Sen. Schumer: Economic Growth from Less Taxes is ‘A Rumpelstiltskin Fairy Tale’

November 9, 2012 - 2:47 PM

(CNSNews.com) - Sen. Chuck Schumer (D-N.Y.) says the premise that cutting taxes will result in greater economic growth is “a Rumpelstiltskin fairy tale”.

At the Nov. 8th Christian Science Monitor Breakfast in Washington, Schumer praised House Speaker John Boehner (R-Ohio) on the tone of his recent remarks about working with the president on debt reduction. But Schumer was also critical of the thought that any deficit reduction deal would include lowering taxes in order to spur economic growth.

“When you unpack the Speaker’s speech there is a premise that doesn’t quite work and we’re going to have to help him move others in the Republican Party away from it,” Schumer said.

“Part of his speech he talked about dynamic scoring, this idea that if you cut taxes you will increase revenues. Well, it’s about time we debunked that myth, it’s a Rumpelstiltskin fairy tale, dynamic scoring. You may remember Rumpelstiltskin was the fairy tale figure who turned straw into gold. It was a lovely thing but it was a fairy tale.”