Sunday, December 11, 2011

Newt Gingrich, Creator of the 1%

Since Newt boasts that he made Mitt Romney the wealthy man that he is today, let's give credit where credit is due: Newt helped to create the 1%.

Republican presidential contender Newt Gingrich stumbled upon a new campaign line Tuesday during an appearance on CNBC. The former House speaker came to the conclusion that policies he shepherded through the House of Representatives led to GOP rival Mitt Romney's personal wealth.

"I was part of (the late Rep.) Jack Kemp's little cabal of supply-siders who, largely by helping convince (President Ronald) Reagan and then working with Reagan, profoundly changed the entire trajectory of the American economy in the nineteen-eighties," Gingrich said. "You could make the argument that I helped Mitt Romney get rich because I helped pass the legislation."

CNBC host Larry Kudlow asked if Gingrich had ever made that argument before, prompting the White House hopeful to say: "I am as of right this minute, it just occurred to me."

And that's why "a huge share of the nation's economic growth over the past 30 years has gone to the top one-hundredth of one percent", and we have the charts to prove it.

Thanks for clearing that up!