QUOTE OF THE DAY…. We talked yesterday about the ways in which the Republican tax policy of the Bush era clearly didn’t work. While GOP leaders insisted that the massive tax cuts, geared towards the wealthy, would create jobs, generate robust growth, and balance the budget, none of those predictions came true. They actually had it backwards.

Oddly enough, Rep. Mike Pence (R-Ind.), currently the House Republican conference chairman, suggested yesterday that he doesn’t think his party’s tax policies worked, either.

“Jim DeMint and I are offering legislation on Capitol Hill today to say, look, let’s make all the current tax rates permanent, uh, and then let’s start to work from there toward putting in place the kind of policies that’ll really get this economy moving again. You know, I think it’s fair to say, if the current tax rates were enough to create jobs and generate economic growth we’d have a growing economy. It’s not working now. Let’s at least give some certainty there and then we’ll fight for more tax relief.”

Those who watch Pence regularly know he’s not the sharpest crayon in the box, but this quote is pretty amazing, even for him.

Pence thought Bush’s tax cuts would work wonders. He was wrong. This leads Pence to now believe we should keep the policy that he knows didn’t work, and then do more of it. It’s the patented “fail and fail again” approach to economic policy.

The 112th Congress really is going to be a national nightmare.

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Follow Steve on Twitter @stevebenen. Steve Benen is a producer at MSNBC's The Rachel Maddow Show. He was the principal contributor to the Washington Monthly's Political Animal blog from August 2008 until January 2012.