[Congressional Record Volume 155, Number 37 (Tuesday, March 3, 2009)]
[House]
[Page H2914]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  LOOKING FOR SOLUTIONS TO THE ECONOMIC PROBLEMS FACING AMERICA TODAY

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from Georgia (Mr. Price) is recognized for 5 minutes.
  Mr. PRICE of Georgia. Madam Speaker, we have talked a lot these past 
few weeks about the state of the economy and the challenges that 
Americans are facing. Certainly they are remarkable challenges that we 
face all across this Nation. The stock market was again down today.
  So we look for solutions. The American people are demanding solutions 
on behalf of those folks that they sent to Washington, and rightly so. 
The ``solution'' I guess one could call it of the Obama administration 
is the budget that he proposed last week, and I would like to point out 
a few items on that budget.
  The deficits from that budget will be $1.75 trillion in this year, 
12.3 percent of our gross domestic product, more than triple the 
previous year. A solution? I don't think so.
  How about national debt. This budget that the President proposed 
doubles the national debt in just 8 years. Do the American people think 
that is a solution? I don't think so.
  Interest. Beginning in 2012, the interest that we pay on the debt 
will be $1 billion a day, Madam Speaker. $1 billion a day. That is not 
a solution.
  Taxes. You have heard my colleagues discuss, Madam Speaker, that this 
budget raises taxes by $1.4 trillion, and it is on everybody, not just 
those that the President says can easily afford it.
  And how about spending? Well, $3.9 trillion in 2009, 27 percent of 
our gross domestic product, a record level, the highest level since 
World War II. Solutions? I don't think so.
  But, Madam Speaker, the good news is that there are solutions out 
there. They are wonderful solutions. Those of us who are members of the 
Republican Study Committee put on the table H.R. 476, the Economic 
Recovery Act, something that we believe would be a powerful solution 
that would allow Americans to keep more of their hard-earned money, 
decrease some of the incredible roadblocks in the face of businesses so 
that they can create jobs, and finally begin to decrease the amount of 
spending at the Federal level.
  Other big thinkers across this Nation are providing solutions as 
well. One of them is the group American Solutions headed by former 
Speaker of this House, Newt Gingrich.
  They recently came out with a proposal ``12 American Solutions for 
Jobs and Prosperity,'' talking about the Washington solutions currently 
being produced by this administration being more money for more 
government, more power for more politicians, more debt and more 
bureaucrats. That is not what will lead to real job growth and 
prosperity. Instead, there are 12 specific solutions that I would like 
to share with the House of Representatives.
  First, payroll tax stimulus. A new tax credit to offset 50 percent of 
the payroll tax would immediately inject money into small businesses 
and allow for job creation.
  Second, real middle income tax relief, proposing to decrease the 
marginal rate of 25 percent to 15 percent so that 9 out of 10 American 
workers have a flat tax of 15 percent. Real money in the pockets of 
real Americans. Real solutions.

                              {time}  1715

  Third, reduce the business tax rate.
  Did you know, Madam Speaker, that Mexico and Sweden and Poland and 
Ireland and Hungary all have lower business taxes than the United 
States? If you're a business trying to decide where to put your 
company, you'd go somewhere else other than the United States if you 
were taking into account business tax rates.
  The proposal is to decrease our business tax rate to 12.5 percent; 
equal Ireland's, instead of the current 35 percent that we have.
  Fourth, homeowners assistance. Provide tax credit incentives for 
responsible home buyers so they can stay in their homes.
  Fifth, control spending so we can move to a balanced budget.
  Madam Speaker, did you know that the budget that the President put on 
the table last week never gets to a balanced budget? Never, never. Red 
numbers as far as the eye can see. We must have a balanced budget.
  Sixth, no State aid without protection from fraud; making certain 
that the State governments ensure that there's no fraud and no theft of 
the hard-earned taxpayer money that they receive from the Federal 
Government.
  Seventh, more American energy now. We absolutely must utilize 
American resources while we're conserving and while we're finding that 
new technology that will carry us through this century.
  Eighth, abolish taxes on capital gain. We ought to match China and 
Singapore, yes, Madam Speaker, China and Singapore and lower the taxes, 
abolish the taxes on capital gains. You talk about a job creation. My 
goodness gracious.
  Ninth, protect our right to vote in the workplace. This majority is 
going to steal that right away with the secret ballot destruction act 
that they are proposing to put on the floor. We believe that it's 
imperative that workers have the right to a secret ballot when talking 
about forming a union.
  Tenth, replace Sarbanes-Oxley.
  Eleventh, abolish the death tax once and for all.
  And, twelfth, invest in energy and transportation infrastructure. 
Real solutions for the American people.
  I urge my colleagues to take a look at those kinds of solutions that 
will actually get the economy rolling and create jobs.

              12 American Solutions for Jobs & Prosperity

       Washington solutions of more money for more government, 
     more power for politicians, more debt, and more bureaucrats 
     will not lead to real growth in jobs and prosperity. We need 
     a clear and decisive alternative that creates jobs and 
     rewards work, saving, and investment.
       1. Payroll Tax Stimulus. With a temporary new tax credit to 
     offset 50% of the payroll tax, every small business would 
     have more money, and all Americans would take home more of 
     what they earn.
       2. Real Middle-Income Tax Relief. Reduce the marginal tax 
     rate of 25% down to 15%, in effect establishing a flat-rate 
     tax of 15% for close to 9 out of 10 American workers.
       3. Reduce the Business Tax Rate. Match Ireland's rate of 
     12.5% to keep more jobs in America.
       4. Homeowner's Assistance. Provide tax credit incentives to 
     responsible home buyers so they can keep their homes.
       5. Control Spending So We Can Move to a Balanced Budget. 
     This begins with eliminating Congressional earmarks and 
     wasteful pork-barrel spending.
       6. No State Aid Without Protection From Fraud. Require 
     state governments to adopt anti-fraud and anti-theft policies 
     before giving them more money.
       7. More American Energy Now. Explore for more American oil 
     and gas and invest in affordable energy for the future, 
     including clean coal, ethanol, nuclear power and renewable 
     fuels.
       8. Abolish Taxes on Capital Gains. Match China, Singapore 
     and many other competitors. More investment in America means 
     more jobs in America.
       9. Protect Our Right to Vote in the Workplace. We must 
     protect a worker's right to decide by secret ballot whether 
     to join a union. Forced unionism will kill jobs at a time 
     when we can't afford to lose them.
       10. Replace Sarbanes-Oxley. This failed law is crippling 
     entrepreneurial startups. Replace it with affordable rules 
     that help create jobs, not destroy them.
       11. Abolish the Death Tax. Americans should work for their 
     families, not for Washington.
       12. Invest in Energy and Transportation Infrastructure. 
     This includes a new, expanded electric power grid and a 21st 
     century air traffic control system that will reduce delays in 
     air travel and save passengers, employees and airlines 
     billions of dollars per year.

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