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.
But it offers us many examples of nations that have spent, borrowed and taxed their way to economic ruin and bankruptcy. And history is screaming this warning at us: nations that bankrupt themselves aren’t around very long, because before we can provide for the common defense and promote the general welfare, we have to be able to pay for it – and the ability of our nation to do so is now in grave danger.
Yesterday, the President attacked this budget because, he says, it lowers taxes on the rich while raising Medicare costs for seniors.
In reality, this budget ends many of the loopholes that have allowed some of the wealthy to pay less than their fair share of taxes, while it lowers the overall rate for those who have paid more.
And since 82 percent of small business income is affected, economists tell us that the tax relief provided by this plan will produce a million new jobs next year. That’s the healthy way to produce new revenue.
The President apparently believes that by taking more money from small businesses they can create more jobs. That is the economic folly that misguides this administration.
Medicare and Medicaid will collapse if we continue business as usual. This budget saves Medicare and Medicaid by putting them on a sound financial foundation. It reverses the growing trend of doctors refusing to treat Medicare patients and it assures future seniors a far wider choice of physicians and plans than is available today.
This budget brings federal spending back under control and it places our nation on a path so that when my children retire, their retirement systems will be safe and secure and their nation will be debt free and prosperous.