I want to thank the Member from Missouri for yielding his time and helping to put things in perspective. Mr. Speaker, thank you. Just like Missouri, Mr. Speaker, as you know, there are families in Ohio that are real families that are…
I want to thank the Member from Missouri for yielding his time and helping to put things in perspective. Mr. Speaker, thank you.
Just like Missouri, Mr. Speaker, as you know, there are families in Ohio that are real families that are struggling right now, that are going through difficult times. And the economy in Ohio is down, and we are struggling, going through difficult times. I want to focus in on the 900,000 small businesses that we have in Ohio that are going through these difficult times, that we are asking to make sacrifices, we are asking them to help save jobs, help create new jobs, and we need to make sure that we are taking the necessary action to help them get back on their feet and not hurt them.
Thank you for those comments, because I think that puts things in perspective. The 900,000 small businesses across the State of Ohio is reflective across this country. As you mentioned, 70 to 80 percent of our Nation's economy, the engine behind that economy is the small businesses. We should be working to help those small businesses, not hurting those small businesses, and helping them to be able to get through these difficult times and be able to save jobs, to be able to create new jobs, and to be able to sustain those jobs in the long term. We need to work hard.
As I have traveled throughout my district, and I have a very unique district that runs from Dayton to Columbus, it's very diversified. You go to the western part of my district, you have Wright-Patterson Air Force Base, which is the largest single-site employer in the State of Ohio, located in Greene County. You go towards the middle of the district in Clarke County, Springfield, a lot of manufacturing and industry. You go to the eastern part of my district, you have a lot of small towns, rural areas, a lot of agriculture, and a lot of small businesses. I think that is reflective of Ohio and across this country.
But no matter where I go, and I have had an opportunity to travel, in my 20 months as a new Member of Congress throughout all eight counties of my district, and I have spoken at many different events--with Chambers, Rotaries, at other events. And I have talked to many of our small business
owners who are going through difficult times right now. They are having a very difficult time right now just maintaining their businesses right now.
I had two businesses actually came to Washington, D.C., this week to meet with their Congressman to express their concerns. And what I'm hearing is that they can't get the financing, they can't get the credit necessary to keep their doors open to be able to meet their payroll, to be able to expand and create new jobs and sustain those jobs in the long-run. They are worried about the uncertainty right now that we are seeing in our financial markets.
As you brought up, I think anyone who's looked at their financial statements lately, whether it be your retirement savings, your kids' education savings, just your savings account, you have seen a significant drop in that. There's a lot of uncertainty as to what is happening in those financial markets right now.
When they look at government, when they look at what is happening here in government right now, there's a lot of uncertainty as to what's happening and what direction we're going by infusing such large amounts of spending in government and on whether we are squeezing out the private sector and, in particular, small businesses.
They are going through some very difficult times. During these times, we are asking families, we are asking small businesses to cut back, to make sacrifices, while government, on the other hand, seems to be doing the opposite. We should be doing the same thing. But, in my 60 days, nearly 60 days here in Congress, we have had some major spending bills.
I spent 10 years in the State legislature before I came here, and I wasn't used to the B and the T words--the billions and trillions. It's becoming words that we are using regularly around here.
The first bill that I was faced with was the second half of the $700 billion bailout bill for the financial markets, also known as TARP, something that we have seen that there's been lack of, in my opinion, accountability and a lack of enough transparency.
There's been really no definite decisive plan by the Department of Treasury. And that uncertainty, we have seen that reflected in the markets. We have seen them fluctuating, mainly downward.
Thank you to my good friend from Missouri for putting things in perspective. I think you're exactly right and, having been a small business owner, when you're looking at that and you're faced in this new budget with higher taxes, when you're looking at an economy right now where the financial markets, you can't get finance, you can't get the credit that you need to be able to expand your business to continue on your business, I don't think this is good for small businesses across this country. And they are the backbone of our economy.
This is on the heels, again, of the $700 billion TARP bill. This is on the heels of an approximately $709 billion stimulus or spending, or, as you call it, pork plan. I think when you look at the spending that is taking place in this budget, and it concerns me as to what we are doing.
I, as a member of the Budget Committee, we have heard testimony. We have heard testimony from the key officials in the administration. And I continue to have concerns about the amount of debt that we are accumulating.
Trillions of dollars. This is debt that--how are we going to pay for this? We are now starting to see that come out in this budget, with higher taxes, as you mentioned, which is not a good thing, especially in a downturn of an economy. That is not going to help, again, businesses to create jobs.
When we see the borrowing and the spending and the amount of debt that is being accumulated, and I have three children at home. When I came to Congress, I didn't come to Congress to be passing on to them trillions of dollars of debt; debt that is being passed on to my children, our grandchildren, that they will be paying for in years to come.
Thank you. Also, I think it is important to point out that we did have an alternative plan as we went through that stimulus plan that would have created twice as many jobs for half the cost. That is using the same standards as the President's own economic adviser. Using those same standards, we could have created, again, twice as many jobs for half the cost.
The other thing is the spending plan, and we are looking very closely at this budget in committee. There are some good things, I will acknowledge. The fact that this budget acknowledges that we have an entitlement crisis going on right now I think is a good thing. The budget attempts to fix the AMT, which I think is a good thing. It sets a means test for Medicare part D premiums, which I think is a good thing. But then you get into this spending that we are talking about, and we are talking about increases from the 2009 budget, the spending of $3.9 trillion. Again, this is debt that we are accumulating that we are going to be passing on that our children and grandchildren will be paying for years to come.
We look at the increases on the nondefense appropriations by 9.3 percent, we look at the baseline that they are using as far as the war funding. Those are things that concern me in this budget. And what I want to talk about that I think is really going to hurt this economy is the higher taxes that are within this budget. That is going to hurt the economic growth and job creation, and these levees are totaling approximately $1.4 trillion over the next 10 years, allegedly targeting the wealthiest Americans. And let's define wealthiest. I would be glad to yield back the time, because I know we both know that many of those individuals that are falling in that category are small business owners that are going to be having to pay this tax. Again, these are the same business owners that we are asking to step up to the plate, to help create jobs, to help save jobs, to give of their own assets and invest it back in their business during uncertain times. At the same time, the government is going to come in and say, by the way, you need to pay us. We are going to raise your taxes during that time period. And as you mentioned earlier, these small businesses create anywhere from 60 percent to 80 percent of jobs in the United States.
I want to thank the Congressman for bringing that up. It is very important that taxpayers understand that their hardworking taxpayer dollars are paying $75 billion for that program that is going to reward those who are making irresponsible and bad decisions, and the ones that are paying
are the ones that were responsible. And I talk to small business owners and families who are struggling. And they are altering their lifestyle in order to make their mortgage payments on time, in a timely manner. And unfortunately, they are the ones that are paying for the circumstances like Congresswoman Foxx talked about as far as mortgages up to $750,000 for bad decisions.
A couple of facts on small businesses. I think it is very important that we not lose focus as to really who is hurting in this process right now and whom we should be focusing and targeting our economic stimulus towards. Small businesses create seven out of 10 new jobs across this country according to the SBA. The NFIB says America's small businesses are the world's second largest economy, trailing only the United States as a whole.
According to the Zogby poll released last week, nearly two-thirds of Americans, 63 percent, said that small businesses, entrepreneurs, are the ones who are going to lead the U.S. to a better future.
Will the gentleman yield?
I thank the good doctor from Tennessee for putting things in perspective.
There are real families out there across this country, including in my State of Ohio, who are going through difficult times right now and who are suffering. I want to make sure that the general public out there, the American people, understand really what this cap-and-trade is.
I'm looking at your chart up there. This is part of the $1.4 trillion increase over the next 10 years. And if you start counting how many zeroes are behind $1 trillion, it is a whole lot of zeroes. There are a lot of taxpayer dollars that we are talking about. This cap-and-trade heaps another $646 billion tax increase on families. And what that means in this budget that is being proposed right now is that it will increase prices for 95 percent of our families. For everyone who turns on their TV, who fills up their gas tank and who turns on their heat in the winter, this budget, the cap-and-trade proposal that they talked about, that some people are referring to now as a cap-and-tax, anything that is using carbon, it is estimated to heap again at least a $646 billion tax increase on families, their natural gas, electricity, home heating and gasoline bills.
During this difficult time when families are hurting, when small businesses are struggling, I would agree 100 percent with Dr. Roe, that this is not the way to turn our economy around and stimulate our economy. We should be going the opposite way. We should be giving families relief. And it is important again to note that we did have an alternative plan out there. We are not trying to be obstructors here on this budget. We have good ideas that will help stimulate this economy, that will help create jobs, that will give families permanent tax relief that they need right now. And unfortunately, these ideas are not being considered when these bills are coming to the floor.
Let me just real quick, as I mentioned earlier, tell a story. I had a couple of businesses and they actually came to D.C., and this is how concerned they are. They are struggling to make payroll. One business has an opportunity to be able to expand and create new jobs but can't get the financing and credit.
When you start combining, increasing taxes, when you start combining the debt that we are just continuing to increase, to try and tax and spend your way out of an economic crisis I don't believe is the right way to go. We can do better than that. I think when the American people spoke this last election last November and they wanted change, this is not the type of change they want. They didn't want to see government just continue to increase and a huge infusion of tax dollars and expanding government. What they wanted to see was real economic stimulus, a plan that will create and save jobs and sustain those jobs over the long term. Again, I believe our small businesses are the backbone that makes that happen. There are families out there that need relief. They need the permanent tax cut right now that we have offered on our side.