Mr. Speaker, I say with all sincerity to the gentleman from South Carolina (Mr. Spratt), he brings a lot of common sense to this body. Mr. Speaker, I was in business for a number of years before I came to Washington. There is one thing…
Mr. Speaker, I say with all sincerity to the gentleman from South Carolina (Mr. Spratt), he brings a lot of common sense to this body.
Mr. Speaker, I was in business for a number of years before I came to Washington.
There is one thing that I learned very quickly. If we drive the debt up, soon enough we will go broke. As some of my folks at home will say, we cannot borrow ourselves rich. And we are trying to do that. And I do not think anyone in this body can believe we can keep running deficits this large.
I just ran some numbers on the material the gentleman provided us. Just going out to 2009, in 2004 a family of four spent about $4,380 on average in debt in this country. But by 2009 that will be $6,985 just using the current numbers. That is assuming, Mr. Speaker, that things do not change for the worse. That is using the best numbers I understand for the economy to grow and then no more tax cuts that are proposed in the current budget or revenue losses. That is a 59 percent increase in the debt load on families.
Today I was in two schools talking with children about the importance of reading, about their future, about how important it was to do the things right to make a difference, looking into those faces and thinking what a burden we are placing on them. It is a shame because my colleague from Maine is absolutely right. We are using borrowed money from our children to enjoy the good life on a credit card; and we are taking the Social Security trust funds from the seniors who are now waiting for the benefits and using that, and between those two issues, we are living the good life and we are not paying our way. We are not paying our way. And it is wrong any way we cut it. It would be wrong if we were doing it as Democrats, and it is absolutely wrong for our Republican colleagues to stand with a straight face and say we are giving them prosperity. Because I promise this: I was in business when I remember interest rates going through the roof, and I will promise tonight that this kind of policy is going to drive interest rates up again. And all the money that we are borrowing to feed this deficit, a large portion of it is coming from overseas.
It startles me and shocks me and baffles me, too. I am not really sure the American people understand that they are going to have the Chinese setting our interest rate at some point because they are buying a lot of this debt and a lot of our trading partners around the world. And ultimately we are going to have to meet that bill. When we look at the amount of debt today without any changes and where it is going to hit, I am not sure our colleagues or the people who might be watching us tonight know what PAYGO is. They do not know what it is. But I tell the Members what they do know. They know that we cannot spend more than we have. And they understand that, as many of the farmers in the gentleman's State and my State who have seen their tobacco allotments cut in half, there is one thing they know tonight: they are not spending as much this year as they spent 5 years ago, and they are not going to spend as much next year because they are going to have to cut their spending back to meet their revenues. What our colleagues tell us is that we can have it all. We can have it all.
We cannot have it all. If we do, our children are going to be the poorer for it. And this budget, if it comes back without a plan to balance on both ends, on revenues as well as expenditures, we
are doing an injustice to ourselves but a greater injustice to our children. And those children, I looked in their faces today. That is why they tell us we cannot build schools. We do not have the money. And yet we say to these children they are the ones we are going to depend on to build a bright future we want to see in the 21st century.
I thank the gentleman for bringing this to our attention tonight and for sharing with this body and with the people around this country, because they need to understand that this plan is headed for a train wreck. It may not be this year, it may not be next year, but it is coming. We cannot keep piling on debt and not paying the bills, and that is really what is happening.
And it is amazing to me that this administration in this short period of time will increase the debt at this level and this Congress has added to it. And the majority knows they have done it. They just do not want to stand up and meet their obligations. Because higher interest rates will eat away all the benefits that middle income and others have had. We may have lower interest rates today, but we let them add two points or three points, and that will happen. It may not be this month, it may not be this year, but I guarantee it will come in the next several years.
I thank the gentleman.
Mr. Speaker, will the gentleman yield?
Mr. Speaker, I want to make sure I understand the gentleman and the gentleman from Oregon (Mr. Blumenauer). Is the gentleman saying the public debt is going to continue to increase?
Mr. Speaker, I have just a question, if I may, on clarification as we get ready to wind down, because I want to make sure I understand what the gentleman said earlier.
Did I understand the gentleman to say that President Bush inherited a projected $6.6 trillion surplus?
Whether that was accurate or not, I am not going to get into that.
Did he not also promise during the campaign when he came in office to protect Social Security and not invade it?
I thank the gentleman for his clarification. I think folks understand that.