[Congressional Record Volume 167, Number 12 (Thursday, January 21, 2021)]
[Senate]
[Pages S82-S83]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                          BIDEN ADMINISTRATION

  Mr. SCOTT of Florida. Mr. President, there have been few other times 
in American history when the need for economic growth through 
strategic, responsible, pro-business policies has been as great as it 
is today. Nothing is more important to a family than a good-paying job. 
That is where the American dream begins.
  Today, as our Nation fights to overcome the horrendous health and 
economic impacts of COVID-19, we must balance our approach. We have to 
protect American families and individuals who have been hurt by this 
crisis, support commonsense public health policies and an aggressive 
vaccine distribution effort, while also keeping businesses open, 
incentivizing future growth of businesses, large and small, and 
standing up to our economic adversaries, like Communist China, by 
reshoring our supply chain back home.
  We also need to continue cutting regulations to make it easier for 
businesses to operate and for entrepreneurs to create jobs.
  President Biden and his Cabinet have the important task of 
revitalizing our economy amid one of our Nation's worst economic 
crises. In my 8 years as Governor of Florida, we balanced our budget 
each year, cut $10 billion in taxes, paid off one-third of our State 
debt, and Florida companies added nearly 1.7 million jobs. But instead 
of looking to innovation and approving policies of States like Florida 
that will create jobs and help Americans and small businesses, the 
Biden administrations is already making promises to go in the opposite 
direction--promises that are being championed by his nominee for 
Treasury Secretary, Janet Yellen.
  Let me be clear. I support targeted relief to help our small 
businesses and individuals who are hurting because of the coronavirus. 
With the start of a new administration, I was hoping to hear some 
fresh, new ideas on how to accomplish our shared goal of addressing 
this crisis. But that is not what we are hearing from the Biden 
administration. Their answer is the same as it always has been for 
Democrats: more government, more spending, higher taxes, no 
accountability.
  Voters are befuddled by the claim that while families cannot borrow 
without limits or consequences, somehow the Federal Government can. It 
is irresponsible, and I won't stand for it. We have to get serious 
about how we are spending taxpayer dollars. We already have more than 
$27 trillion in Federal debt.
  If interest rates return to their 50-year average, the interest on 
our Federal debt will make it impossible to fund our military, 
Medicare, and Social Security.
  President Biden wants to spend more than $350 billion to bail out 
wasteful, liberal States for their decades of mismanagement, and his 
nominees, including Ms. Yellen, support this nonsense.
  Andrew Cuomo has threatened the New York wealthy that if they don't 
help him get a Federal Government bailout, he will raise their taxes.
  I was elected Governor of Florida when Cuomo was elected Governor of 
New York. While Governor of Florida, I lowered taxes each year. Cuomo 
raised

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taxes. Since we were both elected, families and businesses have 
increasingly left New York for lower taxes, better schools, better 
roads, and warmer weather in Florida.
  Asking taxpayers to bail out failed politicians in liberal States 
like New York and Illinois and save them from their own bad decisions 
isn't fair to the taxpayers in fiscally responsible States like 
Florida. After all, many Florida taxpayers left New York because of 
Cuomo's tax policy.
  It makes no sense. Congress has already allocated more than $4.5 
trillion to address this crisis. Think about it. We just passed a 
nearly $1 trillion relief package 4 weeks ago. This is all borrowed 
money. The Federal Government doesn't have savings for a rainy day, and 
we still don't know how much money is unspent from the previous 
coronavirus relief packages. How can we possibly justify spending more 
money right now? We don't even know what we might need to spend money 
on.
  And for States like California, we know they don't need it. 
California's tax revenues for this fiscal year is running $9 billion, 
or 18 percent, above projections. Personal income tax revenue in 
October was $1 billion--15 percent higher than in the previous October, 
and sales taxes were up 9.2 percent. For the last 4 months, overall 
revenue in California has exceeded spring forecasts and even 2019 
collections. But that hasn't kept Governor Newsom and his far left 
buddies in Congress from keeping their hands out for more money.
  We cannot simply throw massive spending at this with no 
accountability to the current and future American taxpayer. It is 
shameful.
  We have also heard the Biden administration and its nominees call for 
a new national minimum wage of $15 an hour. It is clear that these 
folks haven't talked to business owners. Small businesses in America 
are struggling like never before, especially in liberal States, where 
repeated lockdowns have exacerbated their work to stay open. And 
President Biden believes now is the time to slap another mandate on 
their back and drive even more Americans chasing the dream of this 
country out of business? I am not sure how you could possibly be more 
detached from reality.
  According to the Congressional Budget Office, a federally mandated 
$15 minimum wage would cost as many as 3.7 million Americans their 
jobs.
  Let me tell you, I know what it is like to be poor, to live in public 
housing, to not have enough money to afford healthcare for a family 
member. I watched my parents struggle for work. I don't want any family 
to go through what I went through.
  I ran for office because I wanted to help struggling families like 
the one I grew up in to have the chance to live the American dream. So 
when I hear folks like Ms. Yellen say that job loss from a minimum-wage 
mandate is ``very minimal, if anything,'' it really leaves me at a 
loss. Watching 3.7 million Americans lose their jobs will not be 
minimal.
  Adding insult to injury, we have heard great praise for the 
implementation of a carbon tax. Let's remember, this was part of the 
Green New Deal, which would be a disaster if passed. According to 
estimates from the Heritage Foundation, a carbon emissions tax would 
cost the country 1.4 million jobs while decreasing our GDP by $3.9 
trillion and reducing income for a family of four by $40,000, with 
disproportionate costs falling on low-income families. Again, how can 
this be seen as the logical step when so many in our Nation are simply 
trying to recover and rebuild from the devastation of the COVID-19 
pandemic?
  If the administration has its way, Americans should prepare for 
higher taxes, less income, less opportunity, and more government 
mandates.
  Ms. Yellen seems to think the solution to America's economic woes is 
more government, more taxes, more regulation, not more individual 
opportunity. That is wrong and will only send us further into debt and 
our families further into despair.
  Based on what I have heard, I am concerned and, frankly, disturbed by 
what is being offered as the future of America's economic policy. When 
I ran for the Senate, I did so to fix Washington's broken way of doing 
things. We have to address Washington's unconscionable need to waste 
tax dollars on things that don't actually help or even hurt American 
families, especially working families and those on fixed incomes. I 
will never give up this fight.
  In 2018, Ms. Yellen was quoted speaking about the unsustainable U.S. 
debt and said: ``If I had a magic wand, I would raise taxes.'' We know 
that is not the real answer to solving our debt issue. It is simply the 
lazy, liberal approach.
  It is time to get value out of every dollar we spend and make hard 
choices that actually help families and ensure a strong economic future 
for our Nation.
  I cannot support the nomination of a candidate who proudly promotes 
Joe Biden's policies to mortgage our kids' and grandkids' futures with 
irresponsible and shortsighted tax spending.
  I yield the floor.
  The PRESIDING OFFICER. The Senator from Florida.
  Mr. SCOTT of Florida. I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. SULLIVAN. Madam President, I ask unanimous consent that the order 
for the quorum call be rescinded.
  The PRESIDING OFFICER (Ms. Warren). Without objection, it is so 
ordered.

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