Mr. President, there has been a lot of debate in the past week about the latest proposals coming out of the White House, about whether the President's latest stimulus bill or the tax hikes he is proposing will help or hurt the economy. But…
Mr. President, there has been a lot of debate in the past week about the latest proposals coming out of the White House, about whether the President's latest stimulus bill or the tax hikes he is proposing will help or hurt the economy. But based on what we are hearing from the White House this week, it is hard to see the point in having any debate at all.
I am referring, of course, to a comment by the White House Communications Director who told the New York Times on Monday that the President had entered what he referred to as a new phase--a new phase. He said the President may have worked with Republicans to avert a government shutdown last spring and to raise the debt ceiling this summer, but ``that phase is behind us.'' In other words, the White House isn't interested in actually accomplishing anything anymore. It is more interested in making a point than making a difference.
So here is my question: How do you explain to the 14 million Americans looking for a job right now that you are more interested in motivating campaign supporters than in motivating businesses to hire?
For the past week, the President has been running around the country trying to set a record for the number of times he can say pass this bill ``right away'' in a 5-minute stump speech. Meanwhile, his communications director is telling people the President doesn't expect the bill to pass. And the Democratic majority leader in the Senate is treating it like a legislative afterthought. My friend the majority leader said yesterday he might take up this supposedly ``urgent'' bill next month after he has had a chance to deal with a Chinese currency bill and a few others. As for the other Democrats in Congress, well, they are not exactly rushing to get it in the queue either.
This so-called jobs bill seems to be about as popular as Solyndra, and I am just talking about among Democrats. Yet the President is out there acting as though somebody is actually putting up a fight. So this whole thing is a charade, and I think the American people deserve better. I think they deserve a President who realizes that governing involves working with a situation as it is, not as you would like it to be. President Obama may think the best way to distract people from the challenges we face is to stand near a bridge in a swing State and pit one group of Americans against another and hope his critics look bad if they don't go along with him, but I don't think he is fooling anybody. I don't think all the campaign stops in the world are going to convince most Americans that the real cause of our problems lies anywhere other than with the policies that are coming out of Washington these days or that the single greatest obstacle to job creation in America today is policies that punish the risk takers and the entrepreneurs and that stifle investment and private enterprise, rather than rewarding it.
When it comes right down to it, I think most Americans care more about results than about rhetoric. Let's be honest. The results of this President's economic policies speak for themselves. After 2\1/2\ years of government spending, here is what we have: record deficits, chronic unemployment, median incomes going down, poverty rates going up, and the first ever credit downgrade. This isn't exactly a record to be proud of. So I can understand the President wanting to change the topic. It might make him feel better. It might energize his strongest supporters. But here is something it won't do: It won't create jobs.
Look, if we can solve our jobs crisis and revive the economy by passing the hat at Warren Buffett's annual shareholders meeting, we would have done it by now, but we can't. Why? Because that is not a real solution. It is a campaign slogan.
The President said the other day the tax hikes he is proposing aren't class warfare. He said they are math. Well, we can do math too, so let's do the math. According to the IRS, if you doubled--doubled--the tax burden on everybody in America who earned more than $1 million in 2009, you would cover the cost of about 3 months of deficit spending around here. If you doubled the tax burden on everybody in America who earned more than $1 million in 2009, you would cover the cost of about 3 months of the deficit we are running around here. If you confiscated every dime of taxable income from those the President refers to as millionaires and billionaires--take it all--you wouldn't even cover a single year of deficit spending in Washington right now. Spending more money in Washington won't solve our spending problem, it will enable it.
How about the stimulus? One of the programs is the stimulus was supposed to create 65,000 jobs. So far, it has created 3,500 at nearly $11 million per job--$11 million per job. Solyndra was supposed to create thousands of permanent jobs. Two years later, more than 1,000 Solyndra employees are out of work altogether, and the American taxpayer is on the hook for more than $\1/2\ billion in loans to the company.
But here is the most important calculation: Not a single new job will come about as a result of the tax hikes the President proposed this week--not one new job. As the National Federation of Independent Business puts it:
New tax increases on America's biggest job creators are the
last thing this economy needs to get back on track.
What else do we need to know?
Republicans are ready to work with the President on turning this economy around. We know what would work, and after the past 2\1/2\ years, we have certainly seen what won't work. So my suggestion to the President is the same now as it has been for months. Put aside the political playbook and work with us on policies that will actually solve the problems Americans care about the most. Let's work together on policies that are aimed at motivating job creators, not your political base. It is time to change course.
Mr. President, I yield the floor and I suggest the absence of a quorum.