“No nation in the history of the world has ever taxed its way into prosperity. America will not be the first.”
WASHINGTON – House Financial Services Committee Chairman Jeb Hensarling (R-Texas) spoke on the floor of the House today during debate on the FY2014 Budget, urging his colleagues to pass a balanced budget and put our nation back on a fiscally sustainable path:
“We’ve heard from so many of our colleagues that budgets are about priorities, and I believe this to be true. So what does it say about Democrats’ priorities when the president is almost two months late in submitting his budget, and Senate Democrats have taken over four years to even bother to write a budget? I suppose it says, Mr. Chairman, that budgets have a way of getting in the way of Democrats as they wish to tax us more, as they wish to borrow more money from China, money our kids will have to pay back. And budgets get in the way of Democrats wanting to spend more of our money on a Washington-insider economy that doesn’t work for the rest of us.
“Now we know that Obamacare just raised a trillion dollars of taxes, much of it falling on working families. The so-called ‘fiscal cliff’ raised taxes almost another $700 billion, much of it falling on small business owners who can no longer offer raises, promotions, or even hire new workers. And now, all these Democrat budgets are looking for an additional trillion dollars of tax increases on top of that. That comes out to about $9,000 for every working household in America. Mr. Chairman, that’s not fair. That’s not helpful to this struggling economy. No nation in the history of the world has ever taxed its way into prosperity. America will not be the first.
“Mr. Chairman, no nation has ever spent its way into prosperity either, yet the Democrat budgets continue a spending spree that is driving us towards national bankruptcy. A day of reckoning is coming. You cannot have federal programs growing at 2%, 4%, 6%, 8% when the new reality under this president is 1.5% to 2% economic growth, and the family budget, which ultimately pays for the federal budget, is stagnant.
“Now the families that I represent in the 5th Congressional District of Texas, they have several concerns. They want to feel more secure in their jobs. They want to quit seeing their paychecks shrink in the face of higher prices. They want a healthier economy where their success is dependent upon how well they work, not on who they know in Washington. In other words, they don’t want a Washington-insider economy where they can only succeed if Democrats choose to ‘invest’ in them. Mr. Chairman, not every American belongs to a government employee labor union that supported the president in the last election; not every American has a failing, bankrupt solar energy company. And so for the rest of them, these hard working Americans, they want an opportunity, and they want a main street economy – that if they work hard and they play by the rules, every American can succeed. And finally, the people I represent, they believe it is just immoral, immoral to saddle our children with these trillions of dollars of debt.