Jobs And Growth Reconciliation Tax Act Of 2003
Mr. Speaker, I rise today in total and complete opposition to this ill-advised legislation that masquerades as a vehicle for creating jobs. There is nothing, I repeat, nothing in this bill that will create any jobs. The President has…
Mr. Speaker, I rise today in total and complete opposition to this ill-advised legislation that masquerades as a vehicle for creating jobs. There is nothing, I repeat, nothing in this bill that will create any jobs.
The President has traveled throughout the country saying this is a jobs bill and if we, once again, give massive tax cuts to the top 10 percent of earners in this country, we will have more jobs. Nothing could be further from the truth.
Have we forgotten that in this very month, just 2 years ago, we passed the Economic Growth and Tax Relief Act Reconciliation Act which cut taxes by $1.35 trillion. And, do the Members of this House realize that unemployment, now, 2 years later, remains at 6 percent. This House passed one of the largest tax cuts in the history of the Nation in 2001, in hopes of creating jobs and growing the economy, and we have created no jobs, in fact, we have lost almost 2.7 million private sector jobs, and the economy grows at a measly 1.6 percent, the weakest economic growth in 50 years.
Bottom line, Mr. Chairman, huge tax cuts for upper income individuals do nothing to create jobs.
What this bill will do, though, is continue to add to the Nation's debt. This tax cut will mean that we will have annual budget deficits year after year after year. This House has already passed a budget resolution with a projected deficit of $385 billion in fiscal year 2004. And, if we don't use the Social Security trust fund to mask this deficit, we are going to put ourselves $558.4 billion further in debt just this year.
Economist after economist, including Alan Greenspan who testified to the Financial Service Committee just last week, say that the increased deficits caused by these tax cuts will actually damage the economy. Even our own Congressional Budget Office has said that the effect of this tax cut is not obvious.
Mr. Chairman, over 74,000 hardworking Americans are losing their jobs every month. In the last 3 months, more than a half million people have lost their jobs. The President and this House choose to address that crisis by providing another massive tax cut to the wealthiest of Americans, in hopes that this will somehow put these people back to work. I must admit that I am missing the logic in this argument. And the millions of Americans who have lost their jobs since the last tax cut in May 2001 are also missing the logic, in fear.
Mr. Chairman, we should send this bill back to the committee and to the White House and ask that they come back with meaningful and serious proposals to move this economy forward. If we want to cut taxes, cut the taxes of those middle class Americans who will actually put that money back into the economy. If we want to create jobs, let's pass legislation that increases educational and training programs and makes sure that large and small businesses invest their funds in programs to put people back to work. This bill does neither.
It is time for serious solutions to serious problems. Politically motivated tax cuts for the wealthiest of Americans will not help the elderly pay for their prescription drugs. These tax
cuts will not help the unemployed father live his dream of putting his children through college. These tax cuts will do nothing to help the single mother, who works in a factory or cleans 50 hotel rooms a day, find a better job in hopes of giving her children a better life.
Let us reject this masquerade. Let us do something to help those who need our help.