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Hillary Blamed Tax Cuts For 2001 Recession

Behold Madam Clinton’s latest pronouncements as to how she would handle the latest economic “crisis”:

Remarks from Hillary Clinton on the Global Economic Crisis


The following are remarks delivered by Hillary Clinton this morning at a press availability in Washington D.C.

“I want to start with a comment or two about the economy. As we saw over night, this is a global economic crisis. It has pushed the Fed for an emergency meeting and by phone with a rate cut this morning in an effort to try to take whatever action can be taken on the monetary side to begin to try to stabilize this situation which is obviously deteriorating.

“I think it’s imperative that the following step be taken. The President should have already and should do so very quickly, convene the President’s Working Group on Financial Markets. That’s something that he can ask the Secretary of the Treasury to do. We don’t have any information that he has done so as of last night, but I would urge him to do that. This has to be coordinated across markets with the regulators here and obviously with regulators and central banks around the world.

“Secondly, the meeting that I understand is going to take place today, with respect to a stimulus package, must produce an agreement that can be quickly passed. I have been advocating for some time a package of actions. The one area that I still hear nothing about from the White House of any significance is what will be done to deal with the mortgage crisis. Those of you who have covered me know that I have spoken about this consistently because I believe it is a critical part of what we must do. We need a combination of spending, regulatory action with respect to the housing market, and rebates through the tax system.

Secondly, it would be incredibly short-sighted not to include those people who do not currently pay income taxes. We have fifty to seventy million people who are seniors on fixed incomes, who are working people who don’t make enough money to actually pay income tax, that they have to get some help. Everything I’ve heard from the White House would leave these people out.

I think that is a mistake fiscally and it is certainly a tremendous oversight with respect to what these families and individuals are going through. I would reiterate my call for a moratorium on foreclosures for ninety days and a rate freeze for five years to try to stabilize this housing market. There may be other ways to do it such as opening up the bankruptcy code, which I would certainly be open to, but we’ve got to address this big piece of business.

Finally, I think that as we look at what is happening in the economy, it’s very important to recognize how the policies of the last seven years have contributed to the situation we find ourselves in. There is no doubting my mind that the American consumer has largely sustained the global economy. What’s happening in a lot of these markets around the world is that the fear that the American consumer will stop spending has moved like a contagion through the global markets because, clearly, we have not only spent at extraordinary levels in the federal government, with all of the spending that we haven’t paid for and that, I think, is coming home to roost, as well.

“The American consumer, because of he [sic] increasing costs of everything that makes up a middle class life or just making it day by day – health care, education, energy costs – have all gone up because of the failures of this administration. We need action across the board and it’s imperative that the President and his economic team instill confidence in the competence of our government to take on what is clearly now a global crisis that could very well thrust us into a deep, long recession. We’ve got to do everything we can to avoid that.”

Of course our watchdog media will never mention it, but the last time there was a (real) recession, Mrs. Clinton was singing a radically different tune.

Back then it was all the fault of President Bush, due to his tax cuts and general failure to be fiscally responsible like her husband had been.

From the December 22, 2001 edition of the Milwaukee Journal Sentinel, via Lexis-Nexus:

Sen. Clinton blames tax cut for recession

December 22, 2001

She decries ‘U-turn’ from fiscal policies

Hearst News Service

Pg. 06A

Washington — Sen. Hillary Rodham Clinton sharply rapped the Bush administration Friday, saying the current White House domestic policy is to blame for the stagnant national economy that surfaced in the year following her husband’s presidency.

The former first lady, now the junior Democratic senator from New York, took pains to say that she supported President Bush’s action in the war against terrorism. But she took aim at the Bush tax cut, which she said had depleted the Social Security and Medicare surpluses while turning away from the goal of debt reduction.

The senator, who like many Washington lawmakers had toned down partisan rhetoric after the Sept. 11 terrorist attacks, was assessing her first year in office.

“The two terms of the Clinton administration were very good for the country,” Clinton told reporters, referring to her husband’s presidency. “I’m deeply concerned that within the space of a year, we seem to have done a U-turn, and we’ve moved away from fiscal responsibility.”

Clinton continued: “The fact that I come from the Clinton-Rubin school of economics will obviously make clear to anyone who listens that I think we should be following more prudent, responsible, fiscal policies.” She was referring to Robert Rubin, who served as Treasury secretary in Bill Clinton’s administration.

Anne Womack, a spokeswoman for Bush, dismissed the senator’s charges. “The president thinks that leaders should talk about solutions, rather than point fingers,” Womack said.

The national economy entered a recession in March after several months of slowing growth that began near the end of the Clinton administration. Before that, the country had undergone nearly a decade of sustained economic growth.

Acknowledging that the economy began to slow while her husband was still president, Hillary Clinton nonetheless said Bush’s 10-year, $1.3 trillion tax cut was to blame. The tax cut was enacted in spring.

Clinton called her first year in elected office “very challenging” although “it’s been a tremendous experience — I’ve really learned a lot.” The funding battle for New York after the Sept. 11 attacks presented an “extra difficult task” as one of the leaders of the state delegation who fought with the White House for $20 billion in emergency disaster relief aid this year.

Pay no attention to the fact that it was President Bush’s tax cuts that actually got us out of the recession that had begun during the waning Clinton administration.

And never mind that now even Mrs. Clinton wants to fend off a recession by pushing through a $110 billion dollar “stimulus package,” which includes a $40 billion “tax rebate” package.

Indeed, she insists on tax “rebates” even for those who never pay taxes, but who are instead given money from the taxpayers via the so-called “earned income credit.”

Meanwhile, Hillary’s $110 billion dollars stimulus package brings her campaign promises thus far up to nearly a trillion dollar a year in increased spending.

For this is the same woman who proudly proclaims the she has “a million ideas. The country can’t afford them all.”

And yet this is the same Mrs. Clinton who continues to hold herself forth as being so fiscally responsible.

Such as she did during her appearance on January 13, 2008 appearance on NBC’s Meet The Press:

Clinton: “I’ve proposed a very vigorous package of economic action that I think would, you know, forestall and maybe mitigate against what is going on in the economy.”

Russert: “You don’t pay for it.”

Clinton: “I am probably the strongest on fiscal responsibility in this campaign. … I have paid for everything. …”

Russert: “But not for this [economic] stimulus.”

Clinton: “Stimulus shouldn’t be paid for.”

One suspects Mrs. Clinton doesn’t know the meaning of the phrase “fiscal responsibility. Or maybe more precisely, she doesn’t really care.

After all, words are just tools she uses to get to power. They have no real meaning to her.

This article was posted by Steve on Wednesday, January 23rd, 2008. Comments are currently closed.

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