Fiorina: Let me propose something that may seem crazy to you: you don’t need to pay for tax cuts. They pay for themselves, if they are targeted, because they create jobs….We’re getting ready to increase the taxes on capital formation. That’s a really bad idea in the middle of a recession. Why are we making it harder for people to invest capital? We should be making it easier!
This is the Laffer curve coming back to the fore: what Bush I rightly called “voodoo economics.” Fiorina claimed Reagan proved this works, but that conveniently ignores the actual impact of the Bush tax cuts. George W. Bush saw nearly 3 million jobs lost during his time in office.
Further, his tax cuts went to the wealthy, who used it to invest in job creation…overseas. To people like one Carly Fiorina, then CEO of HP, who fired tens of thousands of workers at HP and called offshoring “right-sourcing.” The notion that tax cuts pay for themselves and create American jobs is absurd. But note that in her spiel, Fiorina didn’t say “American jobs” – she clearly expects business to use further capital gains cuts to invest in jobs overseas, while continuing to screw workers here at home.
You have a millionaire who earned her golden parachute killing off five-figure quantities of jobs going on about how tax cuts don’t need to be paid. Is this really that difficult to exploit? I cannot be the only one seeing the obvious political opportunities here am I?
Btw, that chart is pretty fucking scary.