FEDERAL AVIATION ADMINISTRATION EXTENSION ACT OF 2010--Continued
Mr. President, we are, obviously, struggling to find something that puts us in balance, a balance that will create more jobs, more opportunity, expand family incomes for middle-class people, and we do not seem to be getting there. We are…
Mr. President, we are, obviously, struggling to find something that puts us in balance, a balance that will create more jobs, more opportunity, expand family incomes for middle-class people, and we do not seem to be getting there. We are engaged in the wrong kind of a dialog, in my judgment.
Yesterday, I voted to oppose the tax cut extenders bill that came along after long and hard thought about the consequences of my decision.
For me, voting decisions cannot be made without reflecting on my life's experiences to guide me, things that I saw as a child of a poverty-stricken family, not because my father was not willing to work, but at times during those years work was just unavailable, and it was hard going for a lot of years.
What I remember is how hard my parents struggled to try and do what could be done for my sister and myself. That was our entire family.
My father worked in mills that were common in the city of Paterson, NJ--textile mills--and there was something in the environment there that was very harmful. My father was 43 when he died. My mother was a 37-year-old widow, and I had already joined the Army. I had enlisted in the Army.
I saw what happened. My father was sick for 13 months from cancer. By the way, his brother who worked in the mills died from cancer. Their father worked in the factory, and he died at age 56 from cancer.
When my father died, 13 months after being stricken with colon cancer, what he left, besides grief, unfortunately--my mother being the sole income earner for the family, owing money for doctors, hospitals, pharmacies, you name it--overwhelmed by debt, it was necessary to go bankrupt. It is a painful experience. It is an influence, it is a memory that is very hard to deal with because it creates an atmosphere of failure.
But life turned around for me, and I am one of the most fortunate people on Earth. My wife and I have 13 grandchildren, the oldest of whom is 17, and the youngest was born 2 weeks ago. Our hopes are totally enveloped by what kind of a country our grandchildren are going to live in. Will it continue to be a free democratic society, where people still believe their children can get a job, get a good education, have a family, maintain a home, and have health care as required? Will they have the kinds of opportunities that further lead to admiration of this country and a declaration of fealty to this great Nation of ours?
I was able, after service in World War II, with the GI bill, to go and graduate from Columbia University. I then joined two friends in a startup company called ADP that now employs over 40,000 people in 23 countries. It is still headquartered in New Jersey, where we began, bringing an opportunity for companies that needed computer services to obtain it from us. We were pioneers in the field. I was a CEO and chairman of this great company. The salary for a job such as that, as you can imagine, was at a very high level.
It is with this life experience that I view my current tax obligations--or let me call them contributions to country because that is what they are--weighing them against the value of a strong nation that is able to supply employment for all able and willing to work.
I remind myself that we are in a wartime economy. I do not want to go back to ancient history, but during World War II, there was a tax required that was called the excess profits tax. It was there to help the country manage its finances because of the additional costs of war.
Now we are in a wartime economy. Every day our people face harm and, perhaps, death serving in Afghanistan and Iraq. Just a couple days ago, six people were killed. The death toll goes on. The injuries go on. Over 5,000 people killed in the two wars and in excess of 30,000 wounded.
So we need to have the energy pumped into our country that gives us the ability to be able to take care of the war obligation and the general functioning of our economy.
I look at the value of a country that is able to function without the kind of indebtedness that is consuming America, with other countries that are buying our bonds and financial instruments and questioning our Nation's ability to redeem our obligations. Where does all that take us?
We have to invest to grow our economy and create jobs, putting people back to work and laying a foundation for a new era of prosperity for everybody. Windfalls for the wealthiest of us do not benefit our economy or create jobs and are what got us into this fiscal mess to begin with.
That is why I oppose this bill. Yes, there are some things in the bill that are attractive. But when I think of a headline I saw in the Wall Street Journal a week ago Monday--yesterday--it said: Tax breaks for the wealthy go on, and--in not this precise language--the byline, the heading said: And unemployment benefits will continue.
Imagine that contrast: Tax breaks for the wealthy and also: Let them eat cake, let those people who do not have any income, let them--we will give them some unemployment insurance as a little bit of an incentive to make sure we get the votes to take care of the wealthiest and most fortunate in terms of assets in our society.
This bill wastes money on tax breaks for those not needing them, giving the average millionaire a tax cut of more than $100,000 per year. Contrast that with a per-family income across the country in the neighborhood of $50,000, and here an individual gets a $100,000 tax reduction, tax break. This was money that could be used to pay down the deficit, create more jobs for middle-class families. So why does this bill dedicate so much of its cost to helping those who known economists agree will not use that money to boost the economy?
President Obama gave us the answer this week. He said that for Republicans, including deep tax cuts for the most fortunate is their holy grail. That is what President Obama said. That is what the Republicans are looking for most energetically: deep tax cuts for their holy grail--the wealthiest. On the other side of the aisle, it is not working families with whom they are concerned. It is not the unemployed. It is not the struggling small business. On the other side of the aisle, primarily they are concerned with only one economic constituency: the top 1 percent of our wage earners.
When President Bush cut taxes on those with the highest incomes, did the benefits trickle down as the Republicans promised? No. What resulted was a gigantic increase in our debt, well over $2 trillion in 8 years. I was the ranking member on the Budget Committee in those years. When we looked at tax cuts, we were told it would not interfere with our needs; rather, it was a way to get money to trickle down to the more modest income earners. Salaries rose as high as 400 times-- that was the ratio between the top person in the company and the bottom person in the company. Years ago, it ran about 40 times at its largest, but in recent years, it ran as high as 400 times larger for the CEO's pay than the average worker was paid. So 400 times--if the bottom wage earner was $40,000, the guy at the top got $16 million. So the disparity is something we have to look at.
People need to be able to afford the things that sustain life, and here we are looking at people earning over $1 million a year. We saw recently in the New York Times an article that showed eight wage earners who earned over $1 billion in a single year. One of
them earned $3.5 billion. We saw in the paper over the last couple of days that the family who holds the primary stock ownership in Walmart has a net worth of about $83 billion, and they, too, would get a tax break. Is that necessary? At the same time, middle-class families face surging gas prices, skyrocketing health care costs, and soaring college tuition. Now we are being asked to continue on the path that put us in the hole we are presently in.
As I look at where we are in this country and as I review my responsibilities to those in New Jersey whom I represent and what I want for those who will follow on, for my grandchildren, whom I love more deeply than anything else in life, I ask, What can I do that will improve their lives when I am no longer here? I conclude that a stronger democratic America will be the most valuable asset to leave behind--more valuable than more money, than more possessions, or any of those things--a stronger country, knowing they are getting their share of opportunity in this country of greatness, of wealth, underneath all of our problems. What I want to say to my grandchildren--the oldest is Alexander, and the youngest carries the name of Hudson. What do I want for them? I want them to be able to be safe, to be able to have health care when needed. I want them to be able to get an education. I want them to know their country appreciates what they do.
You can't build a building from the chimney on down, and you can't build a society from the wealthiest on down. If you don't have a good foundation, it all crumbles in front of you.
We are seeing worrisome signs about where America is going with some 15 million people unemployed at this time. What kind of a picture is that for people? And those who can't afford the necessities of life and who want unemployment insurance have to be in line to get some help. Yet we give the wealthiest more tax breaks. That is not the kind of society America really wants. We are giving to the wealthiest and forgetting the neediest.
So I wish to say that the vote for me was not easy, that there were some attractive parts in it, but the attractive parts were in there to try to get the bailout going, to try to get the tax breaks larger, to make sure they took care of their friends who are there with the money whenever called upon. It is a bad idea. That is not a democratic society.
So I am going to vote the same way tomorrow as I did yesterday; that is, against this bill. This is a bill that, in my view, will not make America stronger. Despite the fact that there is an economist or two proffering some optimistic assertions about where we will be, I don't believe it. I believe the people who say that the wealthiest will not spend the money to encourage the economy's growth, that those who get unemployment insurance will have to spend it and those who get more modest tax breaks will spend it to get the things they need for their families.
So I am going to try to make the reality for our country as good as it can be for everybody's grandchildren and for this great Nation of ours.
I yield the floor.