Fiscal and Economic
More on Fiscal and Economic
House Chamber, Washington, D.C. October 26, 2011. M. Speaker: The government’s continuing failure to address our nation’s gut-wrenching unemployment stems from a fundamental disagreement over how jobs are created in the first place.
We are now in the third year of policies predicated on the assumption that government spending creates jobs.
We have squandered three years and trillions of dollars of the nation’s wealth on such policies, and they have not worked because they cannot work.
The House Natural Resources Committee today passed Congressman Tom McClintock’s legislation, H.R. 2915, the American Taxpayer and Western Area Power Administration Customer Protection Act of 2011. The legislation repeals the 2009 Stimulus Act’s new $3.25 billion Western Area Power Administration (WAPA) loan authority, including the taxpayer bailout provision for failed renewable energy transmission projects.
August 1, 2011. The “Budget Control Act of 2011” increases the debt limit by between $2.1 and $2.4 trillion, the biggest explosion of debt in American history. It allows the government to avoid spending reductions for the next two years while squandering our last best hope of averting a sovereign debt crisis.
I am opposed to this measure for the following reasons:
August 1, 2011. This act increases the debt limit by between $2.1 and $2.4 trillion, the biggest explosion of debt in American history. It allows the government to avoid spending reductions for the next two years while squandering our last best hope of averting a sovereign debt crisis.
I am opposed to this measure for the following reasons:
1. The purported cuts, even if realized, are far below the $4 trillion deficit reduction that credit rating agencies have warned is necessary to preserve the Triple-A credit rating of the United States Government.
Column, Washington Times: Imagine a family that earns $50,000 a year but is spending more than $88,000 with a credit card balance of $330,000. The discussions around the kitchen table are likely to be a little tense.
Proportionally, that’s where Washington’s finances are today, and that’s why the national discussion is a little tense, too.
This vote stands as a defining moment in this crisis. Every rating agency has warned that an increase in the debt limit without a credible plan to balance the budget will damage our nation’s credit. Worse, fiscal experts warn that without such a plan, we risk a sovereign debt crisis within just a few years.
Congressman Tom McClintock delivered the following remarks during a debate on the 2012 budget bill introduced by Budget Committee Chairman Paul Ryan:
The 2012 Budget
House Chamber, Washington, DC
April 14, 2011
History walks with us today as we begin this debate.
History offers us not a single example of a nation that has ever spent, borrowed and taxed its way to prosperity. Not one.
Mr. Chairman: History walks with us today as we begin this work. History offers us not a single example of a nation that has ever spent, borrowed and taxed its way to prosperity, but it offers us many, many examples of nations that have spent, borrowed and taxed their way to economic ruin and bankruptcy.