[Congressional Record (Bound Edition), Volume 157 (2011), Part 11]
[House]
[Page 16154]
[From the U.S. Government Publishing Office, www.gpo.gov]




                           THE SUPERCOMMITTEE

  (Mr. MORAN asked and was given permission to address the House for 1 
minute and to revise and extend his remarks.)
  Mr. MORAN. Mr. Speaker, the supercommittee is at a standstill. The 
Democrats won't consider cuts to entitlement programs if the money is 
primarily to pay for cutting taxes on the wealthy. Republicans won't 
consider raising taxes on the wealthy from their currently historically 
low levels because these are the job creators. But where are the jobs?
  The fact is that corporate profits are at historic highs, as are CEO 
and investor compensation. But the reason for that corporate profit 
being historically high is that over the last several years, 75 percent 
of corporate profit has come from reduction in personnel costs. Then 
the top 1 percent reward themselves for cutting those costs and raising 
profits by increasing their own income and bonuses to record high 
levels.
  In fact, the CBO report that came out today confirms this. The 
wealthiest 1 percent, whose income the Republican majority wants so 
much to protect, went up by 275 percent since 1980. You don't get 
upward mobility, you don't realize our full potential as a Nation when 
we have such a concentration of wealth at the top.

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