University of California professor Robert Reich said Thursday that Republican proposals to raise revenues without raising taxes were impossible.
“There does have to be an increase in the marginal rate on the very rich,” he told Current TV host Eliot Spitzer. “That is something Republicans don’t want to admit.”
“What they are counting on is this whole supply-side mythology that if you simply keep taxes low on the rich, the economy grows faster, and that growth almost by magic — in fact it is by magic — creates enough revenues to get you out of any kind of budget deficit problem. That’s not going to work.”
Reich insisted that the middle class were the job creators, not the wealthy.
“The middle class creates jobs through their spending, through their consumption. That’s the way an economy works.”
Watch video, courtesy of Current TV, below:
Correction: This story originally has the headline “Robert Reich: GOP’s supply-side mythology is going to work.” We regret the error.