Do you know who said the following? Each exerpt are from the same speech.
“But the most direct and significant kind of federal action aiding economic growth is to make possible an increase in private consumption and investment demand — to cut the fetters which hold back private spending. In the past, this could be done in part by the increased use of credit and monetary tools, but our balance of payments situation today places limits on our use of those tools for expansion. It could also be done by increasing federal expenditures more rapidly than necessary, but such a course would soon demoralize both the government and our economy. If government is to retain the confidence of the people, it must not spend more than can be justified on grounds of national need or spent with maximum efficiency.”
“The final and best means of strengthening demand among consumers and business is to reduce the burden on private income and the deterrents to private initiative which are imposed by our present tax system — and this administration pledged itself last summer to an across-the-board, top-to-bottom cut in personal and corporate income taxes to be enacted and become effective in 1963.”
“Too large a tax cut, of course, could result in inflation and insufficient future revenues — but the greater danger is a tax cut too little, or too late, to be effective.”
“When consumers purchase more goods, plants use more of their capacity, men are hired instead of laid-off, investment increases, and profits are high.”
“Corporate tax rates must also be cut to increase incentives and the availability of investment capital.”
Exerpt 1 though 5 all came from this JFK speech.
Now take Biden and Ryan’s exchange regarding lowering tax rates across the board during the Vice-Presidential debate:
REP. RYAN: You can cut tax rates by 20 percent and still preserve these important preferences for middle-class taxpayers —
VICE PRESIDENT BIDEN: Not mathematically possible.
REP. RYAN: It is mathematically possible. It’s been done before. It’s precisely what we’re proposing.
VICE PRESIDENT BIDEN: (Chuckles.) It has never been done before.
REP. RYAN: It’s been done a couple of times, actually.
VICE PRESIDENT BIDEN: It has never been done before.
REP. RYAN: Jack Kennedy lowered tax rates, increased growth. Ronald Reagan —
VICE PRESIDENT BIDEN: Oh, now you’re Jack Kennedy.
REP. RYAN: Ronald Reagan — (laughter) — (chuckles) — Republicans and Democrats —
VICE PRESIDENT BIDEN: This is amazing.
I don’t believe JFK would have went too far in the Democrat party of today.