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Public Statements

The Economy in America

Floor Speech

By:
Date:
Location: Washington, DC


THE ECONOMY IN AMERICA -- (House of Representatives - January 14, 2009)

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I appreciate the gentleman from up north of the Mississippi River from my area in Missouri for yielding, and especially as you are talking about this latest effort that some people have to try to resuscitate Keynesian economics and reinvent history and try to make it out to be something it wasn't back when it was tried and failed decades ago.

But if you really look around and you look at what the taxpayers, the people who ultimately are the shareholders who I think are fed up with this whole mad rush to have bailouts and deficit spending, and then see more, trillions of dollars added to our national debt, what the people across this country are doing during these tough economic times, I think that is really the true indication of the direction Congress should be going, and, unfortunately, Congress is going in a different direction.

But people all across this country that are facing tough economic times, they are tightening their belts. They are making those tough decisions to live within their means.

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Absolutely. And if you really want to go and look further into the States, each of our States, many are facing, I think a majority of the States are facing various budget shortfalls. My State of Louisiana is facing about a $1.3 billion budget shortfall.

But what our Governor is doing is what I think is the responsible thing that we should be doing up here. Our Governor is actually going in and making responsible cuts to our State's budget. We have a $30 billion State budget and there is a lot of room to make cuts in our State's budget, and that is in fact exactly what our Governor, Governor Jindal is doing. He is going and making cuts.

Many States across this country are doing the same thing. They are actually going and doing the things that the American taxpayers are doing. They are living within their means. They are making cuts and responsibly handling a budget shortfall, as opposed to what is happening in Washington.

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I think they have institutions where those people would go. But I think if you look at what is really happening across the country is people are making their responsible decisions, but they really want Washington to make those same responsible decisions. And when they look at what happened with the first bailout and recognize the failure of the first $350 billion, I think what they would want us to do in Congress is to pull back and say, wait, that approach didn't work. Don't spend the other $350 billion, and surely don't have some secret stimulus plan being developed.

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I think most people would recognize that bailout didn't work, including many of the people who initially asked for it. And while those of us who voted against it said there was a better way and presented an alternative approach, that was much more based on cutting taxes and encouraging the private sector to make investment. There are trillions of dollars sitting on the sidelines right now that we could bring back into the economy to turn this economy around instead of using taxpayer money and adding another trillion dollars on to a national debt that is already too large.

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