from Vermont pointed out, how about the pressures on the middle class? What about these pressures? What about this pain?
I was wondering, because I wanted to ask the Senator from Vermont—I was not able to follow his entire presentation this morning—did he quote from the report "Income Inequality and the Great Recession," done by the U.S. Congress Joint Economic Committee, led by Charles Schumer? I ask the Senator, did you quote from this report?
Mr. SANDERS.We quoted from a number of studies, but not that one, I say to the Senator.
Ms. LANDRIEU.I would like to add in our colloquy, if the Senator is aware, according to this report that just came out in September of this year:
The report goes on to say—which is frightening, which is why I have been raising my voice in opposition so strongly to some parts of this package—
High levels of income inequality may precipitate economic crises.
In other words, if the middle class cannot see light at the end of the tunnel and if the economy itself cannot grasp a way for the middle class to grow, I say to the Senator, this recession may never end no matter how much money you give to the very wealthy. This is the reality we are facing at this moment—how to end this recession.
Republicans weren't completely to blame for it, Democrats weren't completely innocent, or vice versa. It is not about who to blame, it is about how to fix it. We are about to pick up a $980 billion hammer next week in an attempt to fix it. Are we hitting the nail right? We don't have many $980 billion hammers to pick up. We are borrowing this one. So let's get it right. This is an important issue before our country. I think that is what the Senator is saying.
Am I putting words into the Senator's mouth? Is this what the Senator is trying to explain?
Mr. SANDERS.Exactly. The point cannot be understated. What Senator Landrieu is saying is that if you have a collapsing middle class and people are unable to purchase anything, it impacts the entire economy. The economy can't grow. We can't grow jobs if people don't have enough money to buy products made by other people. If all or a substantial part of the wealth in this Nation accrues in the hands of a few, they get three yachts and eight airplanes, I guess, but there is a limit to what they can purchase.
Ms. LANDRIEU.And there is a limit to what they can consume.
What the Senator from Vermont is saying and what I am saying—I want to be very clear, because the Senator and I don't agree on every piece of legislation. He tends to be a little bit more liberal and progressive in his politics than I am, but on this subject we are both equally concerned about the shrinking of the middle class. From my perspective—the Senator may have a different view—I am talking about the broad middle class: incomes of $50,000 to $500,000. In my State, $500,000 of income—not net worth but income—is a huge amount of money. In fact, I brought a graph to show that 84 percent of the households in Louisiana— when I talk about middle class—84 percent of the households in Louisiana make less than $75,000. I said 84 percent. Most people in Louisiana—most— believe they are in the middle class, but 84 percent make below $75,000.
So when I use the term middle class—and we all have a different view—I am saying the broad middle class with incomes between $50,000 and $500,000. If you have $500,000 in income, you are quite wealthy in Louisiana, but I realize we are not New York, Connecticut, or California. Maybe if you make $500,000 or $400,000 in some of these places, you don't consider yourself very wealthy or rich. I think by Louisiana standards you would be, but this is a big nation. So I want to be as broad as I can possibly be here. I am not talking about the wealthy being $400,000 or $500,000. That may not be the case in California. But what we are talking about in this tax bill is borrowing $50 billion to give tax breaks to families earning over $1 million. So as the Senator from Vermont said, whether you put your mark at $250,000 or $500,000—we can disagree about how broad the middle class is, but is there anyone—anyone—anyone in this Chamber on either side of the aisle from any State who believes seriously, giving what the Senator from Vermont just outlined—which is really not debatable; these economic studies are not just from one side of the aisle or another—that we should actually next week provide $50 billion in extended benefits for the families in America who are making more than $1 million a year? Should we do that when the inequities are so great, when the needs of the middle class are so great, when there is no evidence to suggest from any I have seen that is convincing that even after this tax cut the recession will end? We are doing this for 2 years. What happens if the recession doesn't end and we have borrowed all of this money to provide the extension of these tax cuts, as well as giving $50 billion to the $1 million earners in this country? What do we do then? Go borrow another trillion and try it again? I think we have to try something different.
I don't know if the Senator has another point before I go into a few thoughts.
Mr. SANDERS.Let me ask the Senator—and I thank her very much and I agree with what she has been saying. I was mentioning earlier the calls coming in and the e-mails coming into my office are overwhelming: 99 percent against this. Are you getting similar calls?
Ms. LANDRIEU.I am getting calls, and I am getting about 50 percent for and 50 percent against. The State of Louisiana is a little different than the State of Vermont. Many of the calls coming in from around the country are against giving—well, actually, let me say this: Most of the calls coming in are absolutely against giving tax cuts to people over $1 million.
Mr. SANDERS.That is what I am talking about.
Ms. LANDRIEU.Overwhelmingly, people are calling in and saying, Is that really happening? In fact, my office told me today that actually 10 people called who had incomes over $1 million, which I found very interesting, to say they supported my position: Tell Senator LANDRIEU I make $1 million a year and I agree with her. So I know people are listening. I thank those callers. They make $1 million every year and they said, Please, use the money for somebody else or something else. I am doing fine. I am counting my blessings. I survived the recession. They know that 33,000 people are getting ready to run out of unemployment benefits in Louisiana alone if we don't extend it. They know middle-class families making over $75,000 in income or $200,000 in income or even $500,000—you can have $300,000 of income in Louisiana and be a strong businessperson and doing very well, and have eight children. The Presiding Officer has large families out in the West. We have very large families in the South. No one ever gives us credit enough, I think, for that. People work very hard, a mother and a father. Their income might be $200,000, $250,000, but with six children, that doesn't go that far these days. I grew up in a neighborhood where we routinely had 12 children in a house. How much money do you think you have to make to feed and clothe and send to college 12 children? My father sent nine of us to college. We never made anywhere near that money. I still think it was a miracle any of us ever got there. But, nonetheless, the issue is next week we are going to debate this agreement. I wish to say I support extending tax cuts to the middle class, to the broad middle class. But there is something terribly wrong here in Denmark. Something is not right in Denmark if we are spending or borrowing $50 billion, which is about what it costs to extend income tax rates, the lower rate and the dividend rates, and the capital gains rates to people making over $1 million.
Someone on the radio today said, Well, Senator, don't you think giving
