that's exactly what alan greenspan said. my plan is this. there is a $4 trillion projected surplus. now my plan is this. there is a $4 trillion projected surplus. $2 trillion of it goes, as john mentioned, to social security -- which by the way, pays down debt in the social security system. we retire $2 trillion of debt. i spent about have of that -- the remaining -- on tax cuts, and half of it as a cushion, perhaps more debt repayment, perhaps emergency spending. the difference between our plans is, i know who's money it is we're dealing with. we're dealing with the government -- we're dealing with the people's money, not the government's money. and i want to give people their money back. and if you're going to have a tax cut, everybody ought to have a tax cut. this kind of washington, d.c., view about targeted tax cuts is tax cuts driven by polls and focus groups. if you pay taxes in america, you ought to get a tax cut. under my plan, if you're a family of four in south carolina, making $50,000, you get 50-percent tax cut. i've reduced the lower rate from 15 percent to 10 percent,

governor bush: what alan greenspan said, is if it's governor bush: alan greenspan says if it is possible to discipline congress to pay down the debt, that is fine, but short of disciplining congress, which i do not think we should do, is the ought to have a tax cut. my plan is this. there is a $4 trillion surplus. $2 trillion goes to social security which pays down debt. i spent about half of that on tax cuts and half of it as a cushion, perhaps more debt repayment, emergency spending. the difference in our plans is i know whose money we are dealing with. we are dealing with the people's money and not the government's money. i want to give the people their money back. if they are going to have a tax cut, everybody ought to have a tax cut. this washington, d.c. view about targeted tax cuts is done through polls and focus groups. if you pay taxes in america you ought to get a tax cut. if you are a family of four making $50,000 you get a 50% tax cut. i reduce the rate to 10%. it does this, and this is important. there are people on the outskirts of poverty, unlike -- like single moms workin

i certainly remember the chairman greenspan discussed with congress the importance of addressing this. >> thank you. >> time of the gentleman has expired. the chair recognizes the gentleman from maryland. >> i want to thank you, chair yellen, for not only your leadership in general but your participation and patience at this hearing. i want to welcome our visitors and guests here today and thank you for bringing your importance message. we do talk about how our unemployment rate has gone down, which is has, below 5% now. but we all know when you get behind those numbers, there's really two types of jobs being created, high skilled, high paid skills. need advance education. and low skill low pays jobs. what we are not creating middle skill, middle class jobs, that have been the backbone of this country and allowed wages to grow. the chair touched on something very important, which is infrastructure. there's nothing we can do as a country to help address that problem more than rebuilding our country. if i could edit your t-shirts, i would say let our wages grow, rebuild our country. i t

i certainly remember the chair greenspan discussed with congress the importance of addressing this. >> thank you. >> time of the gentleman has expired. the chair now recognizes the gentleman from maryland mr. delaney. >> thank you, mr. chairman. and i want to thank you, chair yellen, for not only your leadership in general but also your participation and patience at this hearing. i also want to welcome our visitors and guests here today and thank you for bringing your important message. we do talk about how our unemployment rate has gone down substantially, which it has, below 5% now. but we all know when you get behind those numbers there's really only two types of jobs being created right now this this country. high skill high paid jobs. we need very, very specific skills, advanced educations to get those things. and low skill low pay jobs and what we're not creating is middle skilled middle class jobs, the kind of jobs that have been the backbone of this country for a long time and allowed wages to grow and people to raise their families with one job. and the chair touched on somet

except we don't have alan greenspan in front of us. government institutions work bet fer they listen to the american people. first because the american people will accept the decisions and second because we get better decisions. yesterday in a small state that is doing better than most of the country, two-thirds of the people went out in a very, i think a record-setting turn-out with inclement weather. to say they're mad as hell, particularly at the financial institutions that this committee deals with. and two-thirds of them voted for the most angry candidate they could find. too big to fail should be too big to exist. madam chairman, in response to the lady from wisconsin, you said it was basically the department of justice' failure to have a single criminal prosecution of those who had robbed the banks and more importantly robbed the american people. and i wonder whether you can really just put that at the feet of the department of justice? because we've learned institutions can get so big that they are too big to fail. your predece

except we don't have alan greenspan in front of us. government institutions work better if they listen to the american people. first because the american people will accept the decisions and second because we get better decisions. yesterday in a small state that is doing better than most of the country, two-thirds of the people went out in a very, i think a record-setting turn-out with inclement weather. to say they're mad as hell, particularly at the financial institutions that this committee deals with. and two-thirds of them voted for the most angry candidate they could find. too big to fail should be too big to exist. madam chairman, in response to the lady from wisconsin, you said it was basically the department of justice' failure to have a single criminal prosecution of those who had robbed the banks and more importantly robbed the american people. and i wonder whether you can really just put that at the feet of the department of justice? because we've learned institutions can get so big that they are too big to fail. your prede

go to my website, you will see the dialogue greenspan and i had. turns out i was right, he was wrong. anyhow, here is the point, billions of dollars going to lobbying. campaign contributions and you , have not just republicans but democrats. let's be frank. greenspan andand all those guys on the clinton administration saying we are going to deregulate wall street. get the government on -- off our backs. let us go out and do these wonderful things, the creativity of wall street. they were deregulated and they let out and they had the opportunity to do their thing. what a thing it was. it turned out to be largely fraudulent activity which drove this country and the world into the worst economic downturn since the great depression. millions of people lost their jobs. millions of people have not recovered from that karen this -- from that horrendous recession. and when they crash, they went to running to congress. these are the guys who hit government -- hate government. they went running and i was in the room. they said if you don't give a -- give us

go to my website, you will see the dialogue greenspan and i had. turns out i was right, he was wrong. anyhow, here is the point, billions of dollars going to lobbying. and you have not just republicans, but democrats. all those guys on the clinton administration saying we are going to deregulate wall street. let us go out and do these wonderful things, the creativity of wall street. they weren't deregulated and they had the opportunity to do their thing. it drove this country and the world into the worst economic downturn since the great depression. millions of people lost their jobs. millions of people have not recovered from that her in this recession. and when they crash, they went to running to congress. they went to running and i was in the room. they said if you don't give a 700 billion dollars in a few days, it is likely the world's economy will collapse. they had a three page outline of what they wanted. with the same people who want to cut social security, medicare, and medicaid. they got bailed out, under the argument that banks were too