WASHINGTON (MNI) – The following are excerpts from prepared remarks
by U.S. Treasury Secretary Timothy Geithner, on the need to restore
America to a pro-growth tax and fiscal policy, to be delivered Wednesday
afternoon at an event co-hosted by the Center for American Progress and
the American Action Forum:
“Ultimately, fiscal policy is about getting the conditions right
for economic growth, prosperity, and job creation. Over the past two
decades, Washington ran an experiment on that front. In the 1990’s, the
government put an end to budget deficits, and America enjoyed a period
of growth led by the private sector where prosperity was widely shared
and job creation was robust. Over the next decade, Washington tried a
new path, running up huge debts, while incomes for most Americans
stagnated and job creation was anemic. We are living today with the
damage that misguided policy caused.
So, as we look to a new decade, there’s some empirical evidence
around what works and what doesn’t. Rather than recreating a false
prosperity fueled by debt and passing the bills on to the next
generation, we need to restore America to a pro-growth tax and fiscal
policy, where the middle class once again has a chance to prosper.”
—
“Borrowing to finance tax cuts for the top two percent would be a
$700 billion fiscal mistake. It’s not the prescription the economy
needs right now, and the country can’t afford it.”
** Market News International Washington Bureau: 202-371-2121 **
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