Joy doesn’t understand how we can solve the debt and deficit if the government has no “revenue” coming in. Coulter patiently explains that Reagan lowered taxes, and each year after, the Treasury got fatter. Joy tried to blame the mortgage and housing crisis on Republicans. Can Behar ignore Rep. Barney Frank (D-Mass), Sen. Chris Dodd (D-CT) , Rep. Maxine Waters (D-CA) who insisted the Clinton Community Reinvestment Act (CRA) was solid? Yes, she does. Can she ignore that G.W. Bush tried to get Congress to fix CRA 17 times? Yes, she does. Then Coulter explained how the bundling of loans made to people who were not required to qualify, or prove they could pay in any way, got spread across the country and ended up in our investment portfolios from sea to shining sea.
Whoopi asks Coulter: where did the money go that Clinton left for Bush 43. Coulter said much of it went to “treats,” meaning entitlements. That conversation didn’t fully develop. Apparently it is not okay for Donald Trump to collect the Social Security he has paid into.
I suggest we let any person, wealthy or not, send in a check to the government anytime they choose to do so, as well as a simple letter to the IRS giving up their Social Security for the good of the country. Both can be set in place immediately. Warren Buffet will have nothing to complain about and people like Donald Trump can be a hero to the America people.
In the meantime, Republicans can continue to work on how to make American taxes lower and fairer, which means EVERYONE pays something into the Treasury – EVERYONE. Then Medicare can be fixed. It’s ridiculous to think it cannot be fixed.
Note below that Ann explains how revenue went up, but so did the deficit because Congress spent $3 for each new dollar coming in. The House initiates spending. Republicans were never in control of the House during the Reagan years.
JOY BEHAR: I want to know what you think a Republican would do that the Democrats can’t do?
ANN COULTER: Well, I don’t want to sound too wonky, but it would be-. Peter Ferrara keeps writing about –
BEHAR: Who is he?
COULTER: -he’s just a brilliant writer, economist, I think he’s with CATO. And he keeps writing: “okay, this is what Reagan did to turn the Carter economy around, you know, cut regulation, cut taxes, this, that.” He says Obama looks like he studied what Reagan did and did exactly the opposite, and when I came on your show when you were sitting in for Larry King it was about a month into the Obama administration and I believe I was pessimistic about him turning the economy around because he’s doing all of the things, micro managing from the top, big government, raise taxes.
BEHAR: But he hasn’t been able to raise the taxes, the taxes are still in place.
COULTER: The debt’s going up. Taxes are going to have to go up at some point.
BEHAR: You heard that, you heard that. That’s a Republican saying that.
COULTER: Well, because the debt’s going up because you’re spending.
BEHAR: Well how are you going to solve it if you don’t have any revenue coming in? You’ve got to do something.
COULTER: Well what- well what this is, and this is counterintuitive, but you must trust me on this, it’s in every Thomas Sowell book ever written. When Reagan cut taxes, each year, as the taxes went down, revenue to the treasury went up. When people say, which is disingenuous and sort of a sleight of hand, is, “yes, but the deficit grew.” That’s because for each additional dollar he brought in, congress would spend three more dollars. I mean, you can’t overcome that, but more revenue came into the treasury the more you cut because people-
Ann Coulter Explains Reagan’s Tax Cuts to the Progressives on The View (video)