Mr. Speaker, I thank my colleague from Texas for hosting this very important hour. I think what you have captured here in calling our Nation's debt a curse is very important, very apropos. When you do the math with the $31 trillion worth…
Mr. Speaker, I thank my colleague from Texas for hosting this very important hour.
I think what you have captured here in calling our Nation's debt a curse is very important, very apropos. When you do the math with the $31 trillion worth of debt, that equates to roughly $94,000 for every man, woman, and child in the United States.
As a head of a household of four and the father of two young boys, 15 and 6 years old, I echo your sentiments that we cannot put this curse on our children, our grandchildren.
Mr. Speaker, facts are cold, hard, stubborn things. In this world, it doesn't matter what you hope for. It doesn't matter what you wish for. It doesn't even matter what your intentions were, even if they were well-meaning intentions. What matters are the results.
The results stemming from this tax-and-spend policy brought on by this body, led by a very progressive majority with what I would submit are very regressive results, have resulted in a cold, hard reality for the average American family.
Today's reality for the average middle-income, lower-class family is one defined by record-high inflation, mortgage rates that are skyrocketing, retirement accounts that are down nearly 20 percent since their high was established in early 2021, and record debt. These are regressive economic indicators.
This reality is not just bad luck, Mr. Speaker, or the product of anything or anyone else besides your agenda to overtax and overspend, to overpromise and underdeliver.
Mr. Speaker, economics is simply physics with dollar signs. For every action, there is a reaction. For every input, there is an output. There are fundamental rules that don't bend to your desires, your hopes, or your wishes. These are cold, hard facts and cold, hard rules, just like physics.
With over $10 trillion now in obligations and liquidity injected into the system by Congress in just the last 2 years, and a war on American energy and a war on small business, the result is 40-year record inflation. That is a reaction as a result of an action.
With record-high inflation, the Fed is now forced to raise rates some 400 basis points just in the last 6 months--again, action and reaction.
With Fed rates now going up so quickly, banks now have to likewise increase their mortgage lending rates accordingly. Just 12 months ago, a home buyer could get a 30-year loan for just 3 percent interest. Today, that same loan is now close to 7 percent. It prices half of the new buyers out of the market--again, action and reaction.
Because people are suffering on a daily basis and can't afford to make ends meet, much less purchase homes, especially first-time home buyers, the housing market and the stock market are now pulling back significantly--action and reaction.
Mr. Speaker, the majority and White House policies over the last 2 years have tried to defy physics, and now gravity is taking over.
My constituents, especially in California, see $6 to $7 a gallon gas. Even if they have an electric vehicle, they pay close to $1,000 a month for their electricity bills. Groceries, school supplies, clothes, everything is about 15 to 20 percent higher than it was just 2 years ago.
They are actually afraid to look at their 401(k)'s or their retirement accounts because they have lost so much. Californians are getting especially crushed.
To pull out of this nosedive, we need to cut spending, like my colleague from Texas has stated several times, and Congress needs to balance its budget. We need to stop adding to the debt and stop adding more risk to our children's economic futures.
We need to actually be good stewards of taxpayer dollars and be responsible with it. We need to shrink Federal agencies and hold them accountable to higher efficiencies.
We need to cut taxes so Americans can keep more of their money and so small businesses can afford to hire and grow.
More importantly, Mr. Speaker, we need to listen to our constituents and those in our communities who create jobs, instead of punishing them for the majority's hopes and wishes that defy physics.
The poorer families are the ones getting hammered the most because of it. Congress can do and has done better--and we will again when we get the majority back.
The United States can do and has done better, and we will again. The best times and the greatest prosperity are ahead of us as a Nation, but only as long as we as legislators respect the laws and fundamentals of the economy.
Like I said, it is just physics with dollar signs, Mr. Speaker, and to fight those physics is folly. To add to our debt is reckless. Our debt now has become an existential threat to the Nation.
Mr. Speaker, Democrats have failed middle-class families with these policies, but now a new majority will come in, elected by those hurt the most, the middle class, the lower income families, and we will fix this problem. Again, that is an action and reaction.
Mr. Speaker, I thank my colleague from Texas for hosting this and educating Congress. I think most Americans realize the fundamental physics of all of this, and we have to just teach our colleagues to implement them and save our country from this very crushing debt.