The view from the House majority leader

The view from the House majority leader
Rep. Steny Hoyer has strong criticism for the Iraq war and sees potential political fallout from economic turbulence.
By David Cook | Staff writer of The Christian Science Monitor

from the November 9, 2007 edition

Washington - The uncertainty that economics can introduce into politics was a key theme at a Monitor-sponsored breakfast with House majority leader Steny Hoyer (D) of Maryland.

The second-ranking House Democrat was asked about the political impact if recent economic turbulence – a falling dollar, rising oil prices, and a slumping housing industry – led to a major downturn in election year 2008. After the breakfast, Federal Reserve Chairman Ben Bernanke appeared on Capitol Hill and said economic growth would slow noticeably later this year and early in 2008.

The majority leader began with a shot at the Bush administration for "the fiscal irresponsibility about which we have been talking for the past six years." He continued, "So I am concerned. I think it is inevitable if the economy doesn't perform as the administration says it will perform.... There will be a consequence at the ballot because people will say you haven't done what you said you were going to do and we are hurting."

Another area where economics is injecting uncertainty into political life is the current congressional effort to fix the alternative minimum tax (AMT). The tax was originally aimed at wealthy individuals who previously managed to escape federal income taxes. But since the AMT was not indexed for inflation, this year it is slated to hit 23 million taxpayers, up from 4 million in 2006. About a third of those who would pay the tax make under $100,000 annually. The cost of an annual patch to the AMT has risen to $51 billion.

When Democrats took control of Congress, they pledged to adhere to a pay-as-you-go rule, which requires tax relief to be funded either by cutting government spending or increasing taxes elsewhere.

more...

http://www.csmonitor.com/2007/1109/p25s01-usmb.html

as far as my not being able to stand listening, reading or even thinking about him.

effect.

One of the first things did after the 2000 selection was his famous tax cuts. A quite large portion of Democrats supported that legislation. I wonder where Hoyer stood at the time..

I don't have time to look it up, but I'm willing to place a wager.