Hoyer Statement on the Recent History of Debt, Federal Spending, and Median Income

See video

 the chair recognizes the gentleman from maryland, mr. Hoyer. the gentleman is recognized for five minutes. mr. Hoyer: thank you, mr. speaker. first i want to congratulate the gentleman from north carolina on the remarks he just made. he is a republican and i'm a democrat but i will tell you this, we are friends and we work together an he is one of the most conscientious members of this house who follows his conscience and his moral values in mick -- in making decisions. he gave an important and moving speech on the floor today and i thank the gentleman from north carolina, mr. jones. mr. speaker, when i come to the floor to speak about our country's recent fiscal history, i'm often told there's no point in looking back. but majority leader cantor got it entirely right when he wrote this. the future will not be won by repeating the mistakes of the past. the future will not be won by repeating the mistakes of the past. unfortunately, however, we are proceeding on a path that shows little inclination to live by those words. once again, our republican colleagues are using the language of fiscal responsibility. but pursuing policies of fiscal irresponsibility. our colleagues across the aisle trumpet the cut in -- the $100 billion they voted to cut from discretionary spending, however, their actions belie those words. their very first action in this new congress was to approve policies, a rule package that would provide for borrowing an additional $5 trillion. unpaid for. their budget plcy -- policy would give us the worst of both worlds. on one hand they failed to take on the fiscal challenges and frankly there is blame to shear across this chamber, republicans an democrats, for failing to take on those challenges. but the policies they're pursuing would even make our situation worse. on the other hand, the cuts they do make are taken out of vital investments that would grow our economy and dreecree ate jobs, as i will mention later on, some 700,000 to 800,000 over the next 18 months. it is projected would be cost by the adoption of their policies. this combination is not new. it is a repeat of republican fiscal policy in the past. let's look at the evidence. first of all on deficits. what this chart shows is everything below this line is a deficit. everything above this line is a surplus. obviously what you want is the deficit going down into surplus. what you don't want is going from surplus into deficit. you will notice that the ray gap administration, reagan-bush noted in this first red quadrant. the clinton administration going from deep debt to surplus, then the bush administration going from surplus into deep debt, an the obama administration trying to get out of the extraordinarily tanking, rae ceding economic status, invested in bringing us out, now we see us coming out. it shows how the fiscally responsible policy adopted under president clinton took us into surplus and unfortunately shows when we reversed those policies in 2001, we then went back into deep deficits. we all know how those predictions the republicans made when we adopted this economic program for which none of the republicans in the house or the senate voted for. . they said economic catastrophe would occur. that was their analysis. that was their economic prediction. in fact, exactly the opposite happened and we created 22 million new jobs for americans. this deficit chart also shows how our record surplus was squandered during the bush administration. the second chart i want to show you talks about government spending. we have to cut spending. we all know that. we all talk about t but let's -- talk about it. but let's look at who did cut government spending. again government spending was up and down, but at a rate higher than it was under the clinton administration where spending as a percentage of our gross domestic product was almost, without exception, went down. so when we talk with spending, we have a record of restraining and cutting spending. in fact, that was a partnership, frankly, because republicans agreed to make compromises with the democratic president. however, when they controlled the presidency, the house and the senate, you will see that spending went up sharply once again. gep we see government spending as a percentage of the economy rising. under president bush and the emergency measures to respond to the recession starting to come down after the recession was ameliorated. real medium wages. i want to show this chart as well because after all these are nice statistics but what does it do for people? what is the impact on them? real medium wages sort of stuck. i'll end with this and complete the rest of my statement later, mr. speaker, but you will see that median wages under the president clinton administration went up and then they were flat and they are going up again now under president obama. too slowly to be sure. mr. speaker, i will continue these remarks because if we do not learn from the past, if we repeat the failed policies of yesterday, our people will not be well served. i yield back the balance of my time.