Thank you, Mr. Price. And I want to thank you, my friend from Georgia, for hosting this hour to highlight some of the truth. I am sure, Mr. Speaker, that you know that the truth sometimes hurts. And so when you are exposing the truth, it…
Thank you, Mr. Price. And I want to thank you, my friend from Georgia, for hosting this hour to highlight some of the truth.
I am sure, Mr. Speaker, that you know that the truth sometimes hurts. And so when you are exposing the truth, it might be even seen by some as being hurtful, but I believe Mr. Haley Barbour quoted, Mr. Speaker, that ``The truth is a lot of things to a lot of people. But in the end, the truth is the truth.''
I want to talk a little bit tonight about the success of the Republican economic policies and to expose the half-truths of our opponents who want to raise taxes on the American families.
Mr. Speaker, the evidence speaks for itself. Republican principles and action lead to economic growth, more jobs, higher standards of living and increased revenue to the Federal Treasury. Since 2003, the U.S. economy has created hundreds of thousands of new jobs while the unemployment rate has dropped down below 5 percent, which is an extremely low number by historical standards. The increases in employment and wages seen last year are also expected to continue, which will help consumer spending. Household net worth has risen for 12 consecutive quarters under the Republican administration and leadership of this House.
Wealth has not risen just because of housing. Checking accounts, savings accounts, and so on are at a record high and are a larger share of after-tax income than any other time since 1993. Economic activity had considerable momentum last year, and that will carry into 2006, 2007 and on. The Congressional Budget Office forecasted the real GDP will grow by 3.6 percent this year and by 3.4 percent in 2007.
With these numbers it is obvious that the tax cuts, passed and renewed since 2001, have bolstered the American economy even after the incredible cost of September 11, 2001, the terrible destruction caused on the gulf coast by the series of hurricanes that hit there, and the high price tag of the war on terror.
Despite many challenges, the state of our economy is strong. As our economy grows, as we create new jobs and as wages grow, more money comes into the Federal Treasury. That is right. Despite all of the belly-aching from the other side about the cost of the tax cuts, the Federal Treasury is taking in plenty of money. Last year the Federal Government took in $2.15 trillion, the highest dollar amount that has ever been received.
I would like to ask my friend from Georgia if he has got a chart there that shows the revenues that came in last year. I think it will show that we do not have a revenue problem. What we have here is a spending problem. And the chart will show you that the revenues will go up as the tax cuts go into full swing to a record high. So we do not have a revenue problem.
Because, Mr. Speaker and my friend from Georgia, people are reinvesting their money. They have more money to spend. That
is a direct result of the tax cuts. In fact, we need to make these tax cuts permanent; and I think the people of this country would like to see that also. Despite this growth in revenue, we have seen an even greater growth in spending, and this has got to stop.
The fact is we can and have cut back on discretionary spending in this Congress, but in order to really return our budget to fiscal sanity, we have no choice but to tackle serious entitlement reform.
On this floor, our colleagues from the Democratic Caucus, the other side of the aisle, complain about the deficit. Yet when this Republican Congress and our Republican leadership took a stand to modestly reform entitlements and modestly curb the rate of growth and spending in the Deficit Reduction Act, no Democrats voted for that bill.
Where were the so-called deficit hawks and the Blue Dog Democrats? Where were the Democrats in the 30-Something Group who say they would do a better job of taming the deficit?
When it came time to make the tough choices, their votes did not match their rhetoric on the deficit. In fact, when it comes to offering solutions, attacks and hollow rhetoric are all we hear from the other side. What we do not hear from the other side is a plan of action. What we don't hear from the other side is a set of principles. What we do not hear from the other side is a strategy for securing our Nation while expanding our economy.
These are truths, and sometimes the truth does hurt. Republicans, in contrast, have a plan for leading this Nation. The Republican Study Committee today released its proposal for balancing our budget, a recommitment to the contract on America. That budget recognizes that we must take serious steps to tame our budget deficit. If the Democrats had a plan, which they do not, their plan would include hefty tax hikes on American families and American job creators, and that is the only truth that can come out of that. You cannot be unwilling to cut spending and expect the deficit to go away.
Our budget recognizes that we do not need more revenue. We have never had more revenue. But we still have to make tough choices. In a world of tough choices we can raise the price of the buffet or we can curb our appetites. With our waistlines bulging, the choice is clear. We must go on a spending diet until our pants fit again.
We have a plan for trimming down the budget. We have a plan for continuing our economic growth. We have a plan for strengthening the economic security of American families. And I think that plan should include making these tax cuts permanent so people can afford to plan their future and to know what is ahead of them.
To my friend from Georgia, my mother always told me that actions speak louder than words. And anybody can go anywhere and say anything, but when you are given an opportunity to take those words that you spoke and put them into action, and for the American people to be able to see that you are sincere in what you are saying, your votes should match what your words are.
As we know, as all of us have been in politics, and I see the gentlewoman from Tennessee has joined us here, but in politics you can tell your constituents anything in the world, but they will know honestly how you feel when you vote. And that is what they should do and we should all be held accountable for our votes. And hopefully we will. Hopefully the truth will come out.
I just appreciate so much you taking the time to do this and all the efforts that you have put forward to get the good Republican principled message out: that we are about American families. We are about them having more money in their pockets that they can use on discretionary spending for their families and to be able to plan for their future. Thank you very much.
Do you think that after so long this money starts looking like play money and you start talking about billions of dollars and trillions of dollars and that is unrealistic to most people? I think when you start to think of a billion dollars is ten hundred million, and most of us will never know what a million dollars is. It is not just play money. It is money that has come out of the taxpayers' pockets and we have got to be accountable for it.