[Congressional Record Volume 157, Number 108 (Tuesday, July 19, 2011)]
[House]
[Page H5162]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     GETTING AMERICANS OUT OF DEBT

  The SPEAKER pro tempore. The Chair recognizes the gentleman from 
Michigan (Mr. Clarke) for 5 minutes.
  Mr. CLARKE of Michigan. Mr. Speaker, to the American people, I want 
to address the debt that is killing jobs in this country and robbing 
Americans of their financial security. And I also will propose how we 
get out of that debt, to really create jobs and restore financial 
security to all Americans.
  Now, the Federal debt is important. We have to do everything we can 
this week and next week to avoid a government default, because if the 
government defaults on its obligations, at the very least that is going 
to cause interest rates to rise on the borrowing that the American 
people hold as debt and that could drive people further into financial 
distress and into foreclosure and bankruptcy.
  But the debt that is crushing the American people is the mortgages, 
the student loans, the credit cards, that people have to bear. Now I am 
from Detroit, and jobs are important. In fact, I represent one of the 
regions of the country that has the highest unemployment rate. But as 
important as jobs are to the economy, we have got to get Americans out 
of debt. I know folks who are working right now, they have jobs, they 
are earning income, but they have no money because their income is 
going to pay off bills. It's going to creditors. They can't provide for 
themselves. They can't provide for their families. They can't provide 
security for the future because they are in debt. And this American 
personal debt is also costing this U.S. economy jobs because when 
people don't have money to save, money to invest, they can't really 
spend it on businesses that could hire more people and create more 
jobs.
  My point is this, and I am speaking to a few of the Members of 
Congress who are here right now, but more importantly, I am speaking to 
you, the American people, because maybe you can help me drive this 
Congress to address the real debt that is threatening this democracy 
and our economy.

                              {time}  1110

  This country's economy will not rebound strongly, and we will not 
easily get out of this recession as long as Americans are underwater on 
their mortgages, defaulting on student loans, and maxing out on their 
credit cards. If we want to create jobs, jobs that will truly be 
sustainable and help provide families with real financial security, 
this Congress must realize that when the American people are in debt, 
so is this country.
  So here's what I'm urging today. I am going to have a resolution I'm 
going to put forth, that as we work to prevent a government default on 
its obligations, that we also have to work to make sure that Americans 
don't further default on their debt. So I am asking, in as strong as 
possible a way as I can, for this Congress, on certain loan 
obligations, to immediately work to cut mortgages down to the value of 
your home, to forgive student loans, because the most powerful way that 
we can restore our economic, strength, to create jobs that are 
sustainable, is to help Americans get out of debt.
  Now Congress has an obligation to do so because we changed the rules 
over the past decade or so to put Americans in all this debt. But just 
as Congress has an obligation to act, I've got to talk to you, the 
American people. You've got to act, too. You've got to take 
responsibility. You want this government to get out of debt, then you 
get out of debt personally. Stop the spending. Stop the borrowing. Stop 
overconsumption, buying things that you don't need with money that you 
don't have. That's robbing you and your family of a future. It's 
robbing this country out of jobs.
  So I am going to ask every American right now, get out your credit 
cards, cut them up, free yourselves. Free yourselves. Don't count on 
this Congress to help you. This Congress already voted to end Medicare. 
They're flirting with disaster on this debt right now.
  I'm asking Americans, take control of your financial future, get out 
of debt, and let's demand that this Congress help you get out of debt.

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