Skeptic Project

Stephen Colbert talked to Austan Goolsbee last night, who is the Chair of President Obama's Council of Economic Advisors. Colbert asked him about letting the Bush tax cuts expire, which Colbert argued would hurt the economy by not giving the wealthy more spending money: "We will put that right back into the market by investing in Chinese paper mills and Indian tech companies."

Goolsbee argued that the U.S. tried cutting taxes for wealthy Americans "in 2001. It didn't work," and eventually the country wound up in a recession. Colbert was not convinced: "I did fine. And I'm middle class. Maybe those people just didn't work hard enough."

http://tpmlivewire.talkingpointsmemo.com/2010/10/colbert-to-goolsbee-what-recession-i-did-fine-video.php?ref=fpc