Rebuilding The Economy

Floor Speech

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Mr. TONKO. Thank you, Representative Perriello, for bringing us together this evening for conversation and dialogue on what is an important part of the work we are doing right now. There can be no more important issue than jobs, job creation, job retention, and dealing with the Nation's economy.

I am glad that we are talking about a bit of a reality check this evening, too, to review history, what brought us here.

There is no mistaking that this administration and we in Congress this year have inherited, as freshmen, a very difficult task because some irresponsible behavior guided the decisionmaking; and where we found that we grew a deficit to record proportions, historically largest deficit, handed to this administration. That was just a year ago.

So when we look at some of the stats that the stimulus package was responsible for, minimally, 2 million jobs, looking at a number of projections and assessments that have been done out there, I think it is reassuring to know that we have been able to speak to that gross number of at least, minimally, 2 million jobs that came about through sound stewardship and through investment at a time when our recession was bleeding this economy. And all telltale indicators suggest that that bleeding has stopped. But we have only placed a down payment upon the economy with the stimulus package.

In the pipeline are tremendous investments to come, areas that deal with communications, with broadband, opportunities for our neighborhoods, for our communities dealing with transportation projects that are coming, with the smart grid, investment in smart meters, and all of the delivery system that brings the energy supplies to our doorstep, be it a workplace or a home place.

So these are sound investments, so much so that the news we received just recently last month about the third quarter showed 2.2 percent growth. That came about because of a change in thinking, a change of behavior. As witnessed over the last several months and years, we were dealing with what was a draining situation. In fact, I have to look at the fact that we provided within the stimulus package a middle class tax cut, largest in its nature, in its history. And what benefited our communities was that 95 percent of working families in this country realized the benefit that amounted to some $37 billion in tax relief that came through their paychecks during the calendar year of 2009. That was

important work. That was a way to help stretch the budgets for our American households.

Contrast that with the fact that tax cuts under the Bush administration were provided by borrowing from China. Now, isn't it interesting that China was made strong with our kind of irresponsible behavior. We look now at the fact that China's clean energy budget surpasses her defense budget. And we, in this Nation, have an opportunity to enter into that clean energy global race in a sound and practical manner, to prepare ourselves and to invest in the American economy and in the American race in that global measure that will find us a leader, an innovator, one that will become the ultimate go-to nation for energy intellect. And that is the juncture we find ourselves in today.

Representative Perriello, I would suggest that this clean energy economy that we try to create, and Representative Welch touched upon it just a moment ago, there is an awful lot of opportunity for us to invest.

The banking community has shied away from energy efficiency, from some of the retrofits we can do for businesses and residents. We know that in this economy it is much easier for them to grant a 20-year plan for a coal plant or a 30-year plan for a nuclear plant, but we can't get the investment in energy efficiency seen as our fuel of choice.

It has been stated that we are writing annually about a $900 billion check to our competitors simply because of our energy, our gluttonous energy behavior and the price tag on our energy bills. If we could move forward and provide for ESCOs, energy service companies, to go out into this company and retrofit our residential parcels and allow for us to reduce that demand that is worldwide gluttonous in nature, if we could invest in the infrastructure, the human infrastructure, the workforce, it is said that for every billion dollars of investment in retrofitting our residential parcels, some 8,000 jobs are created. That is how we bring back this economy. And it has been happening.

We have been doing installments. We have been great stewards of that stimulus package. We have made certain they go to vital projects. I can see it happening. I can see the pipeline activities coming in the next few months with high-speed rail, with communications opportunities. I think we are on the right course. We need to invest heavily now in a green energy, clean energy economy. That is our way in one sector of activity that can really produce a multitude of wins, with reducing energy demand, enhancing job creation, and reducing the carbon footprint of this Nation and the globe.

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Mr. TONKO. Thank you, Representative Perriello. Thank you again for bringing us together this evening.

The gentleman from Ohio charted for us the recession, and to use his phrase, it went off the charts, literally. I think what is important to recognize is that we stopped the bleeding. We stopped that drop off the charts with this stimulus package. And the experts, economists are suggesting that perhaps it would have been another one or two points higher, percentagewise, the unemployment rate.

Well, that translates into millions of people, millions of people who would have lost a job had it not been for this stimulus and stopping the bleeding. So I think this investment is wise. And it also tells us--we've heard here this evening--that we're investing in a way that allows America's business community and the manufacturing base to do it smarter. We give them the tools to do it smarter. I believe that that's how we sharpen the competitive edge for our business community. They compete in the global marketplace. If we give them a smarter outcome, we will be victorious at that global marketplace. We may not even do it cheaper, but we'll do it smarter. And that will be a thumbs up for the American worker.

So this evening, it was a pleasure to join with you to talk about what we can do with the clean energy economy, what we are doing with the stimulus, the investment in the future of this country in a way that uses cutting-edge tools, which is the important strategy here. And I am proud of the opportunities to be able to think outside the barrel when it comes to energy policy so that we can lift this Nation to a new era of accomplishment and competitiveness. It starts with the stimulus, and it will continue with legislation on jobs, job reform, health care reform, and certainly with energy independence. We need to multitask. Every American worker I know multitasks. We, here in this Chamber, need to multitask and get a host of legislative pieces done. These bills are essential to the rise of the American worker.

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