Mr. Speaker, I appreciate the gentleman from Missouri for recognizing me. And just looking at some of the slides that he is presenting in regard to the one that's currently on the easel, Mr. Speaker, I encourage all of my colleagues on…
Mr. Speaker, I appreciate the gentleman from Missouri for recognizing me. And just looking at some of the slides that he is presenting in regard to the one that's currently on the easel, Mr. Speaker, I encourage all of my colleagues on both sides of the aisle to pay close attention to that, the one entitled ``Obama Plan Taxes.'' And the gentleman from Missouri has already explained the bullet points, cap-and-tax, the carbon taxation, health care taxes, employers' tax if they don't offer a government-approved plan, and medical device manufacturers taxed on the sales price of their products, and then of course the last two, the death tax, tax on inheritance, and capital gains tax.
One that's not on that particular slide, Mr. Speaker, that is really troublesome, of course, is raising the tax on dividends from 15 percent to whatever one's marginal rate might be. And with President Obama planning to let the Bush tax cuts expire, that means all the marginal rates will increase, and the highest rate will go up to 39.6 percent. So individuals in that income tax bracket will be paying not only 39 percent on their earned income, but 39.6 percent in fact on capital gains.
What a job killer, Mr. Speaker, to tell people, you know, you're going to have to pay this much to invest. The stock market is already struggling. Do we want to deal it a death blow? It makes no sense whatsoever.
I wanted to, if the gentleman would allow me, and I know we will engage in a colloquy back and forth, but Mr. Speaker, I did want to mention one thing. Maybe it's already been said this evening, but I don't think it can be said too much, and that is the President reneging on his promise to the American people in regard to health care: if you like your health care plan you can keep it, until you can't keep it.
Mr. Speaker, the gentleman was absolutely right. That was Phil Gingrey's addition to the quote, the President's quote. But what I mean by that, of course, is the fact that under the Medicare Advantage program in particular, a very popular way of receiving health care for our Medicare population, fully 20 percent of the 45 million people who are on Medicare in this country, 20 percent of them choose Medicare Advantage because the advantage is there, the advantage to be able to get an annual physical examination as part of their Medicare benefits, the advantage of being able to have a screening done for a lot of diseases--I am talking obviously about screening for breast cancer, screening for colon cancer--without any copay required. The coverage in many instances of prescription drugs for folks so that they don't have to buy supplemental at about $130 a month, Mr. Speaker.
The President under ObamaCare and the Democratic majority have cut those programs 17 percent a year. And I know my colleague from Missouri knows this. It adds up in the aggregate over a 10-year period, Mr. Speaker, of a $130 billion cut to the Medicare Advantage program, 17 percent a year.
Now, when we started this debate, it was implied, maybe correctly, that Medicare Advantage insurance companies that ran these programs for our seniors got reimbursed on average 14 percent more than traditional fee-for-service Medicare expenditures on an annualized basis. Well, why cut it 17 percent if they were getting 14 percent more? If your argument is let's cut the fat out of Medicare Advantage, you cut the fat. And then you are down into the muscle and the gristle and the cartilage, right down almost to the bone.
And in the final analysis, what it means, Mr. Speaker and my colleagues, is that Medicare Advantage cannot survive. There is no way. And that means that these people, these 20 percent, 11 million of them, many of them in my 11th Congressional District of Georgia, northwest Georgia, are on the Medicare Advantage program, they are going to lose that coverage. It's as simple as that.
And I yield back to my friend. I thank him for allowing me to join him this evening.
If the gentleman would yield, Mr. Speaker. I thank the gentleman for yielding. If you would leave that cartoon up there just for a second longer. I love that cartoon. It really portrays what's been going on under this administration and the current majority party in Congress.
I mean, this bull in a china shop approach, as this cartoon so adequately depicts, it's like rushing into a situation in a clumsy, haphazard way when the situation that you are going into is very fragile. And it deserves wisdom, and judgment, and temperament, and a measured response so that you don't go in and break all this valuable, fragile china. And the analogy of course would be our economy.
And when you think about some of the bulls that came charging in, what comes to my mind, Mr. Speaker, my colleague from Missouri, would be something like the economic stimulus package of almost a trillion dollars that has grown a lot of government jobs, most of them census workers, but very few jobs in the private market. The charging in there with the TARP bailout, $800 billion. We are going to buy up all these toxic assets, these credit default swaps and all of these things that none of us really understood when we first started discussing this and how fit Freddie and Fannie had packaged all these mortgages and a lot of them with their very poor credit and not worth a whole lot.
So we were going to buy the TARP. It stands for Toxic Asset Relief Program, and not one toxic asset to this day, and it's been a year and a half since that bill passed, has been purchased.
What we did, we started doling out the money to the nine largest in the country, said, Here, take these hundreds of billions of dollars even if you don't want it; and the poor community banks in my community and your community, the gentleman from Missouri (Mr. Akin) and other colleagues, all 435 of us, you know, we see struggling, and yet nothing is done to this day to help them.
Again, I thought that slide was a very appropriate segue for me to show, you know, all of this bull-in-a-china-shop spending instead of cutting the deficit.
Indeed. If the gentleman would yield for a second, and, Mr. Speaker, what the gentleman is talking about here, these quotes from the Democratic whip at the time but now Democratic majority leader, the Honorable, and distinguished I might add, Steny Hoyer from Maryland and Representative John Spratt from my--well, I lived 20 years of my life, was born and raised in South Carolina, and I respect John Spratt and Steny Hoyer. I think Members on both sides of the aisle--so you're talking about not a couple of freshmen Members sitting on the back bench. You're talking about the chairman of the Budget Committee, who has been in this body and served with distinction probably for--I'm going to guess John Spratt has been here 25 years or so, Steny Hoyer as well, and we respect them. They're intelligent. They're thoughtful Members, without question. You know, we don't agree with them, we Republicans, Mr. Speaker. A lot of times we will be voting opposite, many times we will be voting opposite.
But for these two gentlemen to have those quotes, this really says something, and the gentleman from Missouri is so right. When they say that--and then today it's like, well, we don't have a budget and, furthermore, we're not going to have one because, well, maybe the gentleman from Missouri would like to talk about that. But I think it needs to be discussed, because if you can't budget, I agree with Mr. Hoyer and Mr. Spratt, you cannot govern.
If the gentleman will yield.
Again, we are getting back to that issue, Mr. Speaker, of not even having an intention to pass a budget. And I thank the gentleman from Missouri for bringing that point out, that this is the first time at least since 1974. The Congressional Research Service is very accurate in the information they present the Members of Congress.
I was thinking about--it's been in the news so much, Mr. Speaker--the Euro zone. Those countries of the European Union, 27 of them--I guess maybe 23 or 24 are members of the Euro zone. They have that common currency. And the crisis that's going on there in regard to, the acronym is PIIGS, but it stands for the countries of Portugal, Italy, Greece and Spain. I'm forgetting one ``I.''
But in any regard, Greece got this massive bailout of something like $140 billion, and the Euro zone from the International Monetary Fund with them pledged, I think, another $750 billion worth of bailout because these countries that constitute that acronym PIIGS, their debt ratio to their gross domestic product is so high. Well, look in your own eye. Don't curse the speck in somebody else's eye when you have a plank in your own, as the Bible says. But that's essentially what we are doing, the United States of America. That's what we are doing. Our debt to GDP is what, my colleagues? You can tell me. But it's close to 90 percent, and by 2020, it will be well over 100 percent, if not 150 percent.
I will yield back to let you all discuss that.
If the gentleman will yield, this slide, Mr. Speaker, the one that's currently on the easel, is labeled--for our colleagues if you can't see that--``Close Job Killers,'' and it has the different bullet points.
I think, Mr. Speaker, that the third bullet point, ``Economic Uncertainty,'' may be one of the most important reasons the situation is so bad in our country right now. The gentleman from Missouri referenced kids in New Jersey, in my State of Georgia, and in his State of Missouri who are creating lemonade stands, who are making lemonade. Certainly, the ingenuity of the American people is such that, over the 230-year history of this country, we have made a lot of lemonade-- despite being hit with a lot of lemons. Yet that, too, has its limits. When you have excessive taxation, when you have insufficient liquidity, when you have, yes, economic uncertainty, like we have never had in probably 25 years, and when you have red tape and government mandates, you can just make so much lemonade. That's the problem, and it goes back to the slide earlier of the bull in the china shop approach.
Now here, this weekend, all of a sudden, after the President, Mr. Speaker, meets with our Republican leader, Leader Boehner, and with Leader Hoyer, they're talking about what we can do to cut down on the excessive spending and on all these deficits, the debt. Lo and behold, on Saturday night, out of the blue, having not discussed that on Thursday in the presence of the leaders of this body, President Obama now says we want $50 billion more, a mini-stimulus if you will, from this Congress in order to shovel it to the States on a temporary basis so we can keep teachers and public defenders and firefighters and all these folks on the job. Yet for how much longer? Then when you pull away and when you spend all of that $50 billion, who is it on the backs of? Once again, it's on the backs of the States that have to balance their budgets. It is fiscally totally irresponsible.
If the gentleman would yield, I know that time is short, but this is the whole point.
Once again, Mr. Speaker, I talked about the euro zone in Greece. The country of Greece has had their credit rating downgraded. So any country that would lend them money--buy their financial paper--will have to charge a higher rate of interest. I think the gentleman from Missouri and my colleague from New Jersey would probably agree with me that, pretty soon, that very same thing could happen to our country. They would agree that our debt is not as credit-worthy as it has been and that, all of a sudden, we are going to have to pay a higher rate of interest to borrow money.
I yield back.