Economy & Budget

Still fighting 75 years later for Social Security (Sen. Harry Reid)

Washington, DC –Nevada Senator Harry Reid released the following statement today to recognize the 75th anniversary of Social Security on Saturday:

"Since its creation 75 years ago, Social Security has allowed tens of thousands of Nevadans to retire with grace and dignity.  Throughout my career, I have fought to strengthen and preserve Social Security, and I will continue to fight to make sure that our parents, grandparents and loved ones can enjoy their golden years with well-deserved peace of mind. 

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Fixing our enormous fiscal gap (Rep. Michele Bachmann)

It’s no secret the U.S. government is in dire financial straits, but Democrats keep spending billions like its Monopoly money. The International Monetary Fund (IMF) recently released its annual review of U.S. economic policy, so since Democrats have ignored the warning signs until now, its time to listen up.

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Social Security: 'Nefarious' legislation becomes an American success (Rep. Gabrielle Giffords)

I would like you to imagine a scene that took place in Congress over a controversial bill.

One congressman from Ohio called the bill “nefarious.” His colleague from Pennsylvania condemned it as an “orgy of ruthless spending.”

These lawmakers weren't fighting about health care, border security or stimulus spending. And the debate that sparked their fury wasn’t even recent.

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When you're in a hole stop digging (Rep. Tom McClintock)

Representative Tom McClintock (R-Calif.) delivered the following remarks today in the House of Representatives on unemployment and spending:

Many people are asking why Congress is here today.  I think the answer’s pretty simple: we’re not bankrupting the country fast enough and so we need to come back and spend more.

In the merciful week that Congress was not in session, my constituents had one message: STOP THE SPENDING.  Obviously, Congress isn’t listening.

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Democrats will gladly pay later for a bailout today (Rep. Jerry Lewis)

Today, the House has been called into a rare, last-minute August session to vote on a $26 billion spending package to bailout state governments.

Democrat leaders claim that this legislation is “fully paid for.” However, the bill spends the entire $26 billion in just two years, while the “offsets” take place over ten years – relying on future Congresses to abide by the offsets in the bill.

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What’s Green, White and Blue? American Jobs

Red, as in furiously red, defined the day last fall when a consortium of companies announced it wanted $450 million in U.S. stimulus money to build a wind farm in Texas, creating 2,000 jobs in China and 300 in America.

Now, nine months later, things have cooled down and turned around. In a deal with the United Steelworkers (USW), two Chinese companies have agreed to build as much of the wind turbines as possible in America, using American-made steel, and creating perhaps 1,000 American jobs.

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Higher taxes on dividends will discourage investment and retard economic recovery

Before the end of this year, Congress must address the huge impending tax hikes that will go into effect on January 1st if no action is taken.  These increases will occur because tax bills passed in 2001 and 2003 temporarily slashed rates in order to stimulate an economy that was mired in a mild recession. The top marginal tax rate will go back to 39.6 percent from 35 percent, with corresponding increase in rates for lower tax brackets.

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US must decline impossibly broad defense missions

“Your mission, should you decide to accept it” famously prefaced each of the mind-boggling tasks given to the Mission Impossible hero Jim Phelps. He, of course, always succeeded in his barely-possible work. Not to be outdone, a panel of defense experts will use a Senate Armed Services Committee hearing on Tuesday to assign the Pentagon a truly impossible mission set without even giving the American people a choice about accepting it.

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Who owns the economy?

Who is to blame for the state of our national economy is a political football. 

No one can argue that the recession that started prior to the Obama administration was owned by the former administration. President Bush responded with the Troubled Asset Relief Program (TARP) that was projected to be a $700 billion effort to avoid a catastrophic collapse of the banking industry. It is now projected to have done its job for less than $100 billion as many of the loans have and are being repaid with interest.

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Rail and ports are key to exports; exports are key to the economy (Sens. Maria Cantwell and Patty Murray)

The economy in our home state of Washington relies heavily on exports. Success of this vital economic driver depends on products moving efficiently from farms and factories in Midwestern, Mountain and Western states over various transportation modes to our ports and to markets abroad. One job in three in Washington depends on trade. And in 2009, we exported over $51 billion worth of goods — making us fourth in the nation for exports and first in the nation for exports per capita.

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