Ron Paul for Speaker of The House–Balance The Budget Now–Real Numbers, Real Cuts–Videos

Posted on December 27, 2012. Filed under: American History, Banking, Blogroll, College, Communications, Economics, Education, Energy, Federal Government, Federal Government Budget, Fiscal Policy, government, government spending, Health Care, history, History of Economic Thought, Investments, Language, Law, liberty, Life, Links, Macroeconomics, media, Monetary Policy, Money, Tax Policy | Tags: , , , , , , , , |

ron-paul

Time for the Tea Party to put forward Ron Paul as Speaker of the House.

You do not need to be a sitting Congressman to be elected Speaker.

Paul would balance the budget by cutting spending by $1 trillion in fiscal year 2014 and not increase the debt ceiling or taxes.

The Republican Party would stand for something.

Sure beats John Boehner, read my lips, no new taxes. Really?

F*ck the Fiscal Cliff…

NO COMPROMISE on Fiscal Cliff!!!!

Ron Paul: “My Proposal is Cut $1 Trillion First Year & Balance Budget in 3”

Ron Paul: Bring the Troops Home & Balance the Budget

Ron Paul Plan to Balance Budget and End Government Overspending

Reality Check: Ron Paul’s Budget Plan

Ron Paul vs Paul Ryan’s Budget Cuts

Ron Paul: Zero Chance for Big Bargain on Fiscal Cliff.

 

Ron Paul: What if the People Wake Up?

Mark Levin: Get the Hell Off the Stage Boehner, You’re a SCREW UP!

MICHAEL SAVAGE – WE NEED A NATIONALIST PARTY NOW! – 12/26/12

 

Michael Savage: Is The Tea Party Relevant Anymore?

Michael Savage on Boehner, RNC “THROW EM’ OUT!” 8/28/2012

Defeat John Boehner

GOP, Boehner Loses Control Of The TeaParty Monster

Congressman Justin Amash Kicked Off The House Budget Committee By Speaker

Speaker of the House John Boehner Booed By Ron Paul Supporters Over Rule Change

1988: When Bush Said Read My Lips

ron_paul_constitution_founding_fathers

Background Articles and Videos

how_congress_spends_your_money

U.S. Debt Clock

http://www.usdebtclock.org/

$16 Trillion U.S. DEBT – A Visual Perspective

What Are the Dangers of Too Much Debt?

Does Government Have a Revenue or Spending Problem?

Funding Government by the Minute

Will Higher Tax Rates Balance the Budget?

Will Taxing the Rich Fix the Deficit?

What Can We Cut to Balance the Budget

Does Stimulus Spending Work?

The table below summarizes the failed 10 year record of both political parties in controlling government spending that have produced massive fiscal-year deficits and an ever increasing national debt.

Summary of Tax Receipts and Spending Outlays of the

United States Government for Fiscal Years 2002-2012

[in million of dollars]

Fiscal Year Tax Receipts Spending Outlays Deficits (+) or Surplus (-)
2002 1,853,225 2,011,016 157,791
2003 1,782,108 2,159,246 377,139
2004 1,879,783 2,292,628 412,845
2005 2,153,350 2,472,095 318,746
2006 2,406,675 2,654,873 248,197
2007 2,567,672 2,729,199 161,527
2008 2,523,642 2,978,440 454,798
2009 2,104,358 3,520,082 1,415,724
2010 2,161,728 3,455,931 1,294,204
2011 2,302,495 3,601,109 1,298,614
2012 2,449,093 3,538,286 1,089,193
Source: Department of the Treasury, Final Monthly Treasury Statements of Receipts and Outlays of the United States Government for Fiscal Years 2002-2012, table 1.

Neither the Democratic Party led by President Obama, Senate Majority Leader Harry Reid and House Minority Leader Nancy Pelosi nor the Republican Party led by House Speaker Boehner, House Majority Leader Eric Cantor and Senate Minority Leader Mitch McConnell, are capable of balancing the budget of the U.S. government.

FINANCIAL MANAGEMENT SERVICE STAR - TREASURY FINANCIAL DATABASE TABLE 1. SUMMARY OF RECEIPTS, OUTLAYS AND THE DEFICIT/SURPLUS BY MONTH OF THE U.S. GOVERNMENT (IN MILLIONS) ACCOUNTING DATE: 11/12 PERIOD RECEIPTS OUTLAYS DEFICIT/SURPLUS (-) + ____________________________________________________________ _____________________ _____________________ _____________________ PRIOR YEAR OCTOBER 163,072 261,539 98,466 NOVEMBER 152,402 289,704 137,302 DECEMBER 239,963 325,930 85,967 JANUARY 234,319 261,726 27,407 FEBRUARY 103,413 335,090 231,677 MARCH 171,215 369,372 198,157 APRIL 318,807 259,690 -59,117 MAY 180,713 305,348 124,636 JUNE 260,177 319,919 59,741 JULY 184,585 254,190 69,604 AUGUST 178,860 369,393 190,533 SEPTEMBER 261,566 186,386 -75,180 YEAR-TO-DATE 2,449,093 3,538,286 1,089,193 CURRENT YEAR OCTOBER 184,316 304,311 119,995 NOVEMBER 161,730 333,841 172,112 YEAR-TO-DATE 346,045 638,152 292,107 - - - - - - - - 0REPORT ID: STM0P081 USER ID : DATE: 2012-12-10 TIME: 18.47.19 PAGE http://www.fms.treas.gov/mts/mts1112.txt

Ron Paul- Discussing The Fiscal Cliff- John Stossel Show

Woodward: Obama Would Own Recession From Going Over Fiscal Cliff

Peter Schiff: Fed Will Keep Printing Money Until Economy Collapses

Marc Farber: The problem with President Obama & Recession 2013!

CNBC Global Recession Is Coming – Marc Faber

Will Taxing the Rich Deepen the Recession? – The “Fiscal Cliff” is a Scam

Fiscal Cliff An Artificial Crisis

Show News: Hume Boehner has a weak hand in fiscal cliff talks

Peter Schiff: Ben Bernanke throws the dollar over the Currency Cliff

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Tea Party Democrats, Republicans, and Independents Betrayed–Tell The Democratic and Republican Establishments To Balance The Budget and Cut The Debt Ceiling–Just Say No To Obama, Reid, Boehner and Ryan Unbalanced Budgets–Videos

Posted on July 27, 2011. Filed under: American History, Banking, Blogroll, Business, Communications, Economics, Employment, Federal Government, Fiscal Policy, government, government spending, history, Investments, Law, liberty, Life, Links, media, Microeconomics, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Regulations, Taxes, Unemployment, Unions | Tags: , , , , , , , , , , |

Lying Politicians And Words

“By and large, language is a tool for concealing the truth.”

~George Carlin

 

“You can fool all the people some of the time, and some of the people all the time, but you cannot fool all the people all the time.”

~Abraham Lincoln

 

Freedom is the Only Solution

 

Ron Paul on Debt limit and Boehner’s bill

 

Ron Paul on Freedom Watch: We Are Defaulting Either Way

 

7-28-11 – Sen. Rand Paul on Fox News with Greta Van Susteran – 07-27-11

 

Rand Paul Blasts Reid, Boehner Plans [FOX 7-27-2011]

 

Ron Paul on Freedom Watch 07/27/11

 

 

Ron Paul to Congress: If Debt Is the Problem, Why Do You Want More of It?

 

The Laura Ingraham Show – Speaker John Boehner answers tea party criticism

 

Office of the Majority Whip | Balanced Budget Amendment Video

 

 

Debt Ceiling Crisis: Boehner vs. Tea Party

 

 

SA@TAC – Ron Paul’s Pledge to America

 

Smoke and Mirrors on Spending Cuts

 

House GOP’s $61 Billion Spending Cuts in Perspective

 

 

 

John Boehner Goes Back On The Head Of The Republican Parties Radio Show Rush Limbaugh

 

McCain to Republicans: Pushing Balanced Budget Amendment is “Bizarro”

 

FOX: DeMint Slams Reid & Boehner Plans

 

 

Mark Levin Interviews Jim Demint – I’m Not Encouraged By Whats Going On In Washington Right Now

 

Ron Paul Ad – Conviction

 

 

The tea party movement has been betrayed by the Republican Party establishment leadership including John Boehner, Eric Cantor, Mitch McConnell  and Paul Ryan.

The big dirty  secret the ruling class in Washington D.C. do not want the American people to know is the Fiscal Year 2012 budget will be in deficit by about $1,000 billion.

The Boehner bill will add over $7,000 billion in additional debt over the next ten years and would not balance in any of the next ten years!

This is not fiscally responsible nor is it a “balanced approach”.

This is business as usual and a betrayal of the American people and the conservative, libertarian and tea party movements.

The Democratic and Republican Establishments aka the “ruling class” are addicted to spending money the American people do not have on things the American people do not need.

 The Democratic and Republican Establishments try to fool the American people with phony cuts in the growth of the current services baseline budget by emphasizing trillion-dollar “cuts” over a ten-year budget timeframe.

There are never any cuts in the current service baseline budget only cuts in the growth rates over ten years of the budget baseline.

Underwhelming Spending Cuts from Congress and Obama

 

“Cut, Cap and Balance,” the Debt Ceiling and Federal Spending

The American people are not fooled by this nonsense and rubbish.

The only year that counts is Fiscal Year 2012 that starts October 1, 2011 and ends September 30, 2012.

The only cuts that are real are actual cuts in the budget baseline itself and not cuts in the rate of growth of that baseline.

Dan Mitchell Exposing DC’s Fake Spending-Cut Scam with Judge Napolitano

It’s Simple to Balance The Budget Without Higher Taxes

 

Ron Paul to Congress: Freeze Big Government!

 

Ron Paul knew everything

 

Stop budgeting to the current services budget baseline and budget to estimated tax revenue collections. 

Stop closed-door deals, commissions, select committees and gangs.

Stop lying and misleading the American people.

Vote against any budget that is not balanced.

Vote against any increase in the National Debt ceiling.

Vote for closing permanently Government Departments, agencies and hundreds of programs.

Vote for cutting the Budget Baseline not for cutting the rate of growth of the Budget Baseline!

Vote for the FairTax.

The political ruling class is bought and paid for and are wrecking the economy, destroying jobs and killing the American Dream.

The American people will eventually learn the secret and that both political parties have been lying to them.

A plague on both political parties.

Both political parties are responsible for the bloated budgets and massive deficits.

Let the party establishments clean their own mess up.

The Democratic and Republican Party establishments simply do not give a flip about the American people.

The conservative, libertarian and tea party movements will need to challenge Republican office holders in the primaries and the Democrats in the general election.

Suggest you listen to the late George Carlin.

George Carlin -“Who Really Controls America”

“Inside every cynical person, there is a disappointed idealist.”

“Always do whatever’s next.”

~George Carlin

Background Articles and Videos

Neither the Republican Party nor Democratic Party Fiscal Year 2012 budget proposals are the road to peace and prosperity but a Tea Party budget with balanced budgets most definitely is:

Which Budgets Are Balanced And Living Within The Means of The American People?

 

4/5/11 Republican Leadership Press Conference

O’Reilly — Does Obama Care About the Economy?

Democrats’ Budget Plan – “Blank Check”

Democratic Party Budget Proposals

S-1 FY2012 President’s Budget

(Nominal Dollars in Billions)

Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,819 2,174 -1,645 10,856
2012 3,729 2,627 -1,101 11,881
2013 3,771 3,003 -768 12,784
2014 3,977 3,333 -646 13,562
2015 4,190 3,583 -607 14,301
2016 4,468 3,819 -649 15,064
2017 4,669 4,042 -627 15,795
2018 4,876 4,257 -619 16,513
2019 5,154 4,473 -681 17,284
2020 5,442 4,686 -735 18,103
2021 5,697 4,923 -774 18,967
2012-2021 45,952 38,747 -7,205 n.a.

http://www.whitehouse.gov/sites/default/files/omb/budget/fy2012/assets/tables.pdf

Republican Party Budget Proposals

S-1 FY2012 Chairman’s Markup

(Nominal Dollars in Billions)

Fiscal Year Outlays Revenues Deficits Debt Held By Public
2011 3,618 2,230 -1,388 10,351
2012 3,529 2,533 -995 11,418
2013 3,559 2,860 -699 12,217
2014 3,586 3,094 -492 12,801
2015 3,671 3,237 -434 13,326
2016 3,858 3,377 -481 13,886
2017 3,998 3,589 -408 14,363
2018 4,123 3,745 -379 14,800
2019 4,352 3,939 -414 15,254
2020 4,544 4,142 -402 15,681
2021 4,739 4,354 -385 16,071
2012-2021 39,958 34,870 -5,088 n.a.

http://budget.house.gov/UploadedFiles/PathToProsperityFY2012.pdf

Sen. Toomey Unveils his FY 2012 Budget

Senator Pat Toomey Talks with Michael Medved about his Budget

S-1 FY2012 Senator Pat Toomey(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues DeficitsSurplus Debt Held By Public
2011 3,625 2,230 -1,351 10,351
2012 3,477 2,538 -919 11,418
2013 3,485 2,964 -521 12,217
2014 3,509 3,216 -291 12,801
2015 3,623 3,391 -233 13,326
2016 3,765 3,524 -241 13,886
2017 3,853 3,736 -117 14,363
2018 3,955 3,916 -39 14,800
2019 4,140 4,108 -32 15,254
2020 4,302 4,325 23 15,681
2021 4,493 4,566 73 16,071
2012-2021 38,602 36,304 -2298 n.a.

http://www.scribd.com/doc/55116239/Restoring-Balance-Final

SA@TAC – The GOP, War and the Debt

3/09/11: Sen. Rand Paul on balancing the budget

03/17/11: Sen. Rand Paul Introduces Five-Year Balanced Budget Plan

S-1 FY2012 Senator Rand Paul(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues DeficitsSurpluses Debt Held By Public
2011 3,708 2,228 -1,480 10,430
2012 3,100 2,547 -553 11,051
2013 3,152 2,755 -397 11,532
2014 3,227 3,088 -139 11,748
2015 3,360 3,244 -116 11,942
2016 3,430 3,349 19 11,997
2012-2016 16,269 15,083 -1,188 n.a.

http://campaignforliberty.com/materials/RandBudget.pdf

Tea Party Budget Proposals

S-1 FY2012 Tea Party’s Balanced/Surplus Budget(Nominal Dollars in Billions)
Fiscal Year Outlays Revenues Surpluses Debt Held By Public
2012 2,500 2,500 0 10,900
2013 2,800 2,800 0 10,900
2014 3,000 3,000 0 10,900
2015 3,200 3,200 0 10,900
2016 3,300 3,300 0 10,900
2017 3,400 3,500 100 10,800
2018 3,500 3,700 200 10,600
2019 3,600 3,900 300 10,300
2020 3,700 4,000 300 10,000
2021 3,800 4,300 500 9,500
2012-2021 32,800 34,200 1,400 n.a.

 

Peter Ferrara’s Too-Nice Attack on Phony Washington Budget Deals

Posted by Daniel J. Mitchell

“…Writing in the Wall Street Journal, Peter Ferrara of the Institute for Policy Innovation explains that Washington budget deals don’t work because politicians never follow through on promised spending cuts. This is a very relevant argument, since President Obama’s so-called Deficit Reduction Commission supposedly is considering a deal featuring $3 of spending cuts for every $1 of tax increases (disturbingly reminiscent of what was promised — but never delivered — as part of the infamous 1982 TEFRA budget scam).

Washington’s traditional approach to balancing the budget is to negotiate an agreement on a package of benefit cuts and tax increases. President Obama’s deficit commission seems likely to recommend just this strategy in December. The problem is that it never works. What happens is the tax increases get permanently adopted into law. But the spending cuts are almost never fully adopted and, even if they are, they are soon swept away in the next spendthrift budget. Then — because taxes weaken incentives to produce — the tax increases don’t raise the revenue that Congress initially projected and budgeted to spend. So the deficit reappears.

In 1982, congressional Democrats promised President Ronald Reagan $3 in spending cuts for every dollar in tax increases. Reagan went to his grave waiting for those spending cuts. Then there was the budget deal in 1990, when President George H.W. Bush agreed to violate his famous campaign pledge — “Read my lips, no new taxes,” he had said in 1988 — in pursuit of a balanced budget. But after the deal, the deficit increased substantially: to $290 billion in 1992 from $221 billion in 1990.

As the excerpt indicates, Peter’s column is solid and everything he writes is correct, but it suffers from one major sin of omission. He should have exposed the dishonest practice of using “current services” or “baseline” budgeting. This is the clever Washington practice of assuming that all previously planned spending increases should go into effect and categorizing any budget that increases spending by a lower amount as a spending cut. In other words, if the hypothetical “baseline” budget increases by 7 percent, and a budget is proposed that increases spending by 4 percent, that 4 percent spending increase magically gets transformed into a 3 percent spending cut.
 
Politicians love “current services” or “baseline” budgeting for two reasons. First, it allows them to have their cake and eat it too. They can simultaneously shovel more money to interest groups while telling voters they are “cutting” spending. Second, it rigs the process in favor of bigger government. This is because lawmakers who actually propose to restrain the growth of spending can be lambasted for wanting “savage” and “draconian” budget cuts totaling “trillions of dollars” when all they’re actually proposing is to have spending grow by less than the so-called baseline. But since people in the real world use honest math rather than “current services” math, they assume that spending is being reduced next year by some large amount compared to what is being spent this year. And if the phony budget cut numbers sound too big (especially for specific programs such as Medicare or Medicaid), they sometimes conclude that it would be better to raise taxes.

Speaking of which, the same misleading process works on the revenue side of the budget. The politicians automatically get to keep whatever additional revenue is generated by population growth and higher incomes, which is not trivial since revenue in a typical year grows faster than nominal GDP. But when they do a budget deal featuring X dollars of tax increases for every Y dollars of spending cuts, the additional taxes are always on top of the revenue increases that already are occurring. And since the supposed spending cuts invariably are nothing more than reductions in planned increases, it should come as no surprise that the burden of spending always seems to increase. …”

http://www.cato-at-liberty.org/peter-ferraras-too-nice-attack-on-phony-washington-budget-deals/

Tim Russert Interviews George Carlin

George Carlin interview (1996) – Late Show with Tom Snyder, part 1

George Carlin interview (1996) – Late Show with Tom Snyder, part 2

George Carlin interview (1996) – Late Show with Tom Snyder, part 3

George Carlin On His Time In The Military

 

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Pronk Pops Show 37, July 20, 2011–Segment 0: President Obama Lies and Scares People On Social Security–Stop Spending and Balance The Budget!–Videos

Pronk Pops Show 37, July 20, 2011: Segment 1: The American People’s Solution To Economic Stagnation: Increase National Debt Ceiling By $2,000 Billion To $16,300 Billion In Exchange For Passage of A Balanced Budget Amendment And The FairTax Bills And Repealing The Income Tax 16th Amendment To U.S. Constitution–A Balanced, Fair And Transparent Approach To Creating Jobs and Growing A Peace and Prosperity Economy–Videos

Pronk Pops Show 37, July 20, 2011: Segment 2: It’s Time For A Permanent, Prevasive and Predictable Stimulus Package–The FairTax–Launching A Peace and Prosperity Economy–Videos

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Speaker Boehner’s Address to the Economic Club of New York on Jobs, Debt, Gas Prices–Videos

Posted on May 10, 2011. Filed under: Banking, Blogroll, Communications, Economics, Farming, Federal Government, Fiscal Policy, government, government spending, Investments, Language, Law, liberty, Life, Links, media, Monetary Policy, Money, People, Philosophy, Politics, Public Sector, Rants, Raves, Resources, Talk Radio, Taxes, Unions, Video, War, Wealth | Tags: , , , , |

Pronk Pops Show 27:May 9, 2011

 

Pronk Pops Show 26:May 5, 2011

 

Pronk Pops Show 25: April 26, 2011

 

Pronk Pops Show 24: April 19, 2011

 

Pronk Pops Show 23: April 12, 2011

Listen To Pronk Pops Podcast or Download Shows 27

 

Listen To Pronk Pops Podcast or Download Shows 22 (Part 2)-26

 

Listen To Pronk Pops Podcast or Download Shows 16-22 (Part 1)

 

Listen To Pronk Pops Podcast or Download Shows 10-15

 

Listen To Pronk Pops Podcast or Download Shows 1-9

 

Boehner Says No Debt Limit Boost Without Spending Cuts

 

Speaker Boehner’s Address to the Economic Club of New York on Jobs, Debt, Gas Prices

Background Articles and Videos

 

Al Hunt on Republican Presidential Bids, Boehner Speech

Why debt limit issue may drag on through Election 2012

House Speaker John Boehner calls for trillions in spending cuts as a condition of raising the national debt limit. Is that bar so high that Congress will do short-term fixes – and wait for voters to speak in Election 2012?

By Gail Russell Chaddock, Staff writer / May 10, 2011

“…House Speaker John Boehner’s call for trillions in federal spending cuts as a condition for increasing America’s $14.3 trillion debt limit just raised the bar for budget talks between congressional leaders and the White House, set to resume Tuesday – a move likely to keep the debt limit issue running through the 2012 election.

Skip to next paragraph

Allowing the United States to default on its debt would be “irresponsible,” Speaker Boehner told the Wall Street financiers’ Economic Club of New York on Monday. “But it would be more irresponsible,” he said, “to raise the debt ceiling without simultaneously taking dramatic steps to reduce spending and reform the budget process.”

In laying down his marker, Boehner signals to the White House that Republicans will exact a high price to raise the debt ceiling, to be paid off in spending cuts, not tax increases. With Democrats rejecting cuts to Social Security and Medicare, there’s little left that could deliver the trillions in cuts. One alternative is to pass short-term debt-limit deals, each accompanied by spending cuts, until Americans weigh in on the issue in 2012 elections. Another is that Congress adopts dramatic structural moves to overhaul the budget process such as passing a balanced budget amendment to the Constitution – a long process that also would be certain to run through the 2012 election. …”

http://www.csmonitor.com/USA/Politics/2011/0510/Why-debt-limit-issue-may-drag-on-through-Election-2012

 

FULL TEXT: Speaker Boehner’s Address to the Economic Club of New York on Jobs, Debt, Gas Prices

Washington (May 9)House Speaker John Boehner (R-OH) this evening addressed the Economic Club of New York in New York, NY on efforts to create a better environment for private sector job growth by cutting government spending, preventing job-crushing tax hikes, eliminating excessive federal regulations, and opening new markets for American goods. The event was carried live online at Facebook.com/OfficeofSpeakerBoehner/. Following are Speaker Boehner’s remarks as prepared for delivery:**EMBARGOED UNTIL DELIVERY @ 7:00 P.M. EDT**
Remarks by House Speaker John Boehner (R-OH)
Economic Club of New York, New York, NY
As Prepared for Delivery
May 9, 2011
“Chairman Tisch, thank you for that introduction. And thank you for the chance to be here.
“Let me start by expressing my admiration for what you do. You come from many different backgrounds. But you’re united by a common interest in the prosperity and security of our nation.“Last night marked one week since the operation against Osama bin Laden, the man who orchestrated the horrific attack upon this city nearly 10 years ago.“Bringing justice to Bin Laden was an important moment for America and all of the free world. But the challenges that lie ahead here at home remain formidable.

“I’m grateful for the opportunity to share my thoughts tonight on how we need to address those challenges together, as a nation.

“I came to be Speaker of the House by way of small business.

“Before I ran for Congress, I was president of a small business in West Chester, Ohio — Nucite Sales. We were manufacturers representatives in the packaging and plastics industry.

“But Nucite wasn’t my first life experience with small business. That came earlier, when my brothers and I grew up mopping the floors of Andy’s Cafe, a tavern outside of Cincinnati established in the 1930s by my grandpa, Andrew, and run for decades by my dad, Earl.

“It would be fair to say I’m not from around here. I come from a working class family of what you’d call Kennedy Democrats. I have 11 brothers and sisters.

“These experiences taught me a lot, long before I entered government service.

“They taught me our economy is a product of our people. Our economy does best when government respects our people enough to give them the freedom to do what they do best.

“I believe our mission as legislators is to liberate our economy from the things that impede growth. . .to provide clear policies, so that innovators and entrepreneurs have the green light to move forward and create jobs, without having to worry about second-guessing from Washington.

“My message to you tonight is that we will not succeed in balancing the federal budget and overcoming the challenges of our debt until we commit ourselves to government policies that will let our economy achieve long-term growth. Our economy won’t grow as long as we continue to trip it up with short-term gimmicks from Washington.

“Many of our problems can be traced to a misguided belief by politicians that the American economy is something that can be controlled or micromanaged or influenced positively by government intervention and borrowing.

“All too often, rather than providing long-term policies that will help our economy expand, government offers short-term fixes that do little right away, and end up making things worse over time.

“When things aren’t going well in our economy, the impulse in Washington is usually to respond with something big…something quote-unquote ‘comprehensive.’ The assumption is that this will provide reassurance to job creators. But it usually has the opposite effect in practice.

“We saw this with Dodd-Frank. There was a financial meltdown in our country, and millions of Americans were hit hard. But Washington’s response was all wrong.

“We got a banking system that is less competitive, pitting the small community banks like the ones in my district against giant banks that the federal government deems ‘too big to fail.’

“We got a consolidated banking system with a small number of large firms operating as public utilities.

“We got a lot of new rules that make job creation and investment more difficult.

“And the government mortgage companies that triggered the whole meltdown went untouched.

“For job creators, the ‘promise’ of a large new initiative coming out of Washington is more like a threat. It freezes them. Instead of investing in new employees or new equipment, they make the logical decision to stand pat.

“The American economy is the sum total of the hard work and ingenuity of our people.

“When the economy grows, it’s not because of a new government program or spending initiative. It’s because a lot of people in the private sector worked hard, and were successful in overcoming the obstacles thrown in their path.

“The rash of ‘stimulus’ legislation passed by Congress in recent years has been one of those obstacles.

“The recent stimulus spending binge hurt our economy and hampered private sector job creation in America.

“The effect of adding nearly a trillion dollars to our national debt — money borrowed mostly from foreign investors — caused a further erosion of economic confidence in America, and increased uncertainty for millions of private-sector job creators.

“The massive borrowing and spending by the Treasury Department crowded out private investment by American businesses of all sizes.

“Americans were told the stimulus would create millions of new jobs, and that most of them would be private sector jobs. It didn’t happen.

“Job creators were looking for certainty. You don’t get long-term certainty from short-term government programs.

“The lesson of the stimulus era is that short-term government intervention is no substitute for long-term economic investment, private initiative, and freedom.

“I believe it’s time to leave that era behind.

“We’ve also seen the arrogance of government recently in the skyrocketing gas prices our citizens and businesses are dealing with.

“There’s a clear connection between high gas prices and the weak dollar that some in Washington have quietly welcomed over the past couple of years.

“It’s well known that when you print tons of money, the dollar sinks, and the price of food and energy rises — significantly. Yet the American people are told there is nothing that can be done about it. This is simply untrue.

“Washington has also kept most of our nation’s vast energy resources under lock and key for decades, over the clear objections of the American people — the people who own those resources.

“If we had listened to the people decades ago — or even a few years ago — many of these resources would be available to us right now to lower the price of energy. And we would probably have about a million private-sector jobs in America that we don’t currently have.

“Instead what Washington has done is raise the specter of higher taxes, creating more uncertainty for those in America who create jobs.

“Washington’s arrogance has triggered a political rebellion in our country.

“I don’t think ‘rebellion’ is too strong of a word. The revolt we have seen by ordinary citizens over the past few years is like nothing we’ve seen in our lifetime. And it’s happening in part because the arrogant habits of Washington are having real economic consequences.

“The debt limit debate presents our nation’s leaders with the opportunity to reverse these habits and prove that we’re starting to get the message. It’s a chance to change course and admit that reactionary, short-term Washington solutions aren’t always best.

“Creating a sustainable fiscal structure for the federal government is essential for long-term economic growth. Particularly when it comes to entitlements.

“We have a chance to provide certainty to job creators by signaling that our government is finally set to take a new approach when it comes to the spending and borrowing that has put us so deeply in debt.

“As you know, the president has asked Congress to increase the debt limit, and to do so without preconditions.

“There are those who insist we shouldn’t ‘play games’ with it.

“Others have gone further. One prominent figure even went so far as to say ‘the people who are threatening not to pass the debt ceiling are our version of Al-Qaeda terrorists.’

“With all due respect, this is the arrogance of power — and the American people won’t stand for it.

“This is the time to end the spending binge and prioritize and modernize what we spend.

“There’s a reason the debt limit can’t be increased without a vote of Congress. The debt limit is set in statute specifically so that the executive and legislative branches of our government have to deal with the difficult fiscal choices we face.

“I know there are many in this room who are uneasy with this debate. I understand your concerns.

“It’s true that allowing America to default would be irresponsible. But it would be more irresponsible to raise the debt ceiling without simultaneously taking dramatic steps to reduce spending and reform the budget process.

“To increase the debt limit without simultaneously addressing the drivers of our debt — in defiance of the will of our people — would be monumentally arrogant and massively irresponsible.

“It would send a signal to investors and entrepreneurs everywhere that America still is not serious about dealing with our spending addiction.

“It would erode confidence in our economy and reduce certainty for small businesses. And this would destroy even more American jobs.

“So let me be as clear as I can be. Without significant spending cuts and reforms to reduce our debt, there will be no debt limit increase. And the cuts should be greater than the accompanying increase in debt authority the president is given.

“We should be talking about cuts of trillions, not just billions.

“They should be actual cuts and program reforms, not broad deficit or debt targets that punt the tough questions to the future.

“And with the exception of tax hikes — which will destroy jobs — everything is on the table. That includes honest conversations about how best to preserve Medicare, because we all know, with millions of Baby Boomers beginning to retire, the status quo is unsustainable.

“If we don’t act boldly now, the markets will act for us very soon. That’s the warning we got from Standard & Poor’s a few weeks ago.

“If we fail to use this as a moment to demonstrate that we’re getting serious about fixing the debt, the result will be fewer jobs, less confidence, and more uncertainty.

“The debt limit debate is critical because it’s forcing us to make a choice right now as a nation. It’s a choice between the policies of the past, and a new vision that acknowledges we can’t tax, borrow and spend our way back to prosperity.

“The big myth of the current budget debate is the notion that in order to balance the budget, we have to raise taxes.

“The truth is we will never balance the budget and rid our children of debt unless we cut spending and have real economic growth. And we will never have real economic growth if we raise taxes on those in America who create jobs.

“I ran for Congress in 1990, the year our nation’s leaders struck a so-called bargain that raised taxes as part of a bipartisan plan to balance the budget.

“The result of that so-called bargain was the recession of the early 1990s. It wasn’t until the economy picked back up toward the end of that decade that we achieved a balanced budget.

“Today some seem intent on recycling the 1990 budget deal, only this time with much larger tax increases.

“That’s not going to happen, and I’ve told that to the president. A tax hike would wreak havoc not only on our economy’s ability to create private-sector jobs, but also on our ability to tackle the national debt.

“Balancing the budget requires spending cuts and economic growth. We won’t have economic growth if we raise taxes and fail to address the drivers of our debt.

“The mere threat of tax hikes causes uncertainty for job creators — uncertainty that results in less risk-taking and fewer jobs.

“If we’re serious about balancing the budget and getting our economy back to creating jobs, tax hikes should be off the table.

“I mentioned I was raised in a family of Kennedy Democrats. It was before this very club in 1962 that President John F. Kennedy said the following: ‘Our true choice is not between tax reduction, on the one hand, and the avoidance of large federal deficits on the other. It is increasingly clear that no matter what party is in power, so long as our [needs] keep rising, an economy hampered by restrictive tax rates will never produce enough revenues to balance our budget — just as it will never produce enough jobs or enough profits.’

“Rather than increase government spending, President Kennedy told the New York Economic Club, we should cut taxes significantly, and take steps to ‘increase incentives and the availability of investment capital’ for employers.

“I would note that my colleagues and I are not calling for tax cuts in our budget. Rather, we’re calling for an end to the threat of tax hikes — and a fundamental reform of the tax code — to provide certainty to those in our country who create jobs. We’re calling for an end to the government spending binge that is crowding out private investment and threatening the availability of capital needed for job creation.

“There’s another myth I need to address, and that is the myth that addressing our debt challenges requires ‘pain.’

“Addressing our debt requires action. ‘Pain’ comes only from inaction.

“Suffering comes from standing pat and waiting for investors, job creators, and capital markets to impose a solution before elected leaders cannot.

“Root-canal economics has a name, and its name is Doing Nothing. The greatest threat to our economy and our future is doing nothing.

“We urgently need to enact reforms that will protect and preserve critical programs like Medicare and Medicaid.

“If we do nothing, as some propose, that guarantees benefit cuts for seniors.

“Let me repeat that, because it’s a crucial point that is too often overlooked.

“If we do nothing, seniors’ benefits will be cut.

“And to those who contend that the economy is too weak to take on the challenge of entitlement reform — I would simply say, you’ve got it backwards.

“The truth is that making fundamental reforms to these programs would be good for the economy — and good for the next generation.

“It’s possible to make changes in a way that will ensure future beneficiaries will have access to the same kinds of options as Members of Congress currently have.

“The budget put forth by our Budget Committee Chairman, Paul Ryan of Wisconsin, accomplishes this.

“And instead of raising taxes, it calls for fundamental reform of the tax code — a priority for us that will be led by Dave Camp of Michigan, the chairman of the House Committee on Ways & Means.

“There are also other steps that can be taken immediately to help free our economy and support private-sector job creation. Many of them are outlined in the Pledge to America, the governing agenda we put forth last year by listening to the people.

“We can stop the Environmental Protection Agency from proceeding with a backdoor energy tax that will further increase gas prices and destroy jobs.

“We can pass the REINS Act, authored by my colleague Geoff Davis of Kentucky. It requires congressional approval of any new government rule with an estimated economic cost of $100 million or more.

“We can use trade agreements with Panama, Colombia, and South Korea to create jobs and boost our economy by opening new markets to American exports.

“Coupled with the fundamental spending reforms and tax reforms I’ve described, these policies will clear a path for long-term, sustained economic growth.

“With such policies in place, the federal budget can be balanced.

“In closing, let me say I’m humbled by the opportunity to serve our country.

“We owe it to the people of our country to ensure that the opportunities our generation had are there for current and future generations.

“We owe them a humbler government that lives within its means and values the entrepreneurial drive of our people, with policies that unleash the awesome potential of our economy.

“For those of us in Washington, this has to be our focus.

“Until our economy is back on track and the American Dream has been restored, there can be no rest.

“It starts with freedom. In America, it always has.

“Thanks for the opportunity to be with you tonight.”

 

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