[Congressional Record (Bound Edition), Volume 155 (2009), Part 2]
[House]
[Page 2459]
[From the U.S. Government Publishing Office, www.gpo.gov]




                    SO-CALLED ECONOMIC STIMULUS BILL

  (Mr. SMITH of Texas asked and was given permission to address the 
House for 1 minute and to revise and extend his remarks.)
  Mr. SMITH of Texas. Madam Speaker, some people look at the huge, so-
called economic stimulus bill and think it's a Christmas present. But 
the Federal Government is not Santa Claus. Elves are not producing this 
money. This money isn't free, and the American people will get the 
bill.
  The $1 trillion in spending and interest equals more than $9,000 for 
every taxpayer. And the unprecedented deficit will inevitably hike 
inflation and damage the economy.
  Only $90 billion, or 12 percent of this spending spree, will 
stimulate the immediate creation of jobs which are needed now. Most of 
the spending doesn't occur for 2, 3 or 4 years.
  It would be far more effective to provide tax incentives and 
investment credits to the small businesses of America that already 
create 70 percent of all the jobs.

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