On his new msnbc show "The Cycle," my pal Steve Kornacki went into a bit of recent history on tax cuts for the rich. Steve compared Republican's scare mongering over Obama's proposed tax increase on upper-income earners today with their counterparts back in 1993.

Republicans in 1993 claimed Bill Clinton's tax increase on the wealthy would screw the middle class and put people out of work. What happened? The unemployment rate dropped from 6.9% to 3.9%, the deficit fell every year and by the time Clinton left office, we were on track to eliminate the entire national debt.

Here's the video: