Barney Frank on Tax Cuts

Barney Frank attacks the Republicans mantra of tax cuts solving all problems.

Remember this gem from George W. Bush.

"A surplus in tax revenue, after all, means that taxpayers have been overcharged," the president said. "And usually when you've been overcharged, you expect to get something back." The surplus figure "counts more than any other" in the budget, he said.

Nondiscretionary spending increased 35.8 percent from 2001 to 2006. More Americans are earning less, as the cost of living increases. Bush attempted to spend more while bringing in less tax revenue. The result was a fiscal deficit. This is why Frank and many progressives find the GOP spin about tax cuts to be silly.