Mr. Speaker, I appreciate Mr. Hern's strong effort in helping shepherd our budget concept through the RSC to get back to fiscal responsibility and make sure it is on the front burner. I am also pleased to follow my good colleague from New…
Mr. Speaker, I appreciate Mr. Hern's strong effort in helping shepherd our budget concept through the RSC to get back to fiscal responsibility and make sure it is on the front burner.
I am also pleased to follow my good colleague from New York, too. You have California and New York, and if you throw in Illinois, you don't see a whole lot of conversation coming out that you want the country to emulate as far as fiscal responsibility. I hope that is a bit of a breath of fresh air.
We are looking at the situation we are in right now as a country. It is just unbelievable, in this last 15, 16, 18 months, just how far it has turned upside down. We can't blame it all on COVID. We have to look at the policies that have been put in place.
Yes, we did spend a lot of money in Washington, D.C., on the COVID- era problems. Some of it is justified. Some of it is completely out of control.
There are still COVID dollars sitting in little pots somewhere that people are envying and wanting to turn into things that are completely unrelated, just make it slush-fund-type stuff. That is not right because these are the American people's dollars. This is the American people's debt.
Unfortunately, we are just adding debt to it. We don't really have sustained income to back up the money we have been borrowing from the future on this. When you couple that with the inflation that we are dealing with now, when we are looking at interest rates that are edging up in order to basically try, essentially, to put the brakes on government spending, that is what has driven this.
The higher numbers for interest rates, for payments on American debt, are going to devour our ability to budget on things that we actually do want to do and care about around here. If the interest rates and interest payments are so high, we can't do the elective part of our national budgeting. That is going to be horrendous for the American people.
Mr. Hern, when we are looking at the overall inflation picture with the numbers we are talking about earlier, 8.6 percent, we know it is a lot higher. I can echo what Mr. Barr was saying a while ago. My farmers--I am a farmer myself in my real life--we are not seeing a mere 8 percent on fertilizer, diesel, parts, tires, service calls, on everything. It is a much higher number than that.
My family grows rice and has been doing it for nearly 100 years. My colleagues and my neighbors have been doing the same thing. How are we going to afford to be able to put food on the table for the American people that is affordable? I just don't see that. With what you are dealing with in Oklahoma on energy--your energy helps us.
Mr. Speaker, it is fascinating that he would say that. You plug it into the wall.
I just saw a recent interview with a major figure with a major car manufacturer introducing and talking about their electric vehicles. They were questioned at that press conference: Where is the power coming from to charge this electric car?
Well, from that building right over there.
Okay. It is a building, but it is not a generation plant.
Well, I don't really know.
Another person in the group answered and said: Well, this is powered by a source that is about 90 percent coal-driven.
I am not against coal. I think coal is great. It has powered our country for many decades. It is extremely important and shouldn't just be phased out. It is still at least 35 percent.
The naivety of a major manufacturer not understanding that the electricity has to come from somewhere, and it is going to have to be somehow reasonably priced in order to make it somehow work for this big dream they have of electrifying everything, it is unbelievable what the people are going to face.
As Mr. Hern mentioned, President Biden called it the incredible transition. The people I know, the regular folks, haven't been asked if they want to transition to electric vehicles or an electric stove or anything else. They want to just stick with what they have because you are looking at the price of electric vehicles, which are $50,000, $60,000, $70,000. The price is bumping up, and they have to recall them because things aren't working quite right.
We are force-feeding something just because government can mandate and pass a law that--hey, we are just going to require that you do it. Well, the market and technology don't always keep up with the whims of a dream that somebody would have in a bureaucracy.
Phase them in, but we are looking at an issue that is being force-fed in the Biden plan to have an incredible transition. It is incredibly painful to the American public.
That is why the direction that the RSC budget is trying to go is to achieve balance finally. If we are going to service more and more debt at a higher interest rate, and we keep adding the numbers, as my colleague from New York was talking about--if the Biden plan calls for $73 trillion of increased spending over what we are already doing at a deficit over the next 10 years, we have big trouble.
Government doesn't always do that well with a dollar spent. In the hands of the American people, they are going to make the best decisions for their families on: Do they want to upgrade their car? Do they need to add a room to their house for an expanded family? Are they going to redo their garage or redo their roof? Maybe they are even going to take a vacation if they can afford the $7 gas in California to run an RV and go see Yellowstone or something.
It is amazing how this place continues to think that the massive deficit spending is going to somehow benefit the economy. It doesn't work that way. Inflation drives higher prices to the end-users, driven by government spending. We have to get it under control.
Mr. Speaker, Mr. Hern's work is really stellar on trying to put this out there. This should really be nonpartisan, Republicans and Democrats. The blueprint for this would be back in the mid-1990s when we achieved a balanced budget, I believe it was 4 years in a row, with President Clinton coming to the table and working with Newt Gingrich and Senator Dole and others on actually passing four balanced budgets in a row.
That is credit everybody can take for having a strong economy at the time. I think it would still be a legacy of the Reagan and Bush years, where we put things back on track of having an income that they benefited from in that context.
Mr. Hern, what do you see as far as that blueprint of balancing back then as something we can emulate here?