[Congressional Record Volume 156, Number 107 (Tuesday, July 20, 2010)]
[House]
[Page H5732]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              REPEATING THE LESSON OF THE GREAT DEPRESSION

  (Mr. McCLINTOCK asked and was given permission to address the House 
for 1 minute.)
  Mr. McCLINTOCK. Mr. Speaker, when the stimulus bill became law, 
unemployment stood at 8.2 percent. Today, a year and a half and 
hundreds of billions of dollars later, unemployment is 9.5 percent.
  This spending binge hasn't made things better. It has made things 
demonstrably worse because, before government can put money into the 
economy, it first takes that money out of the economy. We see the jobs 
created when government puts the money back, but we don't see the jobs 
that are lost, because government first took that money out of the 
economy.
  When we borrow trillions of dollars, we crowd out the very same 
capital pool that would otherwise have been available for businesses to 
create jobs; so those jobs don't get created, and the ranks of the 
unemployed grow.
  These are the same policies that turned the recession of 1929 into 
the Depression of the 1930s. Do we really want to repeat that lesson?

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