Awesome. Via Think Progress:
On Sunday, during an appearance on Meet The Press, MSNBC’s Lawrence O’Donnell confronted Newt Gingrich for falsely predicting in 1993 that the economy would suffer if then-President Bill Clinton raised marginal tax rates.
Republican are making a similar argument against President Obama’s call to raise marginal tax rates on the richest Americans, even though the economy and jobs grew exponentially during the Clinton years when the top marginal tax rate was at 39.6 percent for the top income earners.
…Indeed, in 1993 when President Bill Clinton raised taxes on the top income earners, Gingrich and the Republicans argued that the hikes would result in economic decline and result in huge deficits. They were proven wrong. The country experienced the “longest period of economic growth in U.S. history, increased business investment, 23 million jobs added, and, of course, budget surpluses.” The same boom did not materialize after President George W. Bush enacted his tax cuts; the country experienced large deficits and the weakest job and income growth in the post-war era.
O’Donnell actually said: “Newt, [we] have been waiting for your apology for 20 years for being completely wrong about that.”
Of course, in the fake world of the media, no one ever apologizes for being flat wrong. In this case the cost of being wrong was a decade of flat wages, lost jobs, and rising poverty in America – culminating in the worst financial collapse since the Great Depression, and ongoing economic sabotage by Republicans in Congress. They are still threatening to kill the recovery out of pure hyperpartisanship even after President Obama agreed to make 98 percent of the Bush Tax Cuts For The Rich permanent.