CAMP REACTION TO "TEMPORARY" ECONOMIC STIMULUS
U.S. Rep. Dave Camp, a senior member of the tax-writing Ways and Means Committee, today released the following statement regarding President Bush's call for a "swift" and "temporary" stimulus package.
"A revolution in technology has spurred historic gains in productivity and an irreversible trend towards globalization that pose unique challenges to the long-term health of the American economy. And, while a stimulus package as outlined by the President today may well have a positive impact on our economy, it does not increase our competitiveness or encourage economic vitality in the coming years.
"The rest of the world is aggressively cutting taxes and reaping the benefits. Yet we have failed to address substantive tax reform since Ronald Reagan's first term in office. Disappointingly, this Congress seems intent on ignoring the plight of American businesses and the workers they employ. Worse yet, they have left the door open to massive tax increases for families and job-providers.
"The downturn in the housing market is having a significant impact on our economy, but the tax code, left unchanged, will be a permanent drag on the economy. It is better to create permanent tax policy and leave temporary and flexible fixes to the Federal Reserve."