[Congressional Record Volume 141, Number 63 (Wednesday, April 5, 1995)]
[House]
[Page H4187]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            LET FAMILIES SPEND MONEY, RATHER THAN GOVERNMENT

  (Mr. DREIER asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. DREIER. Mr. Speaker, fascinating figures we have been hearing 
from our colleagues from the other side of the aisle about Mercedes 
Benzes and school lunches. Let us counter it just a little. A message 
for America's families: When the big-government party warns you how bad 
off you will be if you get to keep your money rather than sending it to 
Washington, DC, hide your wallet.
  We have heard a lot about student loans lately. Let us look at the 
real impact of spending money back to families rather than funding more 
government.
  If a family takes the $500 per child tax credit that we offer today 
and puts it in a tax-free American Dream savings account that we will 
offer today, they will have $14,766 tax free for each child after 18 
years. Now, if in return the smaller government no longer subsidized 
interest on college loans, the end of the world according to big-
government liberals, the average loan would cost $21 more per month 
over the life of a student loan. That is $2,520.
  Our answer to failed big-government liberalism is to give the people 
the chance to keep $14,766 of their own money. They can fully replace 
Government help with college and still have over $12,000 left.


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