Mr. Speaker, before I begin my remarks, I would like to call on my fellow Members to keep the gentleman from Georgia, Congressman Charlie Norwood, in your thoughts and prayers. As many of you know, Charlie has suffered from cancer for some…
Mr. Speaker, before I begin my remarks, I would like to call on my fellow Members to keep the gentleman from Georgia, Congressman Charlie Norwood, in your thoughts and prayers. As many of you know, Charlie has suffered from cancer for some time and has fought valiantly, just as he did when he recovered from a lung transplant several years ago.
Today Charlie announced that he is going to decline further treatment and return home to Augusta, Georgia, where he will receive hospice care in his home. Charlie Norwood has served the people his entire life. He has served his Nation as a soldier in Vietnam. He served Augusta, Georgia, but also as a dedicated father to his children, and a husband to his loving wife Gloria.
Since 1995, he has ably and some would say tenaciously represented the people of eastern, northern Georgia, but his service and his wisdom has benefited us all. To me he is not just a great Georgian and a great American, he is a great friend. He served as a mentor to me and to many others in this House. And I know that everyone, Mr. Speaker, here has Charlie and Gloria in their thoughts and prayers.
He said today that he is turning it over to the Lord's hands, and I know that he can be in no better place than that. I look forward to working with Charlie again. I look forward to him getting back.
Mr. Speaker, it is appropriate that we are talking about the budget and the economy here today, because Charlie was a great champion, is a great champion, for the taxpayers of this country, fighting for smaller government, less spending and lower taxes.
In these hallowed halls we hear the word ``compassion'' when we are talking about spending other people's money, when we are talking about disbursing the hard-earned tax dollars of American workers.
Mr. Speaker, we talk about how important this spending is, how much it is going to help people. Certainly there is no end to the good and well-meaning projects that we could fund. We all want well and qualified students to have the resources they need to go to college. We all want to find an answer to cover the 47 million people who do not have health insurance. We all want to see the benefits that come from new roads, expanded public transportation, infrastructure improvements and economic development projects. We all scrape and fight to ensure that our constituents get their fair share of the Federal pie.
But as we consider the massive spending obligations that our government faces in coming years, everyone in this House, Republican and Democrat, liberal, moderate, conservative, can agree that we cannot stay on our present course.
Mr. Speaker, as the baby-boomers near retirement, we will soon face a scenario where there will not be enough workers to support the entitlement spending slated for Medicare and Social Security. We have talked often in recent years about the funding shortfall that Social Security faces. We know that Social Security will run out of money in less than 50 years.
Perhaps we have focused on Social Security because it seems to be the more manageable problem. As dire as the Social Security situation is, our shortfall in the Medicare program is eight times larger. That should concern not just Members of Congress, but all Americans.
The Medicare shortfall will affect not just retirees and those retiring in the next 10 years, it also is of concern to the younger generations. How will they pay for their parents' health care and long- term care without the guarantees of Medicare?
Mr. Speaker, how would their generation afford a pay-as-you-go system for their parents' generation when there are only two workers supporting every retiree? And finally they must ask themselves, will Medicare be there for me when it is my time to retire?
These are serious questions that demand serious answers. That is why I think we need to refine what we consider compassionate in this House. I would argue that it is compassionate for us to do a much better job of making tough decisions on spending in today's Congress to save programs not only for present generations, but for the future generations of Americans.
Quite frankly, to maintain current benefits after the baby-boomers retire would require crippling levels of taxation that would grind our economy to a halt and put all of our Federal programs at risk. In our effort to be compassionate today, we are spending tomorrow's money. At our present rate we are going to leave future generations with nothing but IOUs.
The best thing that we can do to save Medicare and Social Security for future generations is to reduce the growth of the programs and maintain the growing economy that allows us to sustain tax revenues and keep these important entitlements afloat.
The tax cuts of the past 6 years have served this purpose. I think the gentleman from California and the gentleman from Iowa have explained that very well. Last year the Federal Treasury took in more money than it ever has before, because our tax policies have allowed Americans to keep more of their money, and they have allowed U.S. businesses to flourish and expand despite the strain caused by the technology bubble, the tragedy of September 11, and the cost of the war on terror.
Mr. Speaker, the tax cuts boost the economy. In order to preserve the tax cuts, we have to reduce our spending. Certainly we have to cut back on earmarks and local projects, and I certainly hope we heed President Bush's call to cut the number of earmarks in half.
But that is not going to be enough. We must curtail the growth of entitlement spending, or else cuts elsewhere in the budget will never offset those exploding costs. We have to fund our national priorities, but we must be more selective in what we consider priorities.
We took an important step last year when we saved $40 billion in the Deficit Reduction Act. That legislation required courageous leadership, and we are going to need more of that kind of leadership in the future.
So to sum it up, the tax cuts boost the economy. A strong economy fills Federal coffers, and tax revenues allow us to fund programs important to all Americans so long as we learn to live within our means.
I would like to thank the gentleman from California for leading this important discussion. In his time here in the House, he has proven to be a leader on these issues, and I appreciate his experience as a CPA, as a businessman, and one who has furnished jobs and helped this economy grow. I appreciate this time he has yielded me.