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Mr. SALMON. Mr. Chairman, balancing our budget goes way beyond taxes and spending. It will define who we are as a Nation and ensure prosperity and opportunity for all Americans going forward.
According to two prominent Stanford University economists, John Cogan and John Taylor, the Ryan budget would raise gross domestic product by 1 percentage point by 2014.
Well, just what does that mean?
They explained it. It's equal to about $1,500 for every household in the United States--$1,500 for every household in the United States. By 2024, they estimated GDP would increase by 3 percentage points, to $4,000 per household. That growth, that kind of growth can't be ignored.
Putting our budget, moreover, our economy, on a sustainable budget, is a moral imperative, and we owe it to the men and women retiring tomorrow, as well as my newest granddaughter, who will be born in April.
The Ryan budget also recognizes that our current tax structure is holding our Nation's prosperity back. I applaud the goal of collapsing our Tax Code to just two lower rates of 10 and 25 percent.
We need pro-growth policies that will grow our economy and create jobs. Tax reform is the answer. At the end of the day, we don't need more taxes; we need more taxpayers, and new jobs will do just that.
Containing the size, scope, and cost of government has got to be a priority here. The more money siphoned from the economy to support government programs means less money in the economy to support private investment, innovation, job creation and wealth for all Americans. We've done this before and we can do it again.
I listened with a little bit of incredibility as I listened to the gentleman from Maryland do a little bit of revisionist history. He talked about the late nineties, and gave the credit to the President for balancing the budget.
Well, I was here in the Republican House of Representatives, the first Republican House of Representatives in 40 years, and I like to take a little bit of credit for that too. I think that the Republican Congress got the ball rolling.
But at the end of the day, I don't care if the President takes the credit for that. In fact, after we passed welfare reform three times, finally, the President kind of came along, kicking and screaming, and he signed welfare reform into law. And 50 percent fewer families in America have to rely on welfare. They have jobs.
I'd like to see us balance the budget, not just for my children, but for my grandchildren. And I'll tell you what: if President Obama's willing to do that with us, like President Clinton reached across the aisle to a Republican Congress, I will be happy to be the first in line to give him credit for that because I believe all America will benefit.
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