In his last day as House Majority Leader, Rep. Steny Hoyer (D-Md.) put much of the blame for America’s growing debt on past Republican administrations, including former President Ronald Reagan.
“Ronald Reagan came in and adopted an economic program that created $1.4 trillion in deficits over the next eight years,” Hoyer said in a Capitol Hill press conference on Tuesday, where he appeared with other members of the Democratic House Leadership.
“George Bush continued those policies and added another trillion dollars to the deficit," said Hoyer. "Bill Clinton came in 1993 and we adopted a PAY-GO (pay as you go) process.”
Hoyer warned that new rules that will be adopted by the incoming Republican majority in the House of Representatives will lead to an increase in the federal deficit. (The new Congress is scheduled to be sworn-in today, Jan. 5.)
Hoyer went on to say that the policies of Ronald Reagan not only increased the deficit, but also did nothing to grow the economy and were responsible for the recent economic downturn.
“We will oppose these rules that will unfortunately return us to the fiscal irresponsibility that was practiced under President Reagan, President Bush, and the second President Bush, which put us deeply, deeply into deficit and -- contrary to the researchers -- not only did not grow the economy but gave us the worst economy we’ve seen since Herbert Hoover,” said Hoyer.
“There is no free lunch," said Hoyer. "Supply-side economics that is argued so fervently for by so many simply means that if you do less, you get more. Nothing that I have done in my lifetime showed me that if I did less, I got more. Nothing.”
Hoyer did not mention the $3.2 trillion that the Congress has added to the federal debt since President Obama took office in January 2009.
But Hoyer claimed that repeal of Obamacare would add to the deficit, even though the policy will not be fully implemented until 2014.
More here
“Ronald Reagan came in and adopted an economic program that created $1.4 trillion in deficits over the next eight years,” Hoyer said in a Capitol Hill press conference on Tuesday, where he appeared with other members of the Democratic House Leadership.
“George Bush continued those policies and added another trillion dollars to the deficit," said Hoyer. "Bill Clinton came in 1993 and we adopted a PAY-GO (pay as you go) process.”
Hoyer warned that new rules that will be adopted by the incoming Republican majority in the House of Representatives will lead to an increase in the federal deficit. (The new Congress is scheduled to be sworn-in today, Jan. 5.)
Hoyer went on to say that the policies of Ronald Reagan not only increased the deficit, but also did nothing to grow the economy and were responsible for the recent economic downturn.
“We will oppose these rules that will unfortunately return us to the fiscal irresponsibility that was practiced under President Reagan, President Bush, and the second President Bush, which put us deeply, deeply into deficit and -- contrary to the researchers -- not only did not grow the economy but gave us the worst economy we’ve seen since Herbert Hoover,” said Hoyer.
“There is no free lunch," said Hoyer. "Supply-side economics that is argued so fervently for by so many simply means that if you do less, you get more. Nothing that I have done in my lifetime showed me that if I did less, I got more. Nothing.”
Hoyer did not mention the $3.2 trillion that the Congress has added to the federal debt since President Obama took office in January 2009.
But Hoyer claimed that repeal of Obamacare would add to the deficit, even though the policy will not be fully implemented until 2014.
More here
8 comments:
HAHAHA boy the left is desperate now!
He is absolutely right.
He's half right but shows that no matter which party, they only want to expose half the truth.
government intrusion into the private sector is the cause of our financial mess.
ronald reagan said government is not the solution, it is the problem.
uncle steny is a socialist to the core. his ideas for the most part are useless and will not work for a free people. he has always desired a nanny state so the people will be so dependent on the government they will be "easily led".
remember what the government "gives" they can "take back" at anytime. they really don't care about you. their job is to defend our nation against foreign and domestic enemies (under the constitution) and maintain the infrastructure of our nation. nothing more. this government has reached into your pockets and homes far more than our "laws" allow.
those of you who disagree, i dare say, have probably never read our constitution and bill of rights.
11:28 Lack of government oversight is the cause of our present economic mess.
Figures coming from the poster child of the United Socialist replublic of maryland//I belive he is one of those leftist mental cases.
Bet uncle Steny will vote for legalizing maryjane too! He seems to be smoking it right now. He's a socialist and should move to Russia. Take the other socialists with you: Obama, Pelosi,......
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