said the rates would cause a recession.

GINGRICH: When we balanced the budget, we balanced the budget with a tax cut, not a tax increase. Four consecutive balanced budget with a tax cut, not a tax increase.

O’DONNELL: A tiny tax cut compared to the biggest tax increase in history, which is what Bill Clinton did. You didn’t dismantle it.





Indeed, in 1993 when President Bill Clinton raised taxes on the top income earners, Gingrich and the Republicans argued that the hikes would result in economic decline and result in huge deficits. They were proven wrong. The country experienced the “longest period of economic growth in U.S. history, increased business investment, 23 million jobs added, and, of course, budget surpluses.” The same boom did not materialize after President George W. Bush enacted his tax cuts; the country experienced large deficits and the weakest job and income growth in the post-war era.





http://thinkprogress.org/economy/2012/12/09/1306371/lawrence-odonnell-confronts-gingrich-for-falsely-predicting-economic-downturn-after-clinton-tax-increases-asks-for-apology/

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Response to Segami (Original post)

Sun Dec 9, 2012, 12:15 PM

1. Can they read charts? Even the mouthpieces need to be deprogrammed...

They've lied for so many years, even they believe it and THEY caused the problems.

Sheesh! What does it take to get thru their thick heads that they don't know what they are talking about.

Or, is it us?

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Response to Frustratedlady (Reply #1)

Sun Dec 9, 2012, 02:06 PM

4. It definitely is NOT us! The media have allowed THEIR LIES & DISTORTIONS to be sanctioned as truth.

The republican party's propaganda machine, FOX NOISE are main provocateurs of The 'Joseph Goebbels' Doctrine.

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Response to Segami (Original post)

Sun Dec 9, 2012, 12:29 PM

2. Gingrich explains Rep motive behind the impeachment of BC, "virtually all of the economic growth

occurs after the Republicans take control."

Perhaps, like me, you have been real puzzled by how that bunch of hypocrites risked impeaching Bill Clinton for stuff that most of them were/are doing themselves.

Now I get it. They were driving to OWN the coming boom created by Bill Clinton.

These are the most dishonorable thieving people in our country.

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Response to Segami (Original post)

Sun Dec 9, 2012, 12:30 PM

3. Hookay, after getting GRINCH's apology (fat chance), let's get apologies from all media outlets

for continually giving this a-hole a spotlight and a platform.

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Response to Segami (Original post)

Sun Dec 9, 2012, 02:24 PM

5. I hope this dickhead runs for President again in 2016

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Response to Segami (Original post)

Sun Dec 9, 2012, 05:40 PM

6. It really has to be frustrating to try to reason with that ball of jelly.

Kudos to Lawrence for his good work.

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