I thank the gentleman from Texas, and I thank you for your hard work in trying to protect small job creators, not just in your State but all across the country, in your proposal and amendments and legislation to try to address what I think…
I thank the gentleman from Texas, and I thank you for your hard work in trying to protect small job creators, not just in your State but all across the country, in your proposal and amendments and legislation to try to address what I think is an unjust, overregulated approach to negatively affecting not just the auto industry but also the consumer.
Earlier last year, the EPA and California regulators, of course under the guidance and direction of President Obama and his White House, proposed the most expansive regulations ever on the auto industry. Estimates suggest that the cost will be $157 billion. This is at a time, I remind you, when we have a debt and deficit of about $16 trillion and $1.3 trillion to $1.5 trillion, respectively. This is not a time when this administration should impose greater oversight, greater regulatory challenges to job creators in America.
I want to remind those who are listening, as I take a look at an article written in The Wall Street Journal back in September of last year, September 14, it talks specifically about this piece of legislation and how new cars and light trucks would have to increase their fuel economy to 54.5 miles a gallon. And the White House officials actually commented in that article. They commented that the proposed fuel efficiency target could raise average vehicle prices by about $3,000. This administration acknowledges that their overregulation will increase the cost of an average vehicle by $3,000.
Now, if you think about that, when an individual goes to purchase or lease a vehicle, they sometimes use a 3-year window, maybe a few more months, 39 months, and I find it interesting that we are about to extend the payroll tax for the balance of the year, which would give the average American $1,000 back in their pocket. And the Obama administration would like to take that $1,000 from the consumer pocket and put it back into the coffers of the Treasury.
I find that bad public policy, to say the least, not in the direction of trying to reduce our debt and deficit and have a pro-growth economy, and I think it stifles the auto industry. And most importantly, it stifles small business owners across the country.
I just want to share with you, briefly, statistical information about this industry in my State of New Hampshire. We have about 800 different businesses within this industry; 25,000 employees in New Hampshire, alone, that would be affected by this regulation.
I'm concerned about the job loss around the country. I'm concerned about small business owners having access to capital, being able to continue to survive through this down economy. And I'm concerned about those employees who work for those job creators, our friends and our neighbors. They're not Democrats or Republicans or Independents. They're Americans, and they're demanding that this Congress stop the regulatory oversight from President Obama and his administration and the EPA. We are trying to do that on behalf of the American public. I think it is a smart way for us to give back to not just the consumer but the job creators who we so desperately rely on for a pro-growth economy.
The final point that I would like to make is that, in addition to the $3,200 estimated increase in the cost of the vehicle acknowledged by the President and his White House, this regulation would also essentially take the $15,000 vehicle out of existence. We would not be able to, as consumers, access an affordable vehicle for ourselves or for anybody who's purchasing a vehicle, for that matter. The very middle class that our friends on the other side of
the aisle talk about preserving and protecting are being targeted by this regulation.
It's time that the country hears more about how this administration chooses to take money from one entity and give it to another. They're taking money from hardworking Americans and putting it in the coffers of the Treasury so they can expand the size and scope of government.
The people of New Hampshire have had enough. They've sent me here to fight for those middle class families, those hardworking job creators who in New Hampshire provide 25,000 jobs in this industry. And I will continue to work with you and anybody else in this body who shares the opinion of enough with regulation. Let the free market work. Let the consumer win for a change.
I thank you for yielding to me and, again, I look forward to working with you on future legislation that you seek to address on the floor of this House.