Car Payments Without the Car

House Chamber, Washington D.C.
February 23, 2010

M. Speaker:

Two weeks ago, Congress and the President added $1.9 trillion to the national debt limit. That translates to more than $6,000 of additional debt for every man, woman and child in the country – more than $24,000 for an average family of four.

Your family is required to repay that debt through future taxes just as surely as if it appeared on your credit card statement.

$24,000 is the price of a new car. Only you don’t get the new car – only the payments for the new car. What you get instead is another 14 months of deficit spending.

Two thirds of economic growth is consumer-driven, and yet we have just cost every family in America another $24,000 from its future purchasing power.

These policies are not helping the economy – they’re hurting it. The American people are coming to understand this. Let’s hope it’s in time to change this congress, change this administration, and save this country.