Joe probably knows more about taxes than these fools.

SANCHEZ: You know, it's funny, but, as I hear him talk, I'm just thinking, tax cuts are spending, right? I mean, they really are, because you have got to get it from somewhere.

VELSHI: Right. If you think about it, is -- your own budget, right? If you have less money coming in, you have to have less money going out.

The issue is that -- the argument is that, tax cuts, while it brings less money into the government, which means it lowers the amount of money the government has, which makes it the equivalent of spending, it stimulates the economy, because it lets -- people will use that money in another way.

Businesses will use the money that they don't give to the government in a way that will create employment opportunities and put more people to work.

Look, again, it's -- the notion works. I think what the president was saying -- and I do agree with this part -- that anybody who says it's the only way to stimulate an economy may not be telling you the full story.

And you know I got into a little trouble for saying that about a particular radio commentator who has said that tax cuts are the only answer. Again, the experience with using tax cuts in a recession -- you go back to Ronald Reagan, taxes were 70 percent. He cut them to 29. That is stimulative.

SANCHEZ: But here's the problem. Stay with us. I want to bring you back on the other side. VELSHI: Yes.

SANCHEZ: Here's the problem. This is not just an economic problem. This is a political problem.

My thanks to both of you.

Remember, just a few weeks ago, Rick Sanchez deemed Joe the Plumber unqulaified for the rigorous mental exercises of being a media hack, and Ali Velshi got his knickers in a twist over Rush Limbaugh pointing out his incompetence.

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