I thank the gentlelady from Wyoming for hosting this very important hour on this very important need. The number one issue right now, as you have very appropriately pointed out, is the growing and massive Federal debt. Independents in this…
I thank the gentlelady from Wyoming for hosting this very important hour on this very important need.
The number one issue right now, as you have very appropriately pointed out, is the growing and massive Federal debt. Independents in this country overwhelmingly identify the debt as being the biggest threat to the future well-being of this country.
As I travel around, and the fact that the Democratic majority has not even introduced a budget, the first time since 1976, I raise the question: America is really at a critical crossroads in history. We have a choice. We have a choice to continue the path of taxing, and spending, and borrowing, and the lack of transparency that will result in a choice between that and accountable government. So America really has a choice between becoming Greece or New Jersey.
And Greece, we have all witnessed the fiscal meltdown and chaos that resulted in that country as a result of the massive social spending and out-of-control government. And we've all seen most recently in the Garden State, with the election of accountable and transparent and fiscally responsible leadership, where that State has really started to put its house in order. So this is a little hard for someone who is a lifetime Keystone Stater to say I would choose New Jersey when it came between those two.
We have confirmed that the Federal budget plan for fiscal year 2011 really has been canceled. The cause? Washington Democrats' out-of- control spending spree. This is really a betrayal of hardworking American taxpayers. The House of Representatives has passed a budget every year since the Congressional Budget Act took effect in fiscal year 1976. To be completely accurate, there have been times under Democrats and Republicans when a finished budget was not passed by both Houses, but this is the first time that the House of Representatives has simply decided there's too much peril for the American public to see the numbers that they are pursuing. So they're going to stop the game before the coin is even tossed. We have more than $13 trillion in debt and a Presidential budget that puts the deficit at $1.6 trillion and spends $3.8 trillion. Even the Fed chairman, Ben Bernanke, said this debt is ``unsustainable.''
Now, faced with similar challenges in our personal budget--and that's something we families do around this country each and every day--there would be a talk around the kitchen table and the children's allowances would be cut, along with many other luxuries. It is that discussion that the majority party in this Chamber really seems only willing to have under the theory that if they ignore it, it'll go away, or frankly, if they ignore it, maybe the American people won't notice the massive amount of debt that has been accrued over these past 18 months. Unfortunately, the debt will not go away. It is a legacy of debt for our children and grandchildren. And the pain will be transferred to those future generations in the hopes that, frankly, they'll have the guts to face reality. So I thank the gentlelady for hosting this hour on a very, very important topic.
I thank the gentlelady for yielding.
You know, there is a very important number here that the American people need to identify with, and it's a number that brings it home. It's a number that's very personal in terms of personal responsibility, and that is over $40,000 per person. That's the amount of debt that each man, woman, and child in this country is responsible for. And that doesn't include entitlements. If we got into Medicare and Social Security, that number would be much larger. But just keeping it within the scheme of excluding entitlements, over $40,000.
Now, you look at the young people that we have today, and the fact is that we are not--we don't come to each American and collect a check. If we did that, it all would be divided up evenly. And that's a heck of a lot of money. That's a tremendous amount of debt to start your life out with for a young person.
But the fact is, that's not how we do things. You know, we kind of kick the can down the road, as I heard you use that phrase earlier. You know, we divide things up. You know, not everybody pays the same amount. And so this legacy of debt we are really following the next generation, our children, our grandchildren, future generations disproportionately. So what was $40,000 today will just grow exponentially.
And that legacy of debt is not a legacy--you know, there is not a generation that doesn't want to leave this country better than what we received from our parents. But we are failing. With this Congress, with this President we are failing at the legacy that we are leaving: today, in 2010, a debt of $40,000 per person.
Now, I really appreciate you pointing out AmericaSpeakingOut and the YouCut. YouCut is just a wonderful tool. It gives the American people voice. Because you know who the experts are in terms of cutting today? The experts at living within their means, of pulling that belt a little tighter? That's the American citizens and the American families. They are the ones that live within their means. They know that in difficult times you have to make difficult choices. That's called showing leadership. That is not something this Congress has done.
And so YouCut, and YouCut, it really is brand new. It's 5 weeks old. It hasn't been around that long. The gentlelady from Wyoming pointed out that you can access that through the Republican whip's Web site. And in the first 5 weeks we have identified over $100 billion in cuts to government. Now, that's the way to tighten the belt on the budget. And that's something the American citizens, the American families do each and every day. They live within their means.
And so that's what's so exciting about AmericaSpeakingOut and YouCut. This gives the American citizens a voice in this process. The Federal Government and the budget is not something that they are removed from. It's something that they have a voice, they are able to weigh in and share their ideas. And I can't wait to hear
what ideas they submit in the future. And as those ideas come in, they get vetted, they may see their ideas wind up on the YouCut list, where they will have a chance to really, they can vote, go in and pick on where are the next level of cuts that we should levy in terms of making sure that the Federal Government lives within its means just like the American families do.
So I thank the gentlelady for just pointing out those very important resources for the American citizens.
Well, I thank the gentlelady. Just the fact that we have, as our good friend from Florida pointed out, there are many nations across the western world that are working very hard to put their fiscal house in order. They have actually recognized that they have to stop the spending. They have to stop the borrowing. They can't be levying these tremendous taxes on the shoulders of their citizens. They have taken a better path, a path of fiscal responsibility.
Yet in this Congress, with our President, that's not a path we have taken. He went to the G-20 trying to encourage the other world leaders to spend more, to spend their way into prosperity. And really what you do when you spend too much, you spend your way out of prosperity. And, frankly, this is a country that we have always been the most prosperous Nation in the world, and we are on the wrong path to sustain that. That's something we need to change.
You know, when I travel home, people talk about the spending, they talk about the borrowing, they talk about the taxing. And the thing that they talk about most as a result of that is the word ``uncertainty'' and how this has created uncertainty within our economy. There are over 20 million small businesses in this wonderful Nation of the United States of America. And these small businesses were created and are grown by entrepreneurs who are willing to take a risk. They work hard, they work long days, they work most days. And many times they do that and take no revenue for themselves. They reinvest in their business to grow the business and grow more jobs and create jobs, family-sustaining jobs.
But today, because of the policies we've seen over the past 18 months, they choose--they are uncertain. They don't know what's coming next. Is it more health care mandates? Is it a premium on energy under cap-and-tax, cap-and-trade? Is it more taxes levied on small businesses? You know, many small businesses are organized as limited liability corporations in such a way that they have been the victim of the increased taxes that this Congress, the Democratic majority, has passed in the past 18 months; the burdens, the tripling the size of the Environmental Protection Agency, agencies such as that that put tremendous regulatory burdens on our job creators.
Well, this uncertainty has created--these folks are, you know what? They're sitting on the sidelines today because they're afraid of what's coming next. As opposed to being a company, an organization, that normally would take a good portion of their profits--and that's not a bad word; that is a good word--and reinvesting those profits--instead of taking those profits, they reinvest them in their company and grow the company; they buy new capital; they build new facilities; they hire more people--they're not doing that right now, and that's why any kind of an increase that we're seeing in rebound in unemployment, which obviously isn't much because we're just under 10 percent, it's been public. It's been all those temporary jobs of the census workers. It's been temporary jobs sustained by the stimulus. And yet the private sector has really been suffering under uncertainty, and the American people deserve better.
I just thank the gentlelady for hosting this hour this evening.