Biggest Spending House Speaker in History: Tax Cuts Produce Deficits, Not Jobs

Biggest Spending House Speaker in History: Tax Cuts Produce Deficits, Not Jobs
**Written by Doug Powers

What do you think… should we give her the gavel back? I’m in the middle on that… somewhere in between “not in a billion years” and “never, no matter how long.”

CNN Political Ticker:

House Minority Leader Nancy Pelosi, D-California, said Friday that history has shown that tax cuts produce deficits, not jobs, and questioned the patriotism of those at the receiving end of generous corporate tax breaks.

“All this talk about tax cuts. The – in the Bush years the Republicans said that tax cuts will produce jobs. They didn’t. They produced a deficit,” Pelosi told CNN Chief Political Correspondent Candy Crowley.

When Crowley responded that two wars also contributed to the deficit, Pelosi assented, “two unpaid for wars.”

“What are these people not patriotic?” Pelosi continued.

“They want their special interest tax cuts, and they don’t want to pay for the war in Iraq to protect our great country and our freedom,” Pelosi said in an interview set to air Sunday on CNN’s State of the Union.

Maybe there are some who don’t want to pay for the war in Iraq because they heard Nancy Pelosi call it a “grotesque mistake” and a “failure.” After all, some of those 8% who have a very favorable impression of Pelosi could have been easily swayed by her choice of words.

In any case, no Nancy, tax cuts don’t produce massive deficits — this is what produces massive deficits:

When the Pelosi Democrats took control of Congress on January 4, 2007, the national debt stood at $8,670,596,242,973.04. The last day of the 111th Congress and Pelosi’s Speakership on December 22, 2010 the national debt was $13,858,529,371,601.09 – a roughly $5.2 trillion increase in just four years. Furthermore, the year over year federal deficit has roughly quadrupled during Pelosi’s four years as speaker, from $342 billion in fiscal year 2007 to an estimated $1.6 trillion at the end of fiscal year 2010.

The 111th Congress, from January 2009 to January 2011, accumulated more debt than the first 100 congresses combined. Using Pelosi’s line of reasoning, this must mean that Obama and the Democrats cut taxes to levels not seen since the founding of the country.

Hypothetical: Would Pelosi be such a big U2 fan if they were a US-based band, or would she be calling them unpatriotic?