Thank you, Congressman Griffin, I do. I agreed with what you had to say and wholeheartedly support your concepts and where we need to be moving this country. Let me say to each and every one of you that the American worker is second to…
Thank you, Congressman Griffin, I do. I agreed with what you had to say and wholeheartedly support your concepts and where we need to be moving this country.
Let me say to each and every one of you that the American worker is second to none in this world. When you look at our workers, they are the most innovative workers in the world, and they are the hardest workers in the world. Statistics, different reports continue to show us this point.
We will never compete with the Chinese and other countries on wages; nor do we want to. But our advantage, Congressman Griffin, is that we have the ability to use our energy resources in a way that we can create jobs, and we can fight for American jobs by having affordable energy. That's our trump card. For some reason, those in the administration want to tie our hands behind our backs and not allow our businesses to use our trump card to keep jobs in the United States and bring jobs back, and that is that we have great energy resources in this country.
The President was recently in Florida, and he mockingly described the Republican plan on energy and getting gas prices down. He said step one is drill, step two is drill, step three is drill. The President is just wrong. We have a true all-of-the-above policy. I like to describe it this way: it is drill. That's step one. Step two, dig. Step three, discover. Step four, deregulate.
Let me explain a little bit. Drill is easy. We have vast untapped resources in oil, and we have huge resources in natural gas. If we're allowed to drill for natural gas and for oil, we can turn around a lot of the things that are happening in this country.
Let's talk about gas prices because that affects jobs. Listen, some of this has to do with looking at the world market. If we signaled immediately that we were ready to start using our resources, the prices would come down because those people who are speculating that oil is not going to be available in the future and the not-so-distant future, but also even 2 or 3 years from now, would realize that the giant in the world of energy was finally awaked from its slumber and ready to go on the march for jobs. So I think it is important that we look at drilling. I don't think we should be mocking it.
Dig. Obviously we have a lot of coal resources in this country. My district has a lot of coal. It also has natural gas. We are number one in the world in coal resources. Everybody else in the world is using the coal. We are the ones who refuse to use it. As I said before, we have our hands tied behind our backs. Ladies and gentlemen, I've got to tell you something. We need to have reasonable regulations, but we've got to untie our hands and be ready to use our coal. The Chinese are now buying our coal to use our coal to make the products, the goods that we used to make in this country.
Guess what, a lot of times folks say we don't want to use coal because it has pollution and it creates problems; but a NASA study has shown us that if we have the Chinese using our coal to make the products we used to make, they get the money for those products, their people have the jobs. And guess what happens to the pollutants in the air? It takes roughly 10 days to get from the middle of the Gobi Desert to the eastern shore of my beloved Virginia. Just 10 days. We know that a significant portion of the mercury in our air is coming from foreign sources. Not our plants, but foreign sources.
Absolutely. I would have to say we do a much better job here.
It's almost like I can remember when I was much younger, liberals always said to conservatives, Well, you all act like the United States is the only country in the world, and we have to look at the whole world. Now the liberals are looking at it and saying, Well, the United States is the only country in the world. We have to only look at the United States and we don't look at the big picture.
I think, inadvertently, even with good intentions, there are, in fact, greater pollution risks by us not using our energy than there are with us using our energy with the reasonable regulations that have been in place for some time.
That being said, let's take a look at how that impacts on jobs. Not only do we get the pollution, but we don't get the jobs. We don't get the money.
You talked about living within our means and so forth. Let's take a look at my district.
AEP, American Electric Power, is the biggest power provider in my district. There are others. They have estimated, with new regulations, energy costs are going to go up 10 to 15 percent as they spend an additional $6 billion to $8 billion. Ten to 15 percent on hardworking American families is tough, but when you look at the job component, when you look at that job component, that means it's going to cost more in my district to make potato chips. It's going to cost more in my district to work the family farm. It's going to cost more in my district to make furniture. It's going to cost more in my district to make paper products, whiteboard. I just touched on the surface.
Every single retail establishment, every single business has to use electricity; but when you raise the cost of manufacturing goods or using electricity to manufacture goods by 10 to 15 percent over the course of the next few years, you're making us less competitive in the world, and we lose more jobs and we have more people who are unemployed and more people who aren't able to go out and buy products, which then means more people lose their jobs because they're not selling those Fords down at the Ford place. They're not selling washing machines and TVs and all of the products that are out there. We lose even more jobs because of the failure to recognize that the regulations are killing our jobs, and our jobs are going elsewhere.
I have to say, getting back to what I call the four Ds--drill, dig, discover, and deregulate--I'm not saying we don't look at all of the above. The President was in Florida. He said we only wanted to drill, drill, drill, and he was talking about algae. I'm not one of those people who's going to criticize the President for looking at algae. I think algae actually has a positive future, but it's a positive future that is probably 15 to 50 years away. We need energy now. We need affordable energy now. We need jobs now.
To be looking at something, I think it's absolutely right. That's the ``discover'' part of those four Ds. We need to encourage discovery. But one of the ways to encourage discovery is to deregulate and let people make a product without having all kinds of regulations put on top of them.
It's interesting how folks want to do all of these things, and then they come up with regulations and they find out that the new start-up companies oftentimes have difficulty creating the new alternative energies because they run into other regulations that prohibit them from going forward.
So I think we need to make sure that we look at drill, dig, discovery, looking at those alternatives, finding more ways that we can be efficient and finding new alternative energies. Then let's not regulate our industries out of existence, which is where we're headed at this point. When you do that, we continue to lose jobs, we continue to have a flat economy.
The unemployment situation has gotten better, but we're still in the neighborhood of 8 percent. I don't think that's anything to celebrate. I'm glad it's better, but I don't think it's something that you go out and go, woo hoo, we've solved our problems. I believe that we have not solved our problems at this point. We're working on it, and that's good.
The economy in this country, because of our hardworking Americans, because they're innovative and because they work harder than anybody else, is not going to just roll over and die, but at the same time it could be doing so much better, and we need to maintain that we are the number one economic power in the world. The way to do that is to keep our jobs by keeping our energy and our energy sources and our energy costs at a reasonable level so that we can, in fact, compete with the low-wage countries of the world. We don't want the low wages, but to do so, to make sure that we can still compete, we have to keep our energy affordable.
I thank you so much.
I stuck around just because I wanted to hear more about your Regulatory Freeze for Jobs Act. I think that is a great concept. I look forward to reading it. It is the way and the direction that we ought to be going, because I'm willing to bet that those regulations that have been approved are probably, if you looked at the inches of the regulations, it might only be one reg, but I would be willing to bet that this administration beats the Bush administration on inches of regulation by a mile.
That being said, I have to also say that I go out and talk to not only the Rotary Clubs and other civic organizations, but I like talking to high school students, because what we do here in Washington will be a far greater impact on their lives than what we do on our own lives. It's our children.
You indicated you have young children. I have an 11-year-old, a 6- year-old, and a 4-year-old, and I'm concerned about them.
But the high school students get it. When I start talking about the regulations and I talk about what would you do if you were a factory that was faced with having to pay big fines because you couldn't comply--couldn't comply, not didn't want to--couldn't physically and timewise comply with an EPA regulation, what happens to those jobs? You know what they say? I don't have to teach them this. They already know it. Those jobs go somewhere else, usually to China.
And they know, and we talk about the money issue. You talked about that, and you're absolutely right. They know that if we create a regulatory environment that's conducive to creation of jobs--not no regulations, but conducive to creating jobs--that we end up with more jobs. If you end up with more jobs, you have more taxpayers. If you have more taxpayers, you have more taxes. And guess what. Just like in our households, if you have more money coming in, it's a whole lot easier to pay your bills going out.
And so when we talk about living within our means, we can live within our means at a higher level if we just have the ability for the American entrepreneurial spirit and the American entrepreneur to go out and take the normal risks that are associated with any business enterprise and create the jobs, the jobs that over the last centuries we, as Americans, have worked hard to create, and in a mere 200 years created the greatest economic system, the greatest economic country ever seen on this planet.
I have to say, it comes back, and you talked about Dodd-Frank and banks, community banks in particular, and I come from a very rural district compared to a lot of the others, and the community banks are the heart and soul of those communities; and yet they are afraid to lend money to people they know are going to stay there and fight to keep those jobs and to fight for their communities, but they are hesitant to lend the money because they don't know what the regulatory scheme is going to be.
Not only do you have the entrepreneur who doesn't know, but the banker doesn't know, so he doesn't know if he can lend money even to that entrepreneur.
You said that Wall Street backed it, but I can guarantee you, Main Street didn't back it. Main Street had problems with it. I feel personal about this because as a young lawyer right out of law school, I took some risks. I had to go to the bank. The bank that I had been dealing with wouldn't work with me on buying a building. But one of my community banks stepped up to the plate, and they said, do you know what? We know that as long as you're alive, you'll pay this loan. Even if business isn't good, we count on you because we have known you since you were a kid, and we know exactly that you're going to be there, and you're going to do things.
Without that money, I daresay that I wouldn't have had a successful law practice for 28 years. A lot of times people don't think of lawyers as businessmen, but if you're a sole practitioner like I was for many, many years, you've got to make the payroll, you've got to pay your loans, and you've got to do the things that you have got to do. Well, guess what's happening? That loan wouldn't have been made to me today.
Another young man in a situation like I was in who wanted to go out and practice on his own and make his way in his hometown wouldn't be allowed to do that under the current regulatory scheme--and that's that job plus the jobs of all the people who I had working for me in that office as I went forward with my practice. So you're absolutely right in what you say.
Further, I have to get back to your Regulatory Freeze for Jobs Act. I have said for some time I wish I had introduced the bill. But I have said for some time that if we would put a freeze on new regulations and say to the American entrepreneur, the business people out there if you invest in the United States now, we will give you a window where you don't have to worry about any new regulations, we would turn this economy around like that, and we would see that unemployment rate not just drop by point one or point two, but we would see it drop down to your 6 percent that you've put in there, and I think we would even see it drop below that 6 percent if people knew that they could count on having, not no regulation, but reasonable regulations, and not have to worry about new regulations during this time of economic stress.