$350 Billion in Bailout Funds...No Way
Rep. McClintock gave the following floor speech in support of H.J.Res. 3, which was a Republican measure to deny the authorization of the remaining portion of the $350 billion in bailout funds.
Mr. Speaker:
This resolution presents the House with its last chance to admit that the Bush bailout has not worked. And it will not work because of a simple and self-evident truth:
Government cannot inject a single dollar into the economy that it has not first taken out of the economy.
It’s true that if I take a dollar from Peter and give it to Paul, Paul has one more dollar to spend and that dollar will ripple through the economy.
But we forget the other half of the equation: Peter now has one less dollar to spend, meaning one less dollar to ripple through the economy. In short, it nets to zero.
In fact, it nets to less than zero, because you are shifting enormous amounts of capital from investments that would have been made strictly by economic calculations to investments that are made entirely by political calculations.
We are not helping the economy with these bailouts – we are hurting it.
If they actually worked, we should by now be enjoying a period of unprecedented prosperity and economic expansion.
To those who say, “Well, it’s just the way Bush administered it,” let me pose this simple question: when in the entire history of civilization have such bailouts actually worked?
They didn’t work in Japan in the 1990’s. They didn’t work in America in the 1930’s. And they aren’t working today.
Fortunately, we know what does work. Reductions in marginal tax rates and reductions in taxes on investment consistently do stimulate the economy.
They worked when John F. Kennedy used them in the early 1960’s and they worked when Ronald Reagan used them in the early 1980’s.
When taxes are reduced on productivity, productivity increases.
But how typical of government to resist what we know works and to embrace what we know doesn’t work.
This resolution offers the House one last, fleeting chance to admit its mistakes, to step away from rigid adherence to failed policy, and to offer the change that the people of this nation deserve.
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I heard your interview
I heard your interview through Larry Elder's show on KABC and have become a fan of the clear, well-informed, cut-to-the-chase way you tackle issues.
Looking at this new bill, it's scary to think that Congress is more than willing to make the same mistake twice, and in such a short time span with the taxpayer footing the bill.
Thank you for bringing a reasoned voice to the debate!
Thank you for trying to fight
Thank you for trying to fight this insanity. They are going crazy because they think they can get away with it.
We appreciate your hard work.
Right on Tom. Keep up the
Right on Tom. Keep up the fight.
Tom McClintock for President
Tom McClintock for President in 2012!!
[...] Representative Tom
[...] Representative Tom McClintock on bailouts and economic stimulus packages: Government cannot inject a single dollar into the economy that it has not first taken out of the [...]
The congress seems poised to
The congress seems poised to waste a lot of money in a hurry. We are hoping you and other conservatives will do all you can to stop this insanity and expose those who are using the current economic situation to rob the American people.
Tom, Great job in fighting
Tom,
Great job in fighting the frivolous and wasteful spending of money that our children and grandchildren will have to pay back. We are a grassroots organization that is fighting to make sure that our representatives are actually representing us, and on this issue you get an emphatic thumbs up. We hope you keep up the hard work of making sure that our country maintains its constitutional principles. We look forward to seeing you represent us in a manner that is consistent with the will of the people.
Feel free to stop by and visit us at www.spinpolitico.com whenever you like.
Spin
This is what Washington
This is what Washington needs. Keep it up TM. It will seem like it's falling on deaf ears but give it time. We are all behind you. And I agree....TM for Pres....!
The Small man shall carry the
The Small man shall carry the big stick to washingtons pants, and teach them to lead for the people who elected them. You go Tom I will be back there soon to help in any way I can to see that you are heard and listened to and just not pushed around. All 6'6" of me and my crutch will be there to help you to keep the hands of Government out of the little guys pockets. We can't afford to waiste anymore. The love of the Smiths of Thousand oaks and Temecula, and Nuevo Calif. as well as the Stekerts of Sacramento back you all the way......... God bless you Tom Love Pat and Scott Smith
Glad we supported you, Tom.
Glad we supported you, Tom. Wish I could also vote for you. It's frustrating to know that while Congress claims they want to create more jobs, they have also put in place a well-meaning law with the unintended consequences of ruining thousands of small businesses and overloading the landfills -- H.R. 4040, CPSIA, the brain child of Henry Waxman and Bobby Rush. They seem to be avoiding public hearings, even when members of their own committee are urging them. It would be a shame if this law, which was meant to regulate lead in chidlren's toys, puts used booksellers who sell children's books at risk of huge fines and jail time and might even increase the prices of school textbooks and children's books in libraries. It also threatens second hand sellers of children's clothing, thrift stores, and small companies who hand-make their children's clothing with organic materials designed to be especially safe for children. Expensive testing of individual products by third party labs on products which have never proved to be a threat to children will be required under this law. The roads to both hell and bankruptcy are paved with good intentions, and this nonsensical law which will require third party testing for every single product marketed to children twelve and under before it can be legally sold, or even given away, certainly proves this. I doubt if you, a freshman, can do anything to change Henry Waxman's mind about holding public hearings or extending time so the CPSC can complete its investigations of product safety before this law is enforced. But it would be nice if someone could. I wrote to my own congressman, and got nothing back but a form letter. I wonder if most congressman even read these laws or understand them before they vote. This one was passed before you were elected and could vote on it. But it seems there ought to be some way to stop or delay the enforcement of it before thousands more people lose their jobs or businesses because of it.
Your website invite money,
Your website invite money, re-election help. It does not suggest that INPUT/RESPONSE is invited or will be answered. So I will have to RUN AGAINST you. Don't want to be troubled by actually listening to votes? OK. NEXT!
Hi Tom, Great job getting
Hi Tom,
Great job getting elected, now it's time for you to assume the leadership of the Republicans in the House. We need a new Contract with America, not a new New Deal.
Sean Breslin
The spending is not about
The spending is not about economic stimulus. It is about funding their liberal programms.
Tom it's too bad that the
Tom it's too bad that the commonsense folks are out numbered on Capital Hill. I hope you efforts to educate pay off, but I am afraid that congress is more greedy for spending what they did not earn than you can imagine. Keep fighting the good fight.
Instead of emphasizing
Instead of emphasizing reduced taxes, Tom should have emphasized eliminating unconstitutional programs, reducing total government spending, balancing the budget, reducing the regulatory burden, and getting out of all sovereignty-infringing international agencies such as the UN, GATT, WTO, NAFTA, IMF, World Band, etc. He needs to admit that years of Republican majorities in both houses plus the presidency failed to accomplish any of these things, therefore radical surgery in the party is needed.