Fiscal and Economic
More on Fiscal and Economic
March 19, 2021 Speeches
This bill is just the first taste of the bitter brew concocted by the those who pushed through $1.9 trillion of pure deficit spending last week.
March 10, 2021 Speeches
One thing all sides agree on: this is the most liberal bill ever passed by Congress. But beware: there’s no such thing as free money. ALL OF IT must be borrowed from the same capital pool that would otherwise be available as loans to consumers, homebuyers, and small businesses. And it will be repaid entirely from YOUR future earnings in the years ahead.
February 3, 2021 Speeches
Two Trillion dollars in revenues. Six trillion dollars in spending. This is madness. This is how countries commit fiscal suicide: force the economy to shut down and then hand out government checks. The problem, of course, is that government does not finance the economy. It is the economy that finances the government. And when you wantonly destroy millions of jobs by forcing small businesses to shutter, by cancelling construction and energy production across the country; when you flood the labor market with millions of illegal immigrants (all at a time when millions of Americans are out of work), you shut down the economy and you shut down the tax revenues that the economy produces and that the government spends.
December 28, 2020 Speeches
Let’s get this straight: the small shopkeeper who’s just lost their entire savings because of the lockdowns will get the same $2,000 grant as the government bureaucrat who’s been enjoying a steady paycheck at home for the past ten months...
September 22, 2020 Vote Notes on Legislation
Just how long is the road we keep kicking this can down? This is another continuing resolution that extends federal spending until December 11, 2020, in order to get past the election. It’s a good bet we’ll see another one to get past the inauguration. And then to get past summer recess. What’s not a good bet is that this Congress will deal with the horrendous deficit it has created by ignoring its budget responsibilities.
March 24, 2020 Columns
The anguish in people’s voices as they call our office every day is heart-breaking. Many are wondering how they can pay their bills, whether their job will still exist in a week, whether their retirement savings have been decimated or whether they’ll lose the shop they’ve spent their lifetimes and life savings to build.
December 17, 2019 Vote Notes on Legislation
These bills guarantee a $1 trillion-plus budget deficit for the current year, which moves our nation much closer to a debt crisis in the near future. Think of it as $8,000 added to an average family’s credit card debt. I have a long list of policy objections to both bills, but my biggest concern is the cumulative damage that trillion-dollar deficits are creating for our nation. These bills would increase our debt trajectory ANOTHER $600 billion above what we’re currently projecting for the next decade. This is simply unsustainable and courts a debt spiral as the capital market begins to question our ability to confront it. The bi-partisan support for this bill is an urgent warning that neither party seems interested in even TRYING to address our looming debt crisis. Even the booming Trump economy can’t compensate for the long-term damage this collapse of fiscal discipline is creating for our country dead ahead and evokes Madame de Pompadour’s concession, “apres nous, le deluge.”
February 14, 2019 Vote Notes on Legislation
Our country faces two dangers that have proven fatal to other countries: the collapse of our borders and the collapse of our finances. This bill doesn’t solve our border crisis and it makes our fiscal woes worse. It provides only $1.375 billion of the $5.7 billion necessary to complete the border wall at a time when 60,000 foreign nationals are illegally crossing into our country every month. Further, it hamstrings the use of this money with restrictions on the type of wall that can be constructed, confines it geographically, orders massive breaks in coverage and subjects it to local delays. Worse, it places new restrictions on law enforcement in trying to enforce our existing immigration law. Furthermore, the President has statutory authority to re-reprogram more than $13 billion in military construction funds for border wall construction without such restrictions. With or without this bill, he will still need to invoke this authority. While the measure doesn’t solve the border crisis, it irresponsibly increases overall spending at a time when revenues are essentially flat, moving us closer to a trillion-dollar annual deficit which economists warn is risking a debt spiral and ultimately a sovereign debt crisis. Countries that can’t defend their borders or that bankrupt themselves aren’t around very long. This bill fails to defend our borders and brings us closer to catastrophic fiscal insolvency.
January 11, 2019 Vote Notes on Legislation
This bill funds Interior and related agencies through the end of the fiscal year. Setting aside the current impasse over border security, the bill is ill-advised on its merits. It plusses up almost every request made by the administration, with the notable exception of PILT funding that compensates rural communities that are slammed by excessive federal ownership of land in their jurisdictions. It reduces funds approved by the Republican House last year for hazardous fuels reduction, national park maintenance, and water infrastructure...
January 10, 2019 Vote Notes on Legislation
Setting aside the impasse over funding border security, this bill is also ill-advised on its merits. This bill increases funding for the 1930’s era farm subsidies that have squandered billions of taxpayer dollars to inflate consumer prices ($40+ billion), jeopardized taxpayer money in risky high-risk housing markets where lenders fear to tread ($25 billion), doles out almost $2 billion for international food hand-outs, continues the food stamp program with no serious attempt to remove the disincentives to work that the program creates ($73 billion), and continues us on the spending trajectory established by the BBA. But once again, they couldn’t find $5.7 billion for a secure border wall.